Codere Online freezes Colombia investments over VAT on deposits
Codere Online announced that it will not allocate new investments to the Colombian market as long as the 19% VAT on online gambling deposits remains in effect. The fiscal measure, which could become permanent, is already impacting its revenues and has led the operator to completely rethink its future projection in the country.
Codere Online halts its operation in Colombia
Codere Online confirmed that it will stop investing in Colombia until the government reviews the 19% VAT tax applied to online gambling deposits, in force since February and with a high probability of becoming permanent.
“We are not going to invest more unless the tax changes. Our three- and five-year plans do not include Colombia,” said Moshe Edree, the company’s executive vice president, during the presentation of the third quarter 2025 results.
The fiscal measure, promoted by Gustavo Petro’s administration as a temporary tax, was criticized from the outset by local operators, who warn that it taxes the deposited money and not the gambling activity, creating an unprecedented distortion in the market.
Direct impact on the operator’s accounts
The effect is already felt in the bottom line. In its “Others” segment — which groups Colombia, Panama, and Buenos Aires City — the group’s net revenues fell by 32%, mainly driven by a decrease of 1.4 million euros in the Colombian operation.
Although deposits remained stable, the actual revenues of the country’s operators show a widespread decline. Edree and outgoing CFO, Óscar Iglesias, warned that the situation could worsen if the tax becomes permanent.
Iglesias, however, opened the door to a possible political shift:
“It is not clear which direction the May 2026 elections will take. Even if the tax is approved, a more centrist or right-wing government could reverse a measure that has not provided additional fiscal revenues.”
Revenue confirms the setback
Coljuegos figures support the argument of fiscal inefficiency.
- In July 2025, transfers to the health system reached 23.1 billion pesos,
- far below the 43.3 billion from the same month the previous year.
That is, a 46.6% drop, despite the new tax.
The government estimated collecting 1.6 trillion pesos from VAT on deposits. If the target is not met, pressure to review or eliminate the levy could increase.
Overall group performance
Beyond the Colombian case, Codere Online reported almost unchanged net revenues for the quarter, with 51.6 million euros, due to stagnation in Spain and Mexico. The latter, however, showed signs of dynamism with a 39% growth in monthly active players, although still without significant impact on revenues.
Tags: Colombia, Colombia betting, Codere Online, Codere Colombia