# EDGAR Filing Document

**Accession Number:** 0001866782
**File Stem:** 0001829126-26-004528
**Filing Date:** 2026-5
**Character Count:** 57712
**Document Hash:** 651a9f3d9edd85302b7830c86b4d0e39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-004528.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001829126-26-004528

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**EFFECTIVENESS DATE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Codere Online Luxembourg, S.A.
- **CENTRAL INDEX KEY:** 0001866782
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** N4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295545
- **FILM NUMBER:** 26940498

**BUSINESS ADDRESS:**
- **STREET 1:** 7 RUE ROBERT STUMPER
- **CITY:** LUXEMBOURG
- **STATE:** N4
- **ZIP:** L-2557
- **BUSINESS PHONE:** 352 26 25 88 88

**MAIL ADDRESS:**
- **STREET 1:** 7 RUE ROBERT STUMPER
- **CITY:** LUXEMBOURG
- **STATE:** N4
- **ZIP:** L-2557

**As filed with the Securities and Exchange Commission on May 5, 2026**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT UNDER**

**THE SECURITIES ACT OF 1933**

**Codere Online Luxembourg, S.A.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Grand Duchy of Luxembourg** | **Not Applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**7 rue Robert Stümper**

**L-2557 Luxembourg,<br> Grand Duchy of Luxembourg<br> R.C.S. Luxembourg: B255798<br> +34 91354 28 19**

(Address of Principal Executive Offices)

**Codere Online Luxembourg, S.A. Amended Existing Long Term Incentive Plan**

(Full title of the plans)

**CT Corporation System**

**28 Liberty Street**

**New York, NY 100005**

(Name and Address of Agent For Service)

**(212) 894-8940**

(Telephone number, Including Area Code, of Agent For Service)

***Copies of all communications, including all communications sent to the agent for service, should be sent to:***

**Raffael Fiumara, Esq.**

**Sami B. Ghneim, Esq.**

**Greenberg Traurig, P.A.**

**333 S.E. 2<sup>nd</sup> Avenue, Suite 4400**

**Miami, FL 33131**

**(305) 579-0500**

**Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.**

---

| | | | |
|:---|:---|:---|:---|
| **Large accelerated filer** | **☐** | **Accelerated filer** | **☒** |
| **Non-accelerated filer** | **☐** | **Smaller reporting company** | **☐** |
| **(Do not check if a smaller reporting company)** | **(Do not check if a smaller reporting company)** | **Emerging Growth Company** | **☒** |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. **☐**

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS**

The documents containing the information specified in Item 1 and Item 2 of Part I of Form S-8 will be sent or given to participants as specified by Rule 428(b)(1) under the Securities Act. In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "**Commission**") and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents, which have been filed with the Commission by Codere Online Luxembourg, S.A. (the "**Registrant**"), are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Annual Report on Form 20-F for the fiscal year ended December 31, 2025 (the "**Annual Report**"), filed with the Commission on April 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") since the end of the fiscal year covered by the Annual Report referred to in (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The description of the Registrant's securities contained in the Registrant's Registration Statement on Form 8-A, filed with the Commission on November 30, 2021, and any amendment or report filed for the purpose of updating such description, including the description of the Registrant's securities included as Exhibit 2.1 to the Annual Report.

In addition, all documents subsequently filed by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, including any Reports on Form 6-K submitted during such period (or portion thereof) that is identified in such form as being incorporated by reference into this Registration Statement, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of such documents. The Registrant is not incorporating by reference any documents or portions thereof, whether specifically listed above or filed in the future, that are not deemed "filed" with the Commission.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein, (or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein), modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

Article 441-8 of the Luxembourg Law of August 10, 1915 (the "**1915 Law**") provides that the directors shall not incur any personal obligation by reason of the commitments of the company.

Article 441-9 of the 1915 Law provides that the directors, the members of the management committee and the managing executive officer shall be liable to the company in accordance with general law for the execution of the mandate given to them and for any misconduct in the management of the company's affairs. The directors and members of the management committee shall be jointly and severally liable towards either the company or any third parties for damages resulting from the violation of the 1915 Law or the company's articles of association. The directors and members of the management committee shall be discharged from such liability in the case of a violation to which they were not a party provided no misconduct is attributable to them and they have reported such violation, as regards members of the board of directors, to the first general meeting and, as regards members of the management committee, during the first meeting of the board of directors after they had acquired knowledge thereof.

