Codere and Pariplay Team Up in LatAm and Spain
This week, gambling industry giant Codere announced that it had partnered with Pariplay, moving the company into markets in Latin America and Spain. The partnership was announced by Pariplay on Monday, October 5, 2020, and specifically means that Pariplay’s catalogue of games will be available to players of Codere Online, who are based in Mexico, Colombia, and Spain. This is not the first time that Pariplay games have entered Mexico, but it is the first time they’re coming to Colombia.
Pariplay and Codere Online
This new partnership means that Pariplay’s gaming content, available through a gaming aggregation platform known as Fusion, will be available to players of Codere Online in Colombia, Mexico, and Spain. Each market has a unique web domain corresponding to the location — for example, Codere.es is the web domain for Codere Online in Spain.
What Is Pariplay?
Pariplay is a games aggregator and content provider with offices around the world, including in Gibraltar, Israel, Bulgaria, India, and Malta. The company was first founded in 2010, and has since managed to secure licenses to operate around the world, including in the UK, Malta, Gibraltar, Romania, and New Jersey, USA.
Pariplay’s Exciting Online Games
The games available through Pariplay include exciting and colorful options like Jackpot Fortunes, Wild Candy, The Eye of Ra, Rumble Rhino, Mystery Fox, Phoenix Gold and Viking Glory., as well as many, many more. In addition to traditional video slots, Pariplay also has bingo, keno, and table games.
Pariplay’s newest game will be Bier Party, an Oktoberfest-inspired video slot pulling from the traditional Bavarian festival. In this game, which will be released in mid-October, players can expect to see a delightful mix of buxom women serving steins of beer; jolly, mustachioed men in lederhosen; and plump German pretzels.
Pariplay’s Content Catalogue Keeps Growing
At the end of September, Pariplay announced that it would be adding content from five different games developers to its catalogue: Triple Cherry, Gaming 1, Booming Games, Salsa Technology, and SYNOT Games. According to a press release issued by the company, this decision was inspired by the ongoing exponential growth of the iGaming industry.
Pariplay’s Continued Interest In Latin America
Pariplay’s partnership with Codere is just the latest in the company’s recent efforts to grow its presence in Latin America and Spain. According to the company’s press release from September, the decision to partner with those specific five companies in expanding its games catalog stemmed from each company’s established presence in Latin America and Spain.
As Pariplay explained, Triple Cherry is headquartered in Valencia, Spain, and certain games by the developer specifically reference cultural or geographic landmarks that local players appreciate. Similarly, Salsa Technology and Gaming 1 were selected because of their established ties in Spain, Latin America, and Portugal.
This deal also is not the first time Pariplay has come to Mexico. In May, Pariplay solidified a partnership with leading Mexican gaming platform Caliente in a distribution deal, meaning that Caliente users across Mexico are now able to access more than 100 Pariplay games and many more third-party games offered through Pariplay’s Fusion platform.
Codere’s Financial Woes
For those familiar with the Latin American gaming industry, the name Codere likely rings a bell. The last year saw unprecedented existential challenges for Codere, offset by the discovery that certain Codere offshoots had intentionally misreported revenue intentionally misreported revenue and illegally siphoned off additional cash for individual use.
Upon further investigation, it was discovered that the culprits were various Codere branches in Mexico, Colombia, and Panama, though the vast majority of the money stolen was from Codere’s Mexico wing. In the end, it was determined that Codere Mexico was responsible for $16.4 million (USD), while Codere Colombia owed $1.4 million (USD).
Fighting Bankruptcy And Picking Up The Pieces
In early January, Codere secured two additional credit lines to invest in repairing facilities in Mexico and Uruguay, though (at the time) Codere had publicly stated that it hoped to sell off a significant portion of its Uruguayan holdings to local operator Sun Dreams. This plan has, as of October 2020, not yet come to fruition.
Unfortunately, these problems have only been exacerbated by the ongoing pandemic, which has brought many of Codere’s land-based gambling options to a sudden halt, followed by a staggered reopening. In late April, Codere announced that it was collaborating with Bank of America to extend its debt maturity terms.
This decision came after it was revealed that Codere was on the brink of bankruptcy — a poorly timed reveal, as the company had recently secured the equivalent of more than $1 billion. Once it was discovered that Codere was in the red, the company’s bonds were given junk status by Moody’s, a bond credit rating company.
Following this development, it was revealed that Codere was seeking an extension on its debt maturity terms, which at that time were expected to expire in 2021. However, since this time, no significant news has been issued regarding Codere’s financial status, and representatives from Codere are very positive about the new partnership with Pariplay.