Regulatory and Licensing Changes: Online gambling is heavily regulated and regulations can change frequently across various jurisdictions where Codere Online operates, potentially increasing compliance costs, limiting market access, or reducing profitability.

Intense Competition: The online gambling market is highly competitive with numerous established global and local players, requiring significant marketing spend and continuous innovation to attract and retain customers, which may erode profit margins.

Cybersecurity and Data Privacy Risks: As an online platform handling sensitive customer and financial data, Codere Online faces constant threats of cyberattacks, data breaches, and system outages, which could lead to significant financial losses, reputational damage, and regulatory fines.