The Registrant's articles of association provide that directors of the Registrant are not held personally liable for the indebtedness or other obligations of the Registrant. As agents of the Registrant, they are responsible for the performance of their duties. Subject to the exceptions and limitations listed in the Registrant articles of association and mandatory provisions of Luxembourg law, every person who is, or has been, a director, officer or agent of the Registrant (and his or her heirs, executors and administrators) shall be indemnified by the Registrant to the fullest extent permitted by Luxembourg law against liability and against all expenses reasonably incurred or paid by such person in connection with any claim, action, suit or proceeding which he/she/it becomes involved as a party or otherwise by virtue of his/her/its being or having been a director, officer or agent of the Registrant, or, at the request of the Registrant, of any other company of which the Registrant is a shareholder, affiliate or creditor and by which he/she/it is not entitled to be indemnified, and against amounts paid or incurred by him/her/it in the settlement thereof. The words "claim," "action," "suit" or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal or otherwise including appeals) actual or threatened and the words "liability" and "expenses" shall include without limitation attorneys' fees, costs, judgments, amounts paid in settlement and other liabilities. However, no indemnification shall be provided to any director, officer, agent or shareholder of the Registrant (i) against any liability by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his/her/its office, (ii) with respect to any matter as to which he/she/it shall have been finally adjudicated to have acted in bad faith and not in the interest of the Registrant or (iii) in the event of a settlement, unless the settlement has been approved by a court of competent jurisdiction or by the board of directors of the Registrant.

The Registrant articles of association provide that the right of indemnification provided by the articles of association shall be severable, shall not affect any other rights to which any director, officer or agent may now or hereafter be entitled, shall continue as to a person who has ceased to be such director, officer or agent and shall inure to the benefit of the heirs, executors and administrators of such a person. Nothing contained in such articles of association shall affect or limit any rights to indemnification to which corporate personnel, including directors and officers, may be entitled by contract or otherwise under Luxembourg law. The Registrant shall specifically be entitled to provide contractual indemnification to and may purchase and maintain insurance for any corporate personnel, including directors and officers of the Registrant, as the Registrant may decide upon from time to time.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number** |  |
| 4.1 | [Consolidated Articles of Association of the Registrant (incorporated herein by reference to Exhibit 3.1 to the Registrant's Registration Statement on Form F-1, filed on February 24, 2022)](https://www.sec.gov/Archives/edgar/data/0001866782/000182912622004310/codereonline_ex3-1.htm) |
| 4.2 | [Codere Online Luxembourg, S.A. Amended Existing Long Term Incentive Plan (incorporated by reference to Exhibit 4.25 to the Registrant's Annual Report on Form 20-F filed on April 28, 2026)](https://www.sec.gov/Archives/edgar/data/1866782/000182912626004041/codereonline_ex4-25.htm) |
| 5.1 | [Opinion of Clifford Chance Luxembourg, counsel of the Registrant, as to the validity of the Ordinary Shares (filed herewith)](codereonline_ex5-1.htm) |
| 23.1 | [Consent of MaloneBailey, LLP, independent registered public accounting firm](codereonline_ex23-1.htm) |
| 23.2 | [Consent of Clifford Chance Luxembourg (included in Exhibit 5.1)](codereonline_ex5-1.htm) |
| 24.1 | [Powers of Attorney (included in the signature pages hereto)](#powersofattorney) |
| 107.1 | [Filing Fee Table (filed herewith)](codereonline_ex107-1.htm) |

---

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

*provided*, *however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing this Registration Statement and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Madrid, Spain on May 5, 2026.

---

| | | |
|:---|:---|:---|
| Codere Online Luxembourg, S.A. | Codere Online Luxembourg, S.A. | Codere Online Luxembourg, S.A. |
| By: | /s/ Avid Sher | /s/ Avid Sher |
|  | Name: | Aviv Sher |
|  | Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Aviv Sher, Marcus Arildsson and Yaiza Rodríguez and each of them, individually, as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, place and stead in any and all capacities, in connection with this registration statement, including to sign in the name and on behalf of the undersigned, this registration statement and any and all amendments thereto, including post-effective amendments and registrations filed pursuant to Rule 462 under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto such attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his substitute, may lawfully do or cause to be done by virtue hereof. Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Aviv Sher | Chief Executive Officer<br> (principal executive officer) | May 5, 2026 |
| Aviv Sher | Chief Executive Officer<br> (principal executive officer) |  |
| /s/ Marcus Arildsson | Chief Financial Officer<br> (principal financial officer and principal accounting officer) | May 5, 2026 |
| Marcus Arildsson | Chief Financial Officer<br> (principal financial officer and principal accounting officer) |  |
| /s/ Gonzaga Higuero | Director and Chairman of the Board | May 5, 2026 |
| Gonzaga Higuero | Director and Chairman of the Board |  |
| /s/ Moshe Edree | Director and Executive Vice Chairman of the Board | May 5, 2026 |
| Moshe Edree | Director and Executive Vice Chairman of the Board |  |
| /s/ Oscar Iglesias | Director | May 5, 2026 |
| Oscar Iglesias | Director |  |
| /s/ Laurent Teitgen | Director | May 5, 2026 |
| Laurent Teitgen | Director |  |
| /s/ Borja Fernández | Director | May 5, 2026 |
| Borja Fernández | Director |  |
| /s/ Daniel Valdez | Director | May 5, 2026 |
| Daniel Valdez | Director |  |
| /s/ Gabriel Sáenz de Buruaga | Director | May 5, 2026 |
| Gabriel Sáenz de Buruaga | Director |  |
| /s/ Gaëtan Dumont | Director | May 5, 2026 |
| Gaëtan Dumont | Director |  |

---

**SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE**

Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Codere Online Luxembourg, S.A. has signed this registration statement on May 5, 2026.

