Codere, S.A., a multinational company operating in the private gaming sector, on Thursday said it has signed an extension of its sponsorship agreement with Real Madrid C.F.
The parties said the extension covers five seasons, through June 2026.
With this agreement, financial terms of which were not disclosed Codere said in a statement it is “reinforcing its commitment to Latin America” by expanding the geographic scope to more than 20 countries in the region, including Mexico, Puerto Rico, the Dominican Republic and all of Central America and South America.
The agreement covers both the core Codere Online markets of Argentina (City of Buenos Aires), Colombia, Mexico and Panama, and potential future expansion markets, when and if they become regulated, such as Argentina (outside of City of Buenos Aires), Brazil, Chile, Peru, Puerto Rico and Uruguay.
Codere and Real Madrid said their alliance, which started in 2016, is “built upon the shared values of international leadership, fair play and excellence, and with the objective of providing our audiences with a high quality entertainment experience.”
Codere noted its extension with Real Madrid comes on the back of sponsorship deals with two key football teams in the region, Rayados in Mexico and River Plate in Argentina, and represents a new step forward in the expansion of its online and sports betting business in Latin America.
“We are thrilled with this renewed alliance with Real Madrid, with whom we share the same values and ambition to be the best at what we do, and look forward to benefitting from the renowned Real Madrid brand,” Vicente Di Loreto, CEO of Codere, said in a statement.
Moshe Edree, managing director of Codere Online, added: “The renewal of this strategic agreement with Real Madrid will play a key role in the deployment of our ambitious expansion project across Latin America. It not only will allow us to strengthen our online sports betting presence in the markets where we operate today, it also will allow us to use the Real Madrid brand in other high-growth Latin American markets such as Brazil, Chile or Peru, when and if they become regulated.”
Codere began its activity in Latin America in the early 1980s, first in Colombia, and then expanding across the region.
Today, Codere is a gaming hall operator in the Province of Buenos Aires (Argentina), Mexico and Uruguay, and a casino operator in Panama and Colombia. It also offers sports and horse race betting in Mexico, Panama, Colombia and Uruguay.
Through Codere Online, Codere offers online casino and sports betting in Mexico, Colombia, Panama and the City of Buenos Aires (where it expects to start operating before the end of the year).
On June 22, 2021, Codere Online DD3 Acquisition Corp. II and the other parties thereto, entered into a business combination agreement which, among other things, will make Codere Online the first online gaming operator in Latin America to be listed on a stock market in the United States.