Tag Archives: uruguay

PaymentExpert: Brazil eyes international expansion of Pix

SBC News PaymentExpert: Brazil eyes international expansion of Pix

Banco Central do Brasil has been authorised to expand the Pix payment platform internationally to accommodate cross-border transactions for Brazilian businesses. The decision was taken following a meeting of the Central Bank’s policy advisors on how to maximise global cross-border payment authorisations and efficiencies helping expand Brazil’s international network and resources for business. Pix was first launched by the central …

Read More »

Montevideo becomes focus of Uruguay’s responsible gambling strategy

SBC News Montevideo becomes focus of Uruguay's responsible gambling strategy

Uruguay has doubled down on its commitment to strengthening the country’s responsible gambling strategy, with policymakers in the capital of Montevideo signing a long-term agreement with the Faculty of Medicine at the University of the Republic.  The municipality’s decision follows that of the national Directorate of State Casinos, which strengthened its efforts against gambling harm by teaming up with the …

Read More »

Uruguay to resume online gambling debate in 2024

SBC News Uruguay to resume online gambling debate in 2024

The Congress of Uruguay has announced that it will resume its debate on whether to legalise online gambling in March. The deliberation on online gambling is needed following a near two-year hiatus on the matter, following the Chamber of Senators’ approval of an Online Gambling Bill in August 2022. Uruguay’s designated Bill is reported to have been stuck under review …

Read More »

Uruguay met with radio silence on online gambling future

SBC News Uruguay met with radio silence on online gambling future

Uruguay’s Chamber of Deputies (the Lower House) has been ordered to explain why it has yet to allow a ‘policy project’ on online gambling to be reviewed and debated by legislators.  In the first half of 2022, Uruguay’s Finance Commission drafted a ‘policy project’ to establish the laws and technicalities of a regulated online gambling marketplace. The project was approved …

Read More »

Uruguay moves forward on online gambling ambitions

SBC News Uruguay moves forward on online gambling ambitions

Lucía Mouriño, Editor of SBC Noticias, provides an on-the-ground perspective of Uruguay’s ambitions and domestic hurdles to legislate and formalise an online gambling marketplace.   The Finance Commission of the Chamber of Senators of Uruguay has approved an online gambling policy project recently unveiled by the Executive branch.  A bill that seeks to launch an online gambling marketplace has now …

Read More »

Codere showing signs of recovery following LatAm reopening

SBC News Codere showing signs of recovery following LatAm reopening

Codere is confident of bouncing back from COVID-19 induced headwinds, having identifying a resurgence in Latin American countries as the jurisdictions gradually reopen after months of lockdowns. Providing a financial update for the first nine months of 2021, the Spanish gambling group explained that it had generated total revenue of €499.6 as of September 2021, an increase of 8.5%. Codere …

Read More »

Codere moves Real Madrid partnership to LatAm horizons

SBC News Codere moves Real Madrid partnership to LatAm horizons

Grupo Codere SA will serve as the South American betting partner of Real Madrid FC for a period of five seasons, maintaining the Spanish gambling group’s longest-serving sponsorship.    Since 2016, Codere has served as the official betting partner of Real Madrid, primarily using the Spanish Giant’s brand and players to promote its Codere Apuestas sportsbook brand across Spain and the …

Read More »

Codere defers debt note duties until 2023

SBC News Codere defers debt note duties until 2023

The creditors of Codere SA have allowed the Spanish gambling group to renegotiate the terms of its senior secured debt notes. The Bolsa Madrid gambling group has been allowed to defer its debt maturity payments from 2021 to 2023 as part of the firm’s ongoing restructuring arrangements. Back in July, company creditors had allowed Codere to access a further €250 …

Read More »

Codere Chairman pursues final options to save the company 

SBC News Codere Chairman pursues final options to save the company 

Codere SA is pursuing emergency financing options having failed to convince investors to back its business recovery plans, according to Spanish business news source La Razon.  The embattled Bolsa Madrid gambling group has failed to secure a further €100m credit line to keep it’s Spanish and LaTam retail business units afloat during lockdown. On the edge of bankruptcy, Codere is …

Read More »

Codere secures €36m credit line to fund Mexican outlook

SBC News Codere secures €36m credit line to fund Mexican outlook

A filing placed with Spain’s CNMV capital markets commission has revealed that Codere SA has secured terms on two corporate credit lines, obtaining approximately €36 million in working capital to help the Bolsa Madrid gambling group maintain its Mexico and Uruguay business subsidiaries. The transaction sees Codere governance expand the volume of its existing €90 million revolving credit facility, of …

Read More »