---

| | | |
|:---|:---|:---|
| **CODERE ONLINE LUXEMBOURG, S.A.** | **CODERE ONLINE LUXEMBOURG, S.A.** | **CODERE ONLINE LUXEMBOURG, S.A.** |
| By: | /s/ Laura R. Broderick | /s/ Laura R. Broderick |
|  | Name: | Laura R. Broderick |
|  | Title: | Assistant Secretary, CT Corporation System |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

CLIFFORD CHANCE OPINION LETTER<br> (LUXEMBOURG LAW)

![](ex5-1_001.jpg)

**Contents**

---

| | | |
|:---|:---|:---|
| Clause | Clause | Page |
| 1. | Introduction | 1 |
| 2. | Opinions | 3 |
| 3. | No Judicial or Administrative Proceedings | 3 |
| 4. | Scope of Opinion | 4 |
| 5. | Purpose | 5 |
| Schedule 1 Definitions | Schedule 1 Definitions | 6 |
| Schedule 2 The Company | Schedule 2 The Company | 8 |
| Schedule 3 Documents | Schedule 3 Documents | 9 |
| Schedule 4 Assumptions | Schedule 4 Assumptions | 12 |
| Schedule 5 Reservations | Schedule 5 Reservations | 15 |

---

- i -

![](ex5-1_001.jpg)

To: Codere Online Luxembourg, S.A.<br> 7, rue Robert Stümper<br> L - 2557 Luxembourg<br> Grand Duchy of Luxembourg 5 May 2026

the "**Company**"

**Form S-8 Registration Statement**

We have acted as Luxembourg legal advisers of the Company, in connection with the registration statement on form S-8 to be filed with the U.S. Securities and Exchange Commission (the "**Commission**") under the U.S. Securities Act of 1933, as amended relating to the registration with the Commission of ordinary shares under registered form with a nominal value of EUR 1.- each of the Company (the "**Ordinary Shares**" and each an "**Ordinary Share**"). In our capacity as special Luxembourg counsel of the Company, we have been requested to render an opinion as to certain Luxembourg legal matters relating to up to 1,048,608 Ordinary Shares that may be issued by the Company pursuant to the Plan in the future (the "**Plan Issuable Shares**") either directly or as a result of the exercise of stock options granted or to be granted under the Plan (the "**Transaction**").

1. **Introduction** 

1.1 **Transaction Documents** 

For the purposes of the opinions given in this opinion letter (the "**Opinion Letter**"), we have reviewed the following documents entered into in connection with the Transaction (the "**Transaction Documents**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1 A
 draft of the registration statement on form S-8 to be filed with the Commission on 5 May 2026 (the "**Registration Statement** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2 A copy of the long term incentive plan (the "**LTIP**") of the Company (consisting of the summary of the terms and conditions of the LTIP, the LTIP master agreement and a template of LTIP invitation letter), as amended (the "**Plan** "), the Plan in its amended version having been approved by the board of directors of the Company on 7 November 2024 and also approved by the general meeting of the shareholders of the Company held on 30 June 2025.

![](ex5-1_001.jpg)

1.2 **Defined terms and Interpretation** 

Terms defined in the Transaction Documents shall have the same meaning in this Opinion Letter, unless otherwise defined herein (and in particular in paragraph 1.1 (*Transaction Documents*) and in Schedule 1 (*Definitions*)).

Headings in this Opinion Letter are for ease of reference only and shall not affect its interpretation.

In this Opinion Letter, Luxembourg legal concepts are expressed in English terms and not in their original French terms. The concepts concerned may not be identical to the concepts described by the same English terms as they exist under the laws of other jurisdictions. This Opinion Letter may therefore only be relied upon under the express condition that any issues of interpretation arising thereunder will be governed by Luxembourg law.

1.3 **Legal review** 

We have not reviewed any documents other than the Transaction Documents and the Corporate Documents, and this Opinion Letter does not purport to address any legal issues that arise in relation to such other documents that may be or come into force between the Parties, even if there is a reference to any such documents in the Transaction Documents or the Corporate Documents or on the impact such documents may have on the opinions expressed in this Opinion Letter.

