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Codere Online reports €21m revenue for Q2 2021

Codere Online has posted strong second-quarter revenues totalling €21m ($24m) in key markets after signing a business combination agreement with DD3 Acquisition Corp.

FinancialGrowth

The Spanish multinational has released its financial results for the quarter ended 30 June 2021, showing a 43% increase over its earnings in Q2 2020, and a 142% increase in average active players.

Most revenue came from its operations in Spain and Mexico, which took in €12.6m and €6.4m respectively.

“Beginning in the second quarter of 2021, we started to face the expected regulatory headwinds in the Spanish market that have limited our ability to offer player bonuses and other marketing activities. Nonetheless, the company has adapted to this new environment and generated substantial revenue growth,” said Moshe Edree, MD of Codere Online.

“In Mexico, our second largest market, we more than doubled our net gaming revenues in Q2 2021, partially due to the impact from Covid on sporting events in Q2 2020, but also on the back of our differentiated omni-channel offering to our customers.”

Also in June, Codere entered into a deal with DD3 Acquisition Corp, a publicly traded special purpose acquisition company, to go live on the Nasdaq stock exchange.

Commenting on the future of the business, Oscar Iglesias, CFO for the Codere Group, remarked: “We are excited about the continued growth of Codere Online and look forward to building on that momentum as a publicly traded company.”

Iglesias also stated that the business combination will happen a few months later than anticipated, offering a revised date of Q4 2021.

This news will be welcomed by Codere as it comes off the back of a major bond restructuring deal after its creditors were forced to step in when the group saw its stock price plummet in April.

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