SBC News Codere Chairman calls for political sense following Royal Decree approval

Codere Chairman calls for political sense following Royal Decree approval

Norman Sorensen, Chairman of Grupo Codere SA, has urged Spanish ministers to maintain reasoned dialogue and analysis of Spain’s gambling sector. 

Sorensen made his comment in a letter accompanying Codere’s Bolsa Madrid annual statement, which emphasised that Spanish gambling has been besieged by ‘false beliefs’ and ‘radical political positions’ against its incumbents. 

Sorensen’s appeal comes after Spain’s new coalition government passed its long-awaited Royal Decree on advertising, enforcing stringent federal restrictions on the marketing of land-based and online gambling verticals in February.

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

However, Sorensen believes that ‘radical positions’ are being taken up with regards to wider industry dynamics, in which the government does not maintain the statistical evidence to enforce further punishing decrees. 

Sorensen warned political actors not to replicate Italian gambling’s punishing agenda, in which the enforcement of a blanket advertising ban, alongside an operator ADM transactional registry, has seen no diminishing engagement by consumers with gambling products.  

Having reformed Spain’s advertising code, Alberto Garzon (Minister of Consumer Affairs) has earmarked a federal overhaul of land-based gambling laws.

Garzon’s motives concern Sorensen, who stated that he has held hundreds of meetings with community executives warning of severe economic consequences should land-based gambling become a federally regulated sector.

Sorensen urged ministers to respect Spain’s autonomous frameworks governing arcade, casino and retail betting premises, in which a ‘status quo’ favours regional governments and their civic directives.

Codere’s Chairman underlined that autonomous governments have established effective regulations on gambling premises with regards to licensee requirements, venue maintenance and consumer protections.

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