1.4 **Applicable law** 

The opinions given in this Opinion Letter are confined to and given on the basis of Luxembourg law as currently applied by the Luxembourg courts as evidenced in published case-law. We have made no independent investigation of any other laws for the purpose of this Opinion Letter and do not express or imply any opinion in relation to any such laws. In particular, as Luxembourg qualified lawyers we are not qualified nor in a position to assess the meaning and consequences of the terms of the Transaction Documents under the relevant foreign governing or applicable law and we have made no investigation into such laws as a basis for the opinions expressed hereafter and do not express or imply any opinion thereon, including in relation to any implied terms, statutory provisions referred to therein or any other consequences arising from the entry into or performance under such Transaction Documents under such laws. Accordingly, our review of the Transaction Documents has been limited to the terms of such documents as they appear on the face thereof without reference to their respective governing laws or any other applicable law (other than Luxembourg law).

The opinions given in this Opinion Letter are given on the basis that it is governed by and construed in accordance with the laws of Luxembourg and will be subject to the jurisdiction of the courts of Luxembourg.

![](ex5-1_001.jpg)

1.5 **Assumptions and reservations** 

The opinions given in this Opinion Letter are given on the assumptions set out in Schedule 4 (*Assumptions*) and are subject to the reservations set out in Schedule 5 (*Reservations*). The opinions given in this Opinion Letter are strictly limited to the matters stated in paragraph 2 (*Opinions*) and do not extend to any other matters.

2. **Opinions** 

We are of the opinion that:

2.1 **Corporate existence** 

The Company is a company incorporated and existing in Luxembourg as a *société anonyme* and has been incorporated for an unlimited period.

2.2 **Plan Issuable Shares** 

The Plan Issuable Shares to be subscribed and issued in accordance with the Articles, the Registration Statement, the Plan and the Agreements (if and when issued pursuant to the Plan), will be validly issued and fully paid, and the holder of such Plan Issuable Shares will not be liable, solely because of his or her or its shareholder status, for additional payments to the Company or the Company's creditors.

3. **No Judicial or Administrative Proceedings** 

According to the Negative Certificate, no Decision opening Judicial or Administrative Proceedings against the Company has been registered with the RCS on the date stated therein. The Negative Certificate does not indicate whether a Decision has been taken or a Judicial or Administrative Proceeding has been opened. The registration of a Decision must be requested by the legally determined persons at the latest one month after the Decision has been rendered. As a consequence a delay exists between the moment where the event rendering the registration with the RCS necessary occurs and the actual registration of the Decision in the RCS. It may furthermore not be excluded that no registration has occurred during the legally prescribed period of one month if no request for registration has been made. As a consequence the Negative Certificate is not conclusive as to the opening and existence or not of Decisions or Judicial or Administrative Proceedings and should not be relied upon as such. The Negative Certificate does, for the avoidance of doubt, not purport to indicate whether or not a petition or order for any of the Judicial or Administrative Proceedings has been presented or made.

![](ex5-1_001.jpg)

4. **Scope of Opinion** 

We have not been responsible for advising any party to the Transaction other than the Company and the delivery of this Opinion Letter to any person other than the Company does not evidence an existence of any such advisory duty on our behalf to such person.

The filing of this Opinion Letter as an exhibit to the Registration Statement does not evidence the existence of any such advisory duty on behalf to any party other than the Company.

We have not considered and do not opine on whether the Registration Statement complies with any public offering of securities and/or stock exchange listing and admission to trading regulations, nor do we opine on the Registration Statement or/and on any securities laws disclosure requirements.

We express no opinion as to any taxation matters or transfer pricing matters generally or liability to tax which may arise or be suffered as a result of or in connection with the Transaction Documents or the Transaction or on the impact which any tax laws may have on the opinions expressed in this Opinion Letter.

No opinion (except to the extent expressly opined upon herein) is expressed or implied in relation to the accuracy of any representation or warranty given by or concerning any of the parties to the Transaction Documents or whether such parties or any of them have complied with or will comply with any covenant or undertaking given by them or any obligations binding upon them.

We express no opinion on any applicable licensing or similar requirements.

We express no opinion on the applicability of or compliance with the Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories or any delegated or implementing regulations (together the "**EMIR Regulations**"), or of Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 or implementing regulations ("**SFTR Regulations**") or any obligations arising for the parties pursuant to each of the EMIR Regulations and the SFTR Regulations.

We express no opinion with respect to any data protection matters relevant to or referred to in the Transaction Documents.

This Opinion Letter does not contain any undertaking to update it or to inform the Company of any changes in the laws of Luxembourg or any other laws which would affect the content thereof in any manner.

In this Opinion Letter we do not analyse the question of whether the Transaction Documents create legal, valid and enforceable obligations of any Party.

