The past few years have seen somewhat of a gold rush in Latin America, for the betting industry at least, as growing markets capture international attention – but as always with this industry, regulatory and financial challenges are never far off.
In the first of a two part Q&A, Aviv Sher, Chief Executive Officer of Codere Online, explains how the Spanish speaking market-focused bookmaker has been responding to tax hikes and regulatory changes in core markets like Mexico.
Navigating these challenges comes at an interesting time for Codere Online, as the Spanish gaming group which holds a major stake in the firm and shares its namesake, Codere, is subject to rumours of a €2bn sale.
SBC News: We know that there have been regulatory difficulties in Spain and tax rise proposals in Mexico. How do you weather the storm of these headwinds to continue growth?
As a regulated operator, we continuously adapt to changes in regulation and taxation across our markets.
These are well understood factors that we plan for. Our focus remains on executing our strategy, maintaining compliance and driving growth through product, technology and disciplined cost management.
There’s renewed political discussion in Spain around tighter bonus restrictions, despite the ban being lifted, as well as advertising concerns. How concerned are you about further regulatory pressure in your home market?
We are naturally watching it closely, and are cautious, rather than concerned. We’ve been through this cycle before and we navigated it successfully.
The key insight is that operators can’t rely purely on bonus mechanics to acquire and retain players and in the long term the product, the local presence and the brand are key to maintain a profitable operation in the market.
What is of much more concern is of course the risk that overregulation drives players towards the black market, where unregulated operators can cause real harm to the industry.
Codere Online is not the only major player to have reported good results this quarter. With a big sporting year ahead, are you confident in a revival for the industry after years of uncertainty around taxation and regulation taking its toll on the markets?
The industry has been through a genuinely difficult period, with tax increases, advertising bans, operator consolidation, and more, and those of us who have come through it have emerged with leaner, more efficient, and more sustainable businesses.
The World Cup, Copa América, and the broader sports calendar provide a natural demand driver, but that business resilience is a key trait to really push through on the other side.
You learn how to deliver an experience players want, create sustainable cycles, and build genuine connections with customers, rather than focusing on bonus-driven churn cycles.
How can you stay ahead of not only regulated competitors, but also unregulated operators, which seem to be eating up market share globally?
The black market challenge is real and it’s one that regulators need to take as seriously as operators do. There is a risk that excessive regulatory overreach can push players towards unregulated operators, and one that I think the whole industry would like to avoid.
Our answer to the black market is product excellence and trust. We offer localised payment methods, native-language customer service, responsible gambling tools, and a brand that players in our markets have known for decades through our land-based presence. Unlicensed operators can’t offer that security or that relationship.
What key insights and perspectives into the Latin American betting markets do you think SBC Summit Americas attendees will hear at the event?
Attendees will get a ground-level view of a region that is simultaneously the most exciting and the most complex growth opportunity in global gaming. The Latin American digital sports and casino market remains relatively youthful, and represents the next wave of strategic focus for the global gaming industry. It is one of the most exciting regions in the gambling industry, and there is a wealth of expertise on every panel willing to share their insights.
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Stay tuned for part two of Aviv Sher’s Q&A with SBC News tomorrow morning, focusing on the upcoming World Cup..
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Aviv Sher is one of many high-profile gambling industry figures who will be speaking at the SBC Summit Americas, taking place from 10-11 June 2026.
Still haven’t got a ticket? Get your tickets for SBC Summit Americas here!
– Exhibition Floor Access and basic access to SBC Connect
– Full access to the conference, show floor, and SBC Connect
– Full access to the show floor, SBC Connect, SBC Connections and evening networking sessions
– Full access to the show floor, conference, SBC Connect, and SBC Connections
– Full access to the show floor, conference, SBC Connect, and SBC Connections, evening networking, and complimentary food and drink from our Food Festival.
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Source: SBC News
