Codere Online has released its financial results for the quarter after entering into a combination agreement with DD3 Acquisition Corp that will result in Codere Online becoming a public company.
Moshe Edree, managing director of Codere Online, stated: “Our second quarter results reflect the strong revenue trends in Spain and substantial growth achieved across Latin America, with a 43 per cent year-on-year increase in our total net gaming revenue. This performance was driven by a 142 per cent increase in average active players in the second quarter.”
He continued: “Beginning in the second quarter of 2021, we started to face the expected regulatory headwinds in the Spanish market that have limited our (and all online gaming operators') ability to offer player bonuses and other marketing activities (advertising and sponsorships).
"Nonetheless, the company has adapted to this new environment and generated substantial revenue growth. 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 omnichannel offering to our customers.
"Additionally, since we migrated our Mexican online platform in early March, our systems are better prepared to manage the higher customer volume and will offer customers a better, more reliable, user experience.
“We continue to expand our footprint across Latin America and are eager to deploy our comprehensive marketing strategy once the business combination with DD3 is completed.
As part of this marketing strategy, we have already strengthened our presence in Latin America through alliances with key football teams in the region, like Rayados in Mexico and River Plate in Argentina, with whom we signed sponsorship agreements in July.”