![](ex5-1_001.jpg)

5. **Purpose** 

This Opinion Letter is provided in connection with the Transaction and is issued solely for the purposes of the filing of the Registration Statement.

It may not be relied upon for any other purpose, or quoted or referred to in any public document, or filed with any government agency or another person, nor may its existence or contents be disclosed to any person, without, in any such case, our prior written consent, except that we consent to the filing of this Opinion Letter as an exhibit to the Registration Statement and to the reference to us under the caption "Legal Matters" contained in the Registration Statement. In giving such consent, we do not hereby concede that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the U.S. Securities and Exchange Commission thereunder.

**CLIFFORD CHANCE**

---

| |
|:---|
| /s/ Christian Kremer |
| **Christian Kremer\*** |
| **Avocat à la Cour** |

---

\* *The undersigned is acting as manager of Clifford Chance GP, the general partner of Clifford Chance.*

**Schedule 1<br> Definitions**

"**Agreements**" means the relevant agreements for the granting of awards (including restricted shares and/or stock options) to be entered into from time to time by the Company with the beneficiaries under the Plan and regulating, among other things, the granting and conditions for the issuance of Plan Issuable Shares to the beneficiaries.

"**Authorised Signatories**" means the persons defined as such under the heading *Board Resolutions* in paragraph 2 of Schedule 3 (*Documents*).

"**Board Resolutions**" means the board resolutions listed under the heading *Board Resolutions* in paragraph 2 of Schedule 3 (*Documents*).

"**Business Preservation Law**" means the Luxembourg law dated 7 August 2023 on business preservation and the modernisation of the bankruptcy laws.

"**Company**" means the company specified in Schedule 2 (*The Company*).

"**Constitutional Documents**" means, the constitutional documents listed under the heading *Constitutional Documents* in paragraph 2 of Schedule 3 (*Documents*).

"**Corporate Documents**" means the documents listed in paragraph 2 of Schedule 3 (*Documents*).

"**Decision**" means any judicial or administrative decision opening Judicial or Administrative Proceedings.

"**Excerpt**" means the excerpt listed under the heading *Excerpt* in paragraph 2 of Schedule 3 (*Documents*).

"**Judicial or Administrative Proceedings**" means one of the judicial or administrative proceedings referred to in article 13, items 4 to 11, 16 and 17 of the RCS Law, including in particular, bankruptcy (*faillite*), judicial reorganisation (*réorganisation judiciaire*), suspension of payments (*sursis de paiement*), judicial liquidation (*liquidation judiciaire*) and administrative dissolution without liquidation (*dissolution administrative sans liquidation*) proceedings.

"**Law on Commercial Companies**" means the Luxembourg law dated 10 August 1915 on commercial companies, as amended.

"**Luxembourg**" means the Grand Duchy of Luxembourg.

"**Negative Certificate**" means the negative certificate listed under the heading *Negative Certificate* in paragraph 2 of Schedule 3 (*Documents*).

"**Other Party**" means each party to the Transaction Documents other than the Company.

"**Parties**" means all of the parties to the Transaction Documents.

"**RCS**" means the Luxembourg register of commerce and companies.

"**RCS Law**" means the Luxembourg law dated 19 December 2002 relating to the register of commerce and companies as well as the accounting and the annual accounts of companies, as amended.

"**REGINSOL**" means the insolvency register (*Registre de l'insolvabilité*) held and maintained by the RCS.

"**Regulation 2015/848**" means Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast), as amended.

"**RESA**" means the central electronic platform of official publication for companies and associations (*Recueil électronique des sociétés et associations*).

"**Shareholders Resolutions**" means the resolutions of the general meeting of shareholders of the Company listed under the heading *Shareholders Resolutions* in paragraph 2 of Schedule 3 (*Documents*).

**Schedule 2<br> The Company**

**Codere Online Luxembourg, S.A.**, a Luxembourg *société anonyme*, having its registered office at 7, rue Robert Stümper, L-2557 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B255798.

**Schedule 3<br> Documents**

We have reviewed only the following documents for the purposes of this Opinion Letter.

1. **TRANSACTION DOCUMENTS** 

Latest drafts of the Transaction Documents.

2. **CORPORATE DOCUMENTS RELATING TO the COMPANY** 

2.1 **Constitutional Documents** 

A copy of its coordinated articles of association dated 12 January 2026.

