Codere Group has acquired a majority stake in Codgames, confirming its commitment to expansion in the Italian market.
Through its Operbingo Italia subsidiary, the group has acquired a 70% stake in Codgames, a distributor of Video Lottery terminals (VLTs) and Amusement with Prize (AWP) machines, from its founding Manna family.
The financial details of the deal have not been disclosed.
The acquisition sees Codere strengthen its presence in Italy and expand its network in the south of the country. Codgames currently has over 600 active machine contracts in the province of Calabria.
This is in addition to Codere’s existing channel of over 7,000 machines supplied to a network of 800 bars.
Armando Manna, who will join Codere as a new partner, commented: “We are proud to join a group like Codere. They have demonstrated not only solid experience and reliability but also a deep respect for local operators.
“We are confident that this collaboration will allow us to successfully face future challenges and continue adding value to our community.”
Codere Europe’s Regional Manager Alejandro Pascual added that the deal “opens the door to new opportunities and strengthens our long-term joint project”.
The transaction marks a significant step for Codere as it is the company’s first M&A activity since its 2024 refinancing plan.
The company stated its desire to expand in Latin America and Europe after bondholders resolved Codre’s outstanding financial liabilities, reducing net debt from approximately €1.4bn to approximately €190m, with further reductions bringing it down to around €65m.
2025 also represents a transformative year for the wider gambling industry in Italy as the country’s government will finalise a major reorganisation of Italy’s land-based gambling sector.
Set to impact both physical and online operations, the reform aims to modernise the industry, strengthen regulatory oversight and address challenges such as illegal gambling and player protection.
