CODERE has improved its already strong position in Latin America through its penetration of the Brazilian market, where the Group arrived in 2005 with a proposal to develop horse racing betting through investments in infrastructure, distribution and new products.

In the context of this challenge, CODERE has signed agreements with the Brazilian Jockey Club and the Rio Grande do Sul Jockey Club, associations approved by the Ministry of Agriculture, Livestock Industry and Supply, for the distribution of horse racing bets.

As a result of the efforts originating from these agreements, the Ministry of Agriculture issued Regulatory Instruction No. 21, of 27 October 2005, initiating a new regulatory framework through the approval of the operation of  international simulcasting, which enables the Brazilian public to follow and bet on horse races held outside of the country.

Since its entry into the Brazilian market, CODERE has opened 3 authorised agencies of the Brazilian Jockey Club and the Rio Grande do Sul Jockey Club which offer their customers first-class facilities. Equipped with all of the infrastructure and comfort necessary for making bets on national and international horse races, they attract both horse racing enthusiasts as well as people who have never been to a racetrack.

Through its reliability, transparency and a highly qualified team, CODERE seeks to awaken in the general public a passion for and a fascination with horse racing.

CODERE’s presence in the Brazilian market via a sports betting start-up is expected to increase as different types of gaming are authorised, enabling value to be added to the business.

• Betting facilities: 3 

• Revenue: 0.9 million euros 
• EBITDA: -0.7 million euros 

• 2006: CODERE commences operations in Brazil 
• 2007: opening of 2 new betting facilities, in the city of Niterói and at the Cristal Racetrack in Porto Alegre