2.2 **Board Resolutions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the minutes of the Company's board of directors held on 2 February 2022 and during which the board of directors adopted resolutions approving *inter alia* the terms of the Plan, in its initial version.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the minutes of the Company's board of directors held on 30 March 2022 and during which the board of directors adopted resolutions approving *inter alia* the granting of stock options pursuant to the Plan to certain beneficiaries and the issuance of up to 669,093 related Plan Issuable Shares under the authorised share capital of the Company upon exercise of the stock options in accordance with the Plan and the relevant Agreements and conferring power to any director of the Company, acting individually (the "**Authorised Signatories**") to effectively issue such Plan Issuable Shares pursuant to the deliverance of an issue decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of the minutes of the Company's board of directors held on 12 May 2022 and during which the board of directors adopted resolutions approving *inter alia* the granting of stock options pursuant to the Plan to certain beneficiaries and the issuance of up to 174,997 related Plan Issuable Shares under the authorised share capital of the Company upon exercise of the stock options in accordance with the Plan and the relevant Agreements and conferring power to any director of the Company, acting individually (the "**Authorised Signatories**") to effectively issue such Plan Issuable Shares pursuant to the deliverance of an issue decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A copy of the minutes of the Company's board of directors held on 30 June 2022 and during which the board of directors adopted resolutions approving *inter alia* the granting of stock options pursuant to the Plan to certain beneficiaries and the issuance of up to 10,807 related Plan Issuable Shares under the authorised share capital of the Company upon exercise of the stock options in accordance with the Plan and the relevant Agreements and conferring power to any director of the Company, acting individually (the "**Authorised Signatories**") to effectively issue such Plan Issuable Shares pursuant to the deliverance of an issue decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A copy of the minutes of the Company's board of directors held on 20 October 2022 and during which the board of directors adopted resolutions approving *inter alia* the granting of stock options pursuant to the Plan to certain beneficiaries and the issuance of up to 25,077 related Plan Issuable Shares under the authorised share capital of the Company upon exercise of the stock options in accordance with the Plan and the relevant Agreements and conferring power to any director of the Company, acting individually (the "**Authorised Signatories**") to effectively issue such Plan Issuable Shares pursuant to the deliverance of an issue decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the minutes of the Company's board of directors held on 27 February 2023 and during which the board of directors adopted resolutions approving *inter alia* the granting of stock options pursuant to the Plan to certain beneficiaries and the issuance of up to 107,247 related Plan Issuable Shares under the authorised share capital of the Company upon exercise of the stock options in accordance with the Plan and the relevant Agreements and conferring power to any director of the Company and Mrs. Yaiza Rodriguez, each acting individually (the "**Authorised Signatories**") to effectively issue such Plan Issuable Shares pursuant to the deliverance of an issue decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A copy of the minutes of the Company's board of directors held on 22 June 2023 and during which the board of directors adopted resolutions approving *inter alia* the granting of stock options pursuant to the Plan to certain beneficiaries and the issuance of up to 158,637 related Plan Issuable Shares under the authorised share capital of the Company upon exercise of the stock options in accordance with the Plan and the relevant Agreements and conferring power to any director of the Company, acting individually (the "**Authorised Signatories**") to effectively issue such Plan Issuable Shares pursuant to the deliverance of an issue decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A copy of the minutes of the Company's board of directors held on 20 June 2024 and during which the board of directors adopted resolutions approving *inter alia* the granting of stock options pursuant to the Plan to certain beneficiaries and the issuance of up to 8,239 related Plan Issuable Shares under the authorised share capital of the Company upon exercise of the stock options in accordance with the Plan and the relevant Agreements and conferring power to any director of the Company, Mr. Aviv Sher, Mr. Oscar Iglesias Sanchez and Mrs. Yaiza Rodriguez, each acting individually (the "**Authorised Signatories**") to effectively issue such Plan Issuable Shares pursuant to the deliverance of an issue decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A copy of the minutes of the Company's board of directors held on 7 November 2024 and during which the board of directors adopted resolutions approving *inter alia* (i) the terms of the Plan, in its amended version, and (ii) the granting of restricted shares pursuant to the Plan to certain beneficiaries and the issuance of up to 160,000 related Plan Issuable Shares under the authorised share capital of the Company in accordance with the Plan and the relevant Agreements.

2.3 **Shareholders Resolutions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the minutes of the general meeting of shareholders of the Company held on 3 March 2022 and during which the shareholders of the Company have adopted resolutions approving, among other things, the terms of the Plan (in its initial version).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the minutes of the general meeting of shareholders of the Company held on 30 June 2025 and during which the shareholders of the Company have adopted resolutions approving, among other things, the terms of the Plan (in its amended version).

2.4 **Excerpt** 

An excerpt from the RCS dated 5 May 2026.

2.5 **Negative Certificate** 

A certificate issued by the REGINSOL on 5 May 2026 stating that as of 4 May 2026, no Decision has been registered with the RCS by application of article 13, items 4 to 12, 16 and 17 of the RCS Law, according to which the Company would be subject to Judicial or Administrative Proceedings.

**Schedule 4<br> Assumptions**

The opinions expressed in this Opinion Letter are given on the following assumptions which are made both on the date of this Opinion Letter and on the date where the Transaction Documents have been, or will be (as the case may be), entered into and for any time period in between such dates.

