Following Royal Decree Codere Chair Calls For Political Sense

The chairman of Grupo Codere SA, Norman Sorensen, has urged Spanish ministers to maintain fair dialogue and study of Spain’s gambling market.

Sorensen made his comment in a letter following the annual statement by Codere’s Bolsa Madrid, stressing that Spanish gambling has been assaulted against its incumbents by’ false beliefs’ and’ radical political positions.’

Sorensen’s appeal comes after Spain’s new coalition government passed its long-awaited Royal Advertising Decree, imposing rigorous federal limits on land-based and online vertical gaming ads in February.

In his letter, Codere’s Chairman acknowledged the Royal Decree’s conditions, recognising that Spanish ads had been ‘exacerbated by the overexposure of online gambling’.

Sorensen believes, however, that ‘radical positions’ are being taken in respect of broader market dynamics, in which the government does not have the objective evidence to impose more punitive decrees.

Sorensen cautioned political leaders not to emulate the punitive strategy of Italian gambling, where the implementation of a blanket advertising ban, alongside an operator ADM transactional registry, has not seen any declining customer engagement with gambling products.

Alberto Garzon (Minister of Consumer Affairs) has revised Spain’s advertisement code and has delegated a federal review of land-based gambling laws.

Garzon’s intentions concern Sorensen, who claimed that he had held hundreds of meetings with community leaders warning of severe economic implications should land-based gambling become a federally regulated industry.

Sorensen urged ministers to support the decentralised arcade, casino and retail betting premises regulating Spain, where a’ status quo ‘ benefits regional governments and their civic directives.

Codere’s chairman emphasised that autonomous governments have placed in place effective legislation on gambling premises covering operator requirements, venue management and consumer protection.