Codere Online is an online casino and sports betting operator focused on Spanish-speaking markets, primarily Spain and Mexico. Customers access casino games (slots, video bingo, live dealer, table games) and sports betting through Codere Online's websites and mobile apps. Casino accounts for roughly 64% of net gaming revenue, with sports betting contributing the remaining 36%. Codere Online operates under the Codere brand, licensed from Codere Group, a retail gaming operator active in Spain and Latin America since 1980. This relationship gives Codere Online omnichannel reach and brand recognition in its core markets. Mexico is the largest market (~54% of net gaming revenue) and is still in a growth phase, where Codere Online holds the #2 position behind Caliente. Spain (~40% of net gaming revenue) is a mature, regulated market where Codere Online has operated since 2014. Smaller operations in Colombia, Panama, and Argentina contribute the remainder. Codere Online earns revenue as the "house" — in casino, it retains a fixed statistical edge on every wager; in sports betting, it earns the spread between bets placed and winnings paid out. Key profit drivers are the active player base, spend per player, marketing efficiency, and gaming taxes, which vary materially by market. The company licenses casino content from third-party providers under revenue-sharing arrangements. Longer-term, Codere Online has flagged Brazil, Chile, Peru, and the U.S. Hispanic market as potential expansion opportunities, though near-term capital is focused on Spain and Mexico.