Many believe Latin America is gambling’s sleeping giant with potential to annually yield billions in gaming and betting revenues.
Major gambling operator Codere and online slot supplier Play’n GO this week announced that they have joined forces to explore Latin America and cement their presence in that region as well as in multiple regulated markets across Europe.
Codere and Play’n GO revealed on Monday that they have signed recently a global agreement that allows the operator to offer the online casino content supplier’s extensive range of gaming titles in all regulated markets both companies have a presence.
The initial roll-out of Play’n GO content will happen in some of Codere’s key Latin American markets, including Mexico and Colombia. A second phase will take place at a later stage in Latin America and Europe.
Of their latest partnership that will boost Codere’s content portfolio, the company’s Digital Operations Manager, Salo Leder, said that they have a very ambitious growth plan “and it is vital to be able to count on high-performance, creative content such as that offered by Play’n GO.”
Mr. Leder added that their new partner “has invested in being fully certified in each regulated market they enter into, and this facilitates a more fluid and joint expansion into new territories.”
Play’n GO’s CEO, Johan Törnqvist commented that Codere is an innovative company that seeks to expand its footprint into both mature and emerging markets, and that the gambling operator’s ambitions match their own and this makes it “a great partner to build a global relationship with.”
Latin American Expansion amid Argentina Woes
Announcement about Codere’s partnership with Play’n GO came shortly after the Spanish gambling giant announced that it has teamed up with Iforium, another major online gaming supplier, to support its Latin American expansion.
Under the terms of that deal, Codere would integrate Iforium’s Gameflex content aggregation platform to gain access to more than 9,000 online casino games and offer these to its players in Mexico, Colombia, Argentina, and Spain. The recently penned agreement secured Iforium with entry into the Latin American region.
Codere is looking to cement itself across multiple Latin American markets amid deepening woes in its core LatAm market – Argentina. In May, the company said that its Argentine operations had fallen by more than a third in the first quarter of the year due to unfavorable currency exchanges and a new tax on slot winnings.
In late August, Codere issued a profit warning in the wake of the significant devaluation of the Argentine peso following the country’s primary elections that took place earlier that month. Yet, the operator said that its growing presence in other Latin American markets such as Mexico and Uruguay would partially offset the Argentine impact.
It was last month again when reports emerged that Codere was in talks with Florida-based gaming and hospitality company Hard Rock International over the formation of a joint venture that would see the development and operation of a casino resort in Mexico City. Multiple Spanish-language news outlets reported that resort plans also included the construction of Hard Rock’s second guitar-shaped hotel tower. The first such property in the company’s portfolio is slated to open doors in Hollywood, Florida on October 24.
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