International edition
September 20, 2021

It was pointed during a presentation before the Stock Market's National Commission

Codere to commercialize sports books in Madrid before 2008

(Spain).- Codere expects to start operating in the sporting bet segment to start in the sports books' segment in Madrid Council before the end of the year. It was pointed by the casino and bingo group in a presentation to investments held by the Stock Market's National Commission.

T

he firm, headed by José Antonio Martínez Sanpedro, will enter to the sports business together with British William Hill, which will operate under the brand Victoria.

Codere pointed that, up to the moment, just two autonomous communities have approved this type of regulation: Madrid and the Vasque Country, in which the group expects to start its activities during 2008. Madrid will have five administrative licenses and operation may be performed through centres dedicated to this type of bets. In places already authorized (such as casinos or bingos) and via Internet. Besides, the Vasque Country has granted three administrative licenses.

The operator of recreational machines also explained that investment plans in each of the named autonomous communities will reach 20 million euros, which will be divided in equal parts between Codere and its UK partner. Both mantain a simiolar agreement in Italy, where they also expect to start operating before the ending of 2007.

The company points that one of its future goals is to acquire firms both in Spain and Italy. Codere plans to invest 158 million euros in 2008, compared to 187 in 2007. Of them, 60 million will be allocated to Spain, 46 to Argentina and 22 million to Italy.

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