Codere Online, the sports betting and online casino division of the Codere Group, has published its financial results for the second quarter of 2021 and highlights a 43% year-on-year growth in total net gaming revenue and 142% in the average of monthly active players.
Codere Online has reported total net revenue per game of $ 24.4 million, well above the $ 17 million in the second quarter of 2020, or a year-on-year growth of 43%.
From the report published on Q2 results we highlight:
- Mexico had a net gaming revenue (NGR) growth of 108% to $ 7.4 million (Q2 2020: $ 3.6 million)
- Colombia had a net revenue growth from games (NGR) 181% to $ 1.6 million (Q2 2020: $ 581k)
- Spain improved 23% to $ 14.6 million (Q2 2020: $ 11.9 million)
On the other hand, the group's "other" segment net gaming revenue fell 29% to $ 697k (Q2 2020: $ 930k).
As we recently published, Codere Online entered into a combination agreement with DD3 Acquisition Corp. II, a publicly traded special purpose acquisition company, that upon completion will result in Codere Online becoming a public company.
In this regard, Moshe Edree, who will become the CEO of Codere Online once the business combination is finalized, explained that revenues received a strong boost from the increase in the average number of active players of 142% and says: “Our second- quarter results reflect the strong revenue trends in Spain and substantial growth achieved across Latin America”.
Moshe Edree referred to the latest regulations in Spain, although he stresses that the company has adapted to this new environment and generated substantial revenue growth.
Regarding the expansion of the presence in Latin America, he has mentioned the sponsorship agreements of Rayados in Mexico and River Plate in Argentina. Likewise, he emphasizes the migration of the Mexican platform to manage the greater volume of clients and offer a better and more reliable user experience.
Regarding the future, Oscar Iglesias, who will become CFO of Codere Online upon completion of the business combination, noted that the total outlook for NGR for 2021 is now between $ 94 million and $ 100 million. He also explained that the business combination is expected to happen in the fourth quarter of 2021, a little later than initially announced.
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