Codere Online Luxembourg, S.A. CDRO

Competitive advantage analysis · consumer-cyclical

Corporate Default
Overall moat score
56/100
Moderate

Ranked against 19 peers in Gambling

About Codere Online Luxembourg, S.A.

Codere Online Luxembourg, S.A., together with its subsidiaries, operates as an online casino gaming and sports betting company in Spain, Mexico, Colombia, Panama, Argentina, and internationally. It offers online casino games available in land-based casinos, gaming halls, and gambling establishments, such as slot machines, table games, and bingo, as well as online casino through its website and mobile applications; and … Full CDRO analysis →

Key strengths

  • Scale Supporting Profitability Profitability at scale is strong (score 0.79), demonstrating competitive advantages.
  • Revenue Growth Consistent Revenue growth volatility is low (stability score 0.93), suggesting sticky customer base.

Key risks

  • Volatile Margins Suggest Cyclicality Margin volatility is high (stability score 0.29), suggesting cyclical exposure or competitive pressure.
  • Inconsistent Cash Generation Cash generation is inconsistent (score 0.46), indicating operational challenges.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Developing
42
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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Cost Advantage

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Signals, strengths and risks for Customer Stickiness

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Resilience

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Signals, strengths and risks for Scale & Market Position

Where CDRO ranks in Gambling

Codere Online Luxembourg, S.A. ranks #8 of 20 scored companies in Gambling by moat score — the top 40%. The widest moat in the group is Super Group (SGHC) Limited (SGHC) at 73/100.

# Company Moat score Rating
4 Rush Street Interactive, Inc. RSI 64/100 Moderate
5 Accel Entertainment, Inc. ACEL 62/100 Moderate
6 Codere Online Luxembourg, S.A. Warrants CDROW 58/100 Moderate
7 Canterbury Park Holding Corpora CPHC 58/100 Moderate
8 Codere Online Luxembourg, S.A. CDRO 56/100 Moderate
9 Flutter Entertainment plc FLUT 54/100 Moderate
10 Bragg Gaming Group Inc. BRAG 52/100 Moderate
11 DraftKings Inc. DKNG 43/100 Developing
12 Gambling.com Group Limited GAMB 39/100 Developing

See every General Corporate company ranked by moat score →

How CDRO scores on the Corporate Default defenses

Pricing Power

Score 42 · 20% of the moat score

Pricing power is the ability to raise prices without losing volume.

Cost Advantage

Score 37 · 15% of the moat score

A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.

Customer Stickiness

Score 74 · 15% of the moat score

Stickiness is what makes revenue repeat without being re-won every year.

Capital Efficiency

Score 38 · 18% of the moat score

Capital efficiency asks what the company earns on the money tied up in the business.

Resilience

Score 56 · 17% of the moat score

Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.

Scale & Market Position

Score 87 · 15% of the moat score

Scale matters only when it converts into economics.

How each Corporate Default defense is measured, in full →

Understanding CDRO's moat

What is Codere Online Luxembourg, S.A.'s moat score?

Codere Online Luxembourg, S.A. (CDRO) scores 56 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #8 of 20 scored companies in Gambling, the top 40%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 19 companies in Gambling. Its strongest defense is Scale & Market Position (87/100) and its weakest is Cost Advantage (37/100).

How does Codere Online Luxembourg, S.A. compare with other Gambling companies?

Codere Online Luxembourg, S.A. ranks #8 of 20 scored companies in Gambling by moat score. The widest moat in Gambling is Super Group (SGHC) Limited (SGHC) at 73/100. The companies ranked closest are Canterbury Park Holding Corpora (CPHC) at 58 just above it and Flutter Entertainment plc (FLUT) at 54 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 19 companies in Gambling. The defenses are then weighted to produce the overall score out of 100.

Why is Codere Online Luxembourg, S.A. scored with the Corporate Default template?

Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.

Which competitive defenses are measured for Codere Online Luxembourg, S.A.?

The Corporate Default template measures 6 defenses, and CDRO scores: Pricing Power (42), Cost Advantage (37), Customer Stickiness (74), Capital Efficiency (38), Resilience (56), Scale & Market Position (87). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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