1. **ORIGINAL AND GENUINE DOCUMENTATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All signatures are genuine, all original documents are authentic and all copy documents are complete and conform to the originals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The legal capacity of all directors and any other authorised signatories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Transaction Document listed in Schedule 3 (*Documents*) has been, or will be (as the case may be), executed on the date specified in that document by all parties to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Transaction Documents have been, or will be (as the case may be), executed in the form reviewed by us.

2. **OTHER PARTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Other Party is duly incorporated or organised and validly existing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Other Party has validly entered into the Transaction Documents to which it is a party.

3. **VALID OBLIGATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All obligations under the Transaction Documents are or, as applicable, once entered into by the Parties thereto will be, valid, legally binding upon, validly perfected where required, and enforceable against, the Parties as a matter of all relevant laws (other than Luxembourg but only to the extent opined herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All acts, conditions or things required to be fulfilled, performed or effected in connection with the Transaction Documents under the laws of any jurisdiction (other than Luxembourg but only to the extent opined herein) have been, or will be (as the case may be), duly fulfilled, performed and effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There are no provisions of the laws of any jurisdiction other than Luxembourg that would adversely affect the opinions expressed in this Opinion Letter.

4. **CORPORATE MATTERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There have been no amendments to the Constitutional Documents and there shall be no amendments to the Constitutional Documents, other than as far as the issued share capital clause amount and the authorised capital clause amount are concerned as a result of the issuance of any Plan Issuable Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Excerpt is true, accurate and up to date both on the date of this Opinion Letter and on the date on which the Board Resolutions have been adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board Resolutions have been validly taken and all statements made therein are true, accurate and up-to-date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board Resolutions, including the powers granted therein, have not been amended or rescinded and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Negative Certificate is correct and up-to-date and all decisions and acts, the publication of which is required by applicable laws (including the RCS Law and the Law on Commercial Companies) have been duly registered within the applicable legal time periods with the RCS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Shareholders Resolutions have been validly taken, have not been amended or rescinded and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The legal capacity and legal right under all relevant laws and regulations of all individuals signing the Agreements or who give information on which we rely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each person expressed to be a party to the Agreements (other than the Company) is duly incorporated and organised, validly existing under the laws of its jurisdiction of incorporation and/or the jurisdiction of its principal place of business and/or its central administration, and is fully qualified, licenced and empowered to own its assets and carry on its business in each jurisdiction in which it owns assets and carries on business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Agreements will be within the capacity and powers of, and will be validly authorised, executed and delivered by or on behalf of all relevant parties and will constitute the legal, valid, binding and enforceable obligations of all relevant parties in accordance with their terms under all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All authorisations and consents of any country (other than the Grand Duchy of Luxembourg) which may be required in connection with the execution, delivery and performance of the Agreements have been or will be obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The general meeting of the shareholders of the Company will, to the extent necessary, renew its authorisation to the board of directors of the Company to issue shares under the Company's authorised share capital for the purpose of issuance of the Plan Issuable Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Prior to the issuance of any Plan Issuable Shares, the board of directors of the Company shall take valid board resolutions approving the issuance of Plan Issuable Shares under the authorised share capital of the Company and in accordance with the terms of the Plan and the Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Upon exercise of stock options granted by the board of directors of the Company under the authorised share capital of the Company pursuant to the Plan, in accordance with their terms, any of the relevant Authorised Signatories shall sign an issue decision in order to effectively issue the relevant Plan Issuable Shares resulting from the exercise of the stock options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The issuance of any Plan Issuable Shares shall be recorded in a notarial deed of acknowledgment passed in front of a Luxembourg notary public within the month of the issuance of the relevant Plan Issuable Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company shall duly record any issuance of Plan Issuable Shares in its register of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The place of the central administration (*siège de l'administration centrale*) and the centre of main interests of the Company is located at its registered office (*siège statutaire*) in Luxembourg and the Company does not have an establishment outside Luxembourg (each such terms as defined respectively in the Regulation 2015/848 or domestic Luxembourg law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The entry into, the execution of and the performance under the Transaction Documents and the Agreements is, and shall be, in the corporate interest of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Parties entered into the Transaction Documents with *bona fide* commercial intent, at arm's length and without any fraudulent intent or any intention to deprive of any benefit any other persons or parties (including creditors) or to breach or circumvent any applicable mandatory laws or regulations of any jurisdiction.

5. **NO OTHER DOCUMENTS** 

Save for those listed in Schedule 3 (*Documents*), there is no other agreement, instrument or other arrangement between any of the Parties which modifies or supersedes any of the Transaction Documents.

