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Codere Partners

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A high-trust program with three things to plan around. (1) Corporate transition risk: the parent underwent a 2024 debt-for-equity restructure (now owned by ~84 funds) and, as of March 2026, is reportedly pursuing a ~$2.3bn group sale — ownership changes can precede tracking-platform migrations, deal renegotiations or market exits, so confirm term stability. (2) Regional tax exposure: because RevShare is calculated on NGR, statutory tax moves hit payouts directly — Mexico's gaming excise (IEPS) rose from 30% to 50% effective Jan 2026, compressing net commissions even at constant player activity (Colombia's 19% deposit VAT, by contrast, expired end-2025, a tailwind there). (3) Commercial + tech opacity: the revenue-share ladder, payment methods and cookie window aren't public and are AM-negotiated, and the Playtech Mexos stack is stable but rigid — no public API, limited real-time streaming. On the positive side: direct Tier-1 licensing across five jurisdictions, a clean payout/forum record, a No Negative Carryover policy, an EGR Marketing & Innovation Award (2025), and a strong omnichannel brand. Suitable for affiliates with compliant Spanish-language / LatAm traffic who negotiate and confirm their terms first.

Editorial

Blue-chip Tier-1 licensing across Spain/Mexico/Colombia/Argentina/Panama, clean payouts, No Negative Carryover, EGR award. AM-negotiated terms + rigid Mexos stack (no API), parent sale risk. Grade A — flagged Provisional; confirm term stability.

House Grade

AProvisional
Earning
Potential

Medium

True
RevShare

~35%

CPA

By negotiation (CPA and combined CPA + RevShare Hybrid deals)

Payout

Monthly (typically ~15th)

Tracking

S2S Yes / API No

SpainMexicoColombiaTier 1 (Spain DGOJ / Mexico SEGOB / Colombia Coljuegos / Argentina LOTBA / Panama JCJ)
✓ No Negative Carryover✓ Tier-1 Licensed (Multi-Jurisdiction)✓ Nasdaq-Listed OperatorRevShareCPAHybridMedia BuyersES/LatAm Sports & Casino TrafficLocalized Publishers
Provisional

Overview

Codere Partners is an exceptional choice for performance marketers and media buyers looking to specialize in high-value Spanish-speaking and Latin American traffic channels. While the platform's Mexos infrastructure possesses tracking limitations—such as a lack of real-time data streaming and programmatic API integration —the brand effectively counterbalances this through massive localized marketing authority and elite sport partnerships with teams like Real Madrid C.F. and Atlético River Plate. If your target use case centers on capitalizing on highly regulated, high-trust omnichannel ecosystems where a strict no negative carryover policy protects your monthly bottom line, this program provides an incredibly stable corporate vehicle for long-term traffic monetization.

Program Highlights

  • Flexible Commission Models: Affiliates can negotiate tailored Cost Per Acquisition (CPA) rates, standard Revenue Share structures (up to 35%), or custom Hybrid deals that combine upfront payouts with recurring revenue.
  • No Negative Carryover: Net deficits caused by volatile players or high rollers are completely reset to zero at the start of each month, effectively insulating your monthly earnings from long-term risk.
  • Secure Tech Stack: All campaigns are managed via Playtech’s stable Mexos platform, delivering secure user tracking, detailed sub-campaign reporting, and S2S postback capabilities.
  • Multi-Vertical Portfolios: Marketers can seamlessly leverage diverse sportsbooks, video bingo, and live casino products, alongside the standalone Greenplay casino platform hosting over 700 top-tier titles.
  • Reliable Payments: Earnings are processed and distributed monthly (typically around the 15th) via traditional Bank Wire, Neteller, Skrill, or PayPal.

Codere Partners serves as the dedicated marketing network for the iconic Codere gaming brand and its standalone casino sister brand, Greenplay. The program is backed by a powerful dual corporate architecture: its multinational, land-based parent, Grupo Codere, and its publicly listed digital wing, Codere Online (Nasdaq: CDRO). This robust omnichannel setup provides affiliate webmasters with a distinct competitive edge, as the parent company's extensive retail footprint across Spain and Latin America organically fosters immense player trust and enhances natural conversion rates. Consequently, affiliates benefit from lower overall customer acquisition costs and extended player lifetime value as referred traffic transitions fluidly between physical venues and mobile gaming platforms.

Operating exclusively within locally regulated jurisdictions, the program offers a highly secure operational environment with direct licensing from elite regulatory bodies such as Spain's DGOJ, Mexico's SEGOB, and Colombia's Coljuegos. Financially, the network remains on an upward trajectory, with Codere Online generating €224.1 million in Net Gaming Revenue (NGR) for the financial year ending December 31, 2025. While the mature Spanish market provides foundational stability despite strict local advertising constraints, emerging markets like Mexico serve as massive growth engines, exhibiting a 38% surge in average monthly active players heavily supported by premium localized football and sports sponsorships.

Program Details

Verified Jul 2026

Commission Type

RevShare, CPA, Hybrid

Payout Frequency

Monthly (typically ~15th)

Min Payout

200 EUR

Admin Fee

0,00%

Negative Balance

Reset

License

Coljuegos Colombia, Italy (ADM), Panama, SEGOB, Spain (DGOJ)

Founded

2014

Software

Mexos

NGR Formula

NGR = Bets - Bonuses - Other - Taxes - Wins - Withdrawals

Target GEOs

ArgentinaSpainColombiaMexicoPanama

Brands

Codere

Brands in the program (1)

1 casino brand running on this program is reviewed on CasinoMass:

Target GEOs
MexicoSpain

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