CODERE WANTS €2 BILLION. BUYERS ASKED IF IT COMES IN SLICES.

Codere's owners had a beautiful idea: sell the gaming group for roughly €2 billion. The market had an even better one: do we have to buy the whole thing? Picture the listing. FOR SALE: Codere. Includes Spain, Italy, Latin America and a separately listed online business. Recently restructured. Serious enquiries only. Potential buyers inspected the package, considered the exposure and, according to industry reporting, did not exactly stampede toward the checkout. Now investors are reportedly exploring separate sales of the group's main businesses. Welcome to the €2 billion corporate yard sale. Please don't touch anything unless you're prequalified.

56 FUNDS. ONE VERY LONG EXIT QUEUE.

According to reporting originally attributed to Spanish newspaper Expansión and covered by SBC News and iGaming Expert, roughly 56 investment funds have ownership interests in Codere. Many became involved through the group's financial restructurings. Earlier in 2026, Codere appointed Jefferies and Macquarie Capital to examine sale options, with a reported valuation of around €2 billion. By early November, the process had not produced the speedy whole-group transaction sellers might have hoped for. When 56 investors want an EXIT at the same time, it starts sounding less like a strategy and more like a fire alarm.

NO BUYER FOR THE FULL MEAL? TRY THE À LA CARTE MENU.

According to the reports, the possible transaction structure has three parts. Europe: operations in Spain and Italy. Latin America: Argentina, Mexico, Panama, Colombia and Uruguay. Online: the interest in Nasdaq-listed Codere Online, which has a separate public-company structure. Crucially, these are options being considered, not an announced corporate break-up or completed sales. Infoplay reports that finding a buyer for the entire group remains the priority. Today's special: whole Codere, half Codere, or Codere without the Latin American tax dressing.

ARGENTINA AND MEXICO BROUGHT THEIR OWN BAGGAGE.

Potential bidders may not want identical geographical exposure. Expansión reportedly pointed to investor concerns surrounding Argentina and Mexico's heavier tax environment, both of which could complicate an all-in purchase. Europe and Latin America also carry different regulatory, currency and operational risks. A buyer interested in Spanish retail operations may not be enthusiastic about acquiring an entirely different risk portfolio just to get the assets it wants. Buying the whole multinational package can feel like ordering a tasting menu where one course comes with a surprise tax audit.

THE ANNOYING PART? THE BUSINESS IS ACTUALLY IMPROVING.

This would be an easier joke if Codere were simply falling apart. Its reported trading performance tells a more complicated story. SBC News reported that group gaming revenue grew 5.8% year on year to €352.5 million in Q2 2026, while adjusted EBITDA rose 14.1% to €57.6 million. Codere Online delivered quarterly net gaming revenue of €69.4 million, up 27% year on year. The business is performing better while its financial owners are exploring how to leave. Corporate romance at its finest: 'You've really grown as a company. Unfortunately, we're still seeing other investments.'

NEXT DOOR, THE COMPETITORS ARE PLANNING A WEDDING.

Meanwhile, Lottomatica and CIRSA are advancing a major combination that could reshape competitive positions in Spain and Italy. That's the neighbourhood in which Codere also operates. Infoplay reported that CIRSA had previously indicated interest in Codere, but any future moves now depend on the evolution of its combination with Lottomatica. That should not be mistaken for a confirmed new bid or a guaranteed buyer. The neighbours are picking their wedding cake. Codere is still waiting for someone to ask it to dinner.

€2 BILLION IS AN ASKING PRICE, NOT A SOLD STICKER.

The reported €2 billion figure is a valuation target associated with the potential sale, not the price of a completed transaction. Buyers may place different values on the group's online exposure, retail networks, balance sheet, regulatory risks and market-by-market prospects. A break-up could broaden the potential bidder pool. That does not guarantee a higher aggregate price, or any transaction at all. Cutting a cake into three slices doesn't mean you can sell every slice for the price of the whole cake. Especially when nobody brought a wallet.

BETDILLA VERDICT: CAN'T FIND A BUYER? BRING A KNIFE.

Our view: Codere's story is less about a dying operator than a collision between seller expectations and buyer appetite. The funds want liquidity. The business has shown operating improvements. Yet the complete package comes with exposures not every buyer wants to swallow. Offering assets separately could be a rational solution, but it remains a reported possibility rather than an executed restructuring. And in an industry that spends every day selling customers elaborate combinations of bets, the owners now need to construct one winning accumulator of their own. BETDILLA VERDICT: CODERE ASKED FOR €2 BILLION. THE MARKET ASKED: 'DOES IT COME DEBONED?' Someone put a knife on the table. Not for the drama. For the asset carving.