6. **OFFERING AND ADMISSION TO TRADING** 

That the requirements of any applicable law in respect of the offering or/and listing and admission to trading of the shares of the Company on the actual date of the offering and/or listing and admission to trading have been, will be and will remain fulfilled.

**Schedule 5<br> Reservations**

The opinions expressed in this Opinion Letter are subject to the following reservations.

1. **LIMITATIONS ARISING FROM INSOLVENCY LAW** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights and obligations of the Parties under the Transaction Documents may be limited and the opinions expressed in this Opinion Letter may be affected by general principles and specific provisions of bankruptcy, insolvency, liquidation, reorganisation, resolution, administration, reconstruction or other laws affecting the enforcement of creditors' rights generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any power of attorney and mandate, as well as any other agency provisions granted and all appointments of agents made by the Company (including any appointments made by way of security), explicitly or by implication, will terminate by law and without notice upon the Company's bankruptcy (*faillite*) or any similar procedure.

2. **CORPORATE MATTERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A company falling within the scope of Article 1200-1 of the Law on Commercial Companies, i.e. not respecting any provision of Luxembourg criminal law or which seriously contravenes any provision of the Luxembourg commercial code or any other Luxembourg law applicable to commercial companies may be put into (i) judicial dissolution and liquidation or (ii) if such company has no assets and no employees, administrative dissolution without liquidation (*dissolution administrative sans liquidation*), each time upon the application of the public prosecutor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Constitutional Documents (as well as any other documents relating to the Company the publication of which is required by law) will only be enforceable against third parties after they have been published in the RESA, except where such third parties have knowledge thereof, whereas however third parties may rely thereon prior to such publication. For the 15 days following the publication, such documents would not be enforceable against third parties who prove that it was impossible for them to have knowledge thereof.

3. **Other matters** 

A power of attorney governed by Luxembourg law and expressed to be irrevocable or any power of attorney expressed to be irrevocable and granted by or on behalf of a the Company may as a matter of Luxembourg law (which a court may also apply to powers granted by or on behalf of the Company under foreign law), be subject to revocation or termination by or on behalf of the grantor despite its being expressed to be irrevocable, which causes the withdrawal of all powers to act on behalf of the grantor of the power of attorney.

\* \*

\*

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated April 28, 2026 with respect to the audited consolidated financial statements of Codere Online Luxembourg, S.A. (the "Company"), appearing in the Annual Report on Form 20-F of the Company for the year ended December 31, 2025.

*/s/ MaloneBailey, LLP*

www.malonebailey.com

Houston, Texas

May 5, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107.1**

Calculation of Filing Fee Tables

**Form S-8**

(Form Type)N/A

**Codere Online Luxembourg, S.A.**

(Exact Name of Registrant as Specified in its Charter)

Newly Registered Securities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security <br> Type** | **Security <br> Class Title** | **Amount <br> Registered<sup>(1)</sup>** | **Proposed <br> Maximum <br> Offering <br> Price Per <br> Unit** | **Maximum <br> Aggregate <br> Offering <br> Price** | **Fee <br> Rate** | **Amount of<br> Registration<br> Fee** |
| **Equity** | Ordinary shares, par value 1.00 EUR per share, reserved for issuance under the Registrant's Amended Existing Long Term Incentive Plan Other<sup>(2)</sup> | 160000 | $8.86<sup>(2)</sup> | $1417600.00 | 0.00013810 | $195.77 |
|  | Ordinary shares, par value 1.00 EUR per share, issuable upon the exercise of outstanding options granted under the Registrant's Amended Existing Long Term Incentive Plan Other<sup>(2)</sup> | 888608 | $10.00<sup>(3)</sup> | $8886080.00 | 0.00013810 | $1227.17 |
| **Total Offering Amounts** | **Total Offering Amounts** |  |  | $10303680.00 |  | $1422.94 |
| **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  | $- |
| **Net Fee Due** | **Net Fee Due** |  |  |  |  | $1422.94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416 of the Securities Act of 1933, as amended (the "**Securities Act** "), this Registration Statement shall also cover any additional ordinary shares, par value 1.00 EUR per share ()"**Ordinary Shares** "), of Codere Online Luxembourg, S.A. (the "**Registrant**") that become issuable under the Codere Online Luxembourg, S.A. Amended Existing Long Term Incentive Plan (the "**Plan**") by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration that results in an increase in the number of shares of the Registrant's outstanding Ordinary Shares.

(2) Estimated solely for purposes of calculating the registration fee in accordance with Rules 457(c) and 457(h) of the Securities Act and based upon the average of the high and low sales prices of an Ordinary Share as reported on Nasdaq on April 29, 2026.

(3) Estimated solely for purposes of calculating the registration fee in accordance with Rules 457(c) and 457(h) of the Securities Act and based upon $10.00, the weighted-average exercise price of the outstanding options granted under the Plan.