Codere Online CEO Aviv Sher on Navigating LATAM Regulatory Headwinds and Black Market Risks

The Latin American betting market has experienced a gold rush in recent years, drawing international operators with its growth potential. Yet regulatory and financial pressures remain constant. In a recent interview, Aviv Sher, Chief Executive Officer of Codere Online, outlined how the operator is adapting to tax hikes and regulatory shifts in key markets such as Mexico and Peru.

This comes as the broader Spanish gaming group faces rumours of a €2bn sale. Sher’s perspective offers a grounded view for executives operating across the region, where adaptation is table stakes.

Planning for Regulatory and Tax Changes

As a regulated operator, Codere Online continuously adapts to changes in regulation and taxation across its markets. These factors are well understood and planned for in advance.

The company’s focus stays on executing strategy, maintaining compliance, and driving growth through product, technology, and disciplined cost management. From my perspective after decades observing this industry, such discipline separates sustainable operators from those caught off guard by policy shifts.

Lessons from Spain’s Regulatory Cycles

Renewed political discussion in Spain centers on tighter bonus restrictions and advertising concerns, even after a prior ban was lifted. Aviv Sher described the company’s stance as cautious rather than concerned.

“We’ve been through this cycle before and we navigated it successfully,” he said. Operators cannot rely purely on bonus mechanics to acquire and retain players. In the long term, the product, local presence, and brand prove essential for profitable operations.

Of greater worry is the risk that overregulation drives players toward the black market. Unregulated operators there can cause real harm to the industry as a whole.

Emerging Stronger from Industry Challenges

Aviv Sher acknowledged that the industry has been through a genuinely difficult period. This included tax increases, advertising bans, operator consolidation, and more.

Those who endured have emerged with leaner, more efficient, and more sustainable businesses. Major sporting events like the World Cup and Copa América offer natural demand drivers, yet business resilience remains the key trait for pushing through.

Operators have learned to deliver experiences players want, create sustainable cycles, and build genuine connections with customers. This marks a shift away from bonus-driven churn cycles that defined earlier growth phases.

Countering the Black Market Threat

The black market challenge is real and requires serious attention from both operators and regulators. Excessive regulatory overreach risks pushing players toward unlicensed platforms, an outcome the industry would prefer to avoid.

Codere Online’s response centers on product excellence and trust. It provides localised payment methods, native-language customer service, responsible gambling tools, and a brand familiar to players for decades through its land-based presence.

Unlicensed operators cannot match that security or established relationship. This competitive edge becomes critical as the region matures.

What Executives Should Watch at SBC Summit Americas

Aviv Sher will speak at the SBC Summit Americas, running from 9 June to 11 June. Attendees can expect a ground-level view of a region that is both the most exciting and most complex growth opportunity in global gaming.

The Latin American digital sports and casino market remains relatively youthful. It represents the next wave of strategic focus for the global gaming industry, with substantial expertise available across event panels.

The Bottom Line

Aviv Sher’s comments highlight an inflection point for LATAM operators: regulatory pressure can forge more resilient businesses when met with disciplined execution, yet the persistent threat of black market leakage demands balanced policy making. For client-partners navigating these markets, the emphasis on product, trust, and local brand strength offers a practical roadmap. As the sporting calendar accelerates, those who have streamlined operations stand best positioned to capture sustainable growth. Industry executives should track how regulators balance oversight with market health in the months ahead.