CODERE through CODERE Interactiva launches its online activity which advances its mission to convert CODERE into a global operator of online gaming (Multinational Operator, Multichannel Operator and Multi-offer innovative Operator).
CODERE Interactiva continues its work of introducing online operations in those jurisdictions which permit working with regulators to manage licenses and compliance procedures in connection with online operations. This is done in all cases in countries where CODERE has physical presence or those which are emerging as potential new markets for the Group.
Online gaming market in Italy
Italy has been one of the major European countries to legalize online gaming and has become an important developing market. CODERE began operating in regulated online gambling in Italy with online bingo through the website www.codere.it on November 20, 2010. This first and successful online gaming experience in Europe opens the way for development in other countries where we operate, once the market has been liberalized and obtaining the relevant licenses.
In 2012 CODERE activities in the online business in Italy were directed to the launch of the new game platform and CRM, as well as online casino games.
The process had two key moments: October 2nd, with the launch of the new game accounts platform and connected customer management services, and December 17th, with the launch of the online Casino.
In 2013 a new website www.codere.it was launched. On this new page the players can access the online bingo, casino and slots machines games and also the online poker incorporated on May, 2013.
The gambling industry in Spain has an important weight in the economy, accounting for about 1% of GDP, directly and indirectly employs more than 100,000 workers, provides more than 5,000 million euros to various public-via gaming taxes and other fiscal procedures, and managed, in terms of amounts played in different modalities authorized in Spain, over 30,000 million euros a year.
This highly regulated industry and with great promotional limitations has endured for a long time, competition from a number of online gambling companies operating illegally outside the law and without taxed in Spain, who, hiding behind a supposed "alegality" derived from the lack of specific regulation on online gaming, have generated significant economic damage, both to the gambling industry in Spain and the Spanish state itself because of the lack of taxation.
At the persistence of this unfair competition, CODERE launched in 2011 a series of actions against illegal online operators aimed at restoring law and ensures a fair competition. In addition, during the legislative procedure that has resulted the approval of Law 13/2011, of 27 May, Gambling Regulation, CODERE, as a company representative traditional game industry, was summoned to present their views to the legislature and the chairman of Group, José Antonio Martínez Sampedro, appeared on March 17, 2011 before the Commission of Economy and Finance of the House of Representatives, getting that certain amendments to the Act incorporated collect some of its demands.
After an arduous process of development of the Gambling Act, the licensing of online gaming is realized in Spain in 2012. CODERE licenses are available in Spain since June 2012.