In what can be understood as another sign of the imminent arrival of sports betting in the City of Buenos Aires, together with the increase of operations of this type in several regions of Argentina, Codere announced a US $ 3 million agreement (about 2, 5 million euros), to sponsor the shirt of one of the two most important soccer teams in the country: River Plate.
Starting in June, the Codere brand will be added to the sleeve of the shirt and, next year, it will be on the front of the club shirt.
It is a strong brand positioning strategy, which will seek to play a prominent role in the exploitation of sports and online betting at national level, especially considering that in 2020, the company recorded losses of 236 million euros due to restrictions, in particular due to the long blockade in Argentina, so that its adjusted EBITDA stood at 22.5 million euros last year.
Codere invests in other partnerships with football clubs
The company not only invested in the River Plate shirt, but also closed an agreement to be stamped on the uniform of Real Madrid, Spain, worth 3.2 million euros valid until 2021. In addition, Codere announced in February that it would pass to occupy a place in the shirt of the “Rayados” of Monterrey, Mexico.
This strategy of brand positioning and loyalty of bettors includes, in Mexico and Spain, sweepstakes and interviews with athletes in order to strengthen relations with the players of its online betting platform.
After all, within the company the online betting division grew considerably in the last quarter, and was the one that generated the most revenues last year, around 71.3 million euros. In Argentina, Codere currently operates 13 bingo rooms, most of which are located in Greater Buenos Aires.
