Codere Online Defends Decision to Stay Out of Brazil’s Betting Market
Brazil.- 21 October 2026 | www.zonadeazar.com Codere Online, the Nasdaq-listed international sports betting and online casino operator, has highlighted how its cautious expansion strategy helped the company avoid the financial consequences of Brazil’s recent online gambling prohibition.
In an interview published on 20 October 2026, Aviv Sher, CEO of Codere Online, explained that the company decided against entering the Brazilian market because of high initial investment requirements and regulatory uncertainty.
The executive believes recent developments have justified that decision, while reaffirming Codere Online’s commitment to exploring growth opportunities across Latin America.
Brazil: A Strategic Decision
The opening of Brazil’s regulated online gambling market in January 2025 attracted substantial investment from international operators.
Companies including Flutter, Entain and Betano expanded into the country, while Codere Online maintained a cautious approach.
One of the most significant investments involved Flutter’s acquisition of a 56% stake in NSX Group, in a transaction valued at more than US$350 million.
However, the Brazilian Government’s prohibition introduced in late September 2026 fundamentally changed the commercial outlook.
Sher argued that operators had invested hundreds of millions expecting to recover their capital over several years, particularly through sponsorship and marketing agreements.
He explained that Codere Online’s decision to remain outside the market had protected the company from substantial financial exposure.
Peru, Chile and Uruguay Remain Under Consideration
Despite developments in Brazil, Codere Online continues evaluating opportunities across Latin America.
The company currently operates in Mexico, Colombia, Panama and Argentina, while monitoring three additional markets:
- Peru: considered attractive because of its transparent and increasingly stable regulatory framework, although Codere Online prefers to observe competitors’ performance before committing investment.
- Chile: where legislative delays and potentially expensive licensing conditions remain concerns.
- Uruguay: where the company is awaiting progress towards online gambling regulation before considering market entry.
Sher believes 2027 could bring further expansion opportunities, provided the regulatory and commercial conditions are appropriate.
Argentina: Expansion into Buenos Aires Province
A particularly important element of Codere Online’s strategy concerns Argentina.
The operator is already licensed in the City of Buenos Aires, but it is interested in expanding into Buenos Aires Province, which accounts for approximately 40% of Argentina’s population.
However, the provincial market presents several challenges:
- A maximum of seven online gambling licences.
- Competition from operators including Betano, Betsson, bet365 and Stake.
- Additional taxation affecting online slot winnings.
- Uncertainty over future operating profitability.
Sher expressed particular concern over a 2% levy on online slot winnings, warning that additional taxation could substantially reduce operators’ earnings.
Despite these obstacles, he confirmed that Argentina remains a strategic market for Codere Online.
Next Steps and Impact
Codere Online’s strategy focuses on carefully assessing customer acquisition costs, player lifetime value and regulatory stability before committing to new investments.
From Sher’s perspective, Brazil’s experience highlights the importance of predictable operating conditions for companies entering regulated markets.
Looking towards 2027, Peru, Chile, Uruguay and Buenos Aires Province remain among the opportunities under consideration.
For the Latin American iGaming industry, the comments underline the growing importance of legal certainty, taxation and commercial profitability in international expansion decisions.
Editó: @fonta
