A Spanish, Italian, and Latin American wagering firm, Codere, has joined forces with Real Madrid to become the club’s official betting associate in Latin America until June 2026.
As part of the arrangement, Codere will be the exclusive regional sports wagering partner for Real Madrid’s men’s and women’s soccer teams in Latin America. While the deal focuses on Codere’s primary business, the company notes that its subsidiary Codere Online will gain significantly from the agreement, as it targets key markets for Codere Online, including Argentina, Colombia, Mexico, and Panama.
Codere and Real Madrid initially collaborated in 2016.
Codere Online recently reported a 33% increase in earnings for the first half of 2021.
“We are thrilled to partner with Real Madrid once more, we share the same values and ambition to be the best, and we look forward to benefiting from the renowned Real Madrid brand,” stated Codere CEO Vincent Di Loreto.
Under a series of extensive marketing restrictions that took effect last year, Spanish soccer clubs, such as Real Madrid, are prohibited from having betting sponsors. Nevertheless, deals targeting other markets are allowed.
Codere Online is set to be spun off from Codere through a transaction with a special purpose acquisition company (SPAC) known as DD3 Acquisition Corp.
Concurrently, Codere’s parent organization will undergo a restructuring process. This will result in creditors gaining control of the core operations by exchanging debt for ownership. This arrangement is scheduled to be finalized on November 5th.
In July, Codere entered into a four-year agreement with Argentina’s River Plate to become their inaugural official sports betting partner. Prior to that, in February, Codere inked a sponsorship deal with Mexico’s Monterrey football club.
Subscribe to the iGaming newsletter.