Codere Online posted an increase in second quarter revenue totaling 21 million euros ($24 million) in key markets after signing a business combination agreement with DD3 Acquisition Corp.
The Spanish multinational released its financial results for the quarter ended June 30, 2021, showing a 43% increase over its earnings in the second quarter of 2020, and a 142% increase in average active players.
Most of the revenues came from its operations in Spain and Mexico, which absorbed 12.6 million euros and 6.4 million euros respectively.
“From the second quarter of 2021, we began to face expected challenges in the Spanish market that limited our ability to offer player bonuses and other marketing activities. However, the company has adapted to this new environment and generated substantial growth from revenue,” said Moshe Edree, MD of Codere Online.
“In Mexico, our second largest market, we more than doubled our net gaming revenue in the second quarter of 2021, in part due to the impact of Covid-19 on sporting events in the second quarter of 2020, but also in our differentiated omni offering. -channel for our customers”.
Codere Online’s entry on the Nasdaq stock exchange
Also in June, Codere entered into an agreement with DD3 Acquisition Corp, a publicly traded special-purpose acquisition company, to go public on the Nasdaq stock exchange.
Commenting on the future of the business, Oscar Iglesias, CFO of the Codere Group, noted: “We are excited about Codere Online’s continued growth and look forward to building on that momentum as a publicly traded company.”
Iglesias also stated that the business combination will take place a few months later than anticipated, offering a revised date for Q4 2021.
The action will be very useful for Codere as it comes out of a major bond restructuring deal after its creditors were forced to intervene when the group saw its share price drop in April.
