odere Online released its second quarter 2021 financial results on Monday, posting total net gaming revenue of â¬ 21.0 million, up 43% from â¬ 14.7 million in the second quarter 2020.
Mexico and Spain recorded net gaming revenues of 6.4 million euros and 12.6 million euros respectively, up 108% and 23% compared to 3.1 million euros and 10, 3 million euros in the second quarter.
âOur second quarter results reflect strong revenue trends in Spain and the substantial growth achieved across Latin America,â said Moshe Edree, Managing Director of Codere Online. âThis performance is due to a 142% increase in the average number of active players in the second quarter. “
The multinational entertainment games group also released an update on its business combination, which it entered into through DD3 Acquisition Corp. II, an ad hoc acquisition company in June. Consumption will result in Codere Online becoming a public enterprise.
âWe are excited about the continued growth of Codere Online and look forward to building on this momentum as a publicly traded company,â said Oscar Iglesias, Chief Financial Officer. “Completion of the business combination will take place a few months later than we expected when we announced the transaction, and we now expect this to happen in the fourth quarter of 2021. â
Codere Online’s updated outlook for 2021 now shows net gaming revenue of between â¬ 81 million and â¬ 85 million. The positive financial results recorded throughout the period and optimism for the remainder of the year comes despite some hurdles encountered during the quarter.
âFrom the second quarter of 2021, we have started to face the expected regulatory hurdles in the Spanish market which have limited our ability (and that of all online gaming operators) to offer player bonuses and other marketing activities (advertising and sponsorship) â, explained Edree.
However, the company was able to adapt to the new environment, generating substantial growth in turnover throughout the period. In Mexico, the company’s second-largest market, net gaming revenues are more than double that of the same period in 2020, partly because of the impact of the Covid on the sporting events of that year, but also thanks to a âdifferentiated omnichannelâ offer.
“