It’s been a rough year for Codere, and now the hits are coming from across borders. The latest blow comes from Mexico, where authorities imposed a MX$4 million fine (approx. USD $240,000) for violations of gambling license conditions, as reported specialized media. The sanction targeted Codere for failing to comply with operational standards in its physical betting locations, reinforcing concerns about its internal controls and regulatory adherence.
The trouble doesn’t stop there. Codere is also one of the most sanctioned operators in Spain, according to recent analysis by Mundo Video. The DGOJ (Dirección General de Ordenación del Juego) fined Codere Online €162,500 for a Facebook ad deemed to target minors, an explicit breach of Spain’s advertising laws.
Codere is losing the bet in Mexico.
Meanwhile, on the financial front, Codere Online is still reeling from the Nasdaq delisting notice received in May 2025 for failing to submit its 2024 Form 20-F. While the company claims it has now rectified the issue, Nasdaq has not yet confirmed continued listing eligibility.
Analysts warn this uncertainty could scare away investors and further destabilize its fragile stock position.
To top it off, Ernst & Young stepped down as the group’s auditor in late 2024 due to contract expiration and ongoing accounting delays—raising red flags over financial governance. From Latin America to Europe and Wall Street, Codere appears cornered. And in an industry where trust is everything, the company’s cascading crises may prove harder to bluff than a bad poker hand. For now, the message is clear: nobody wants to play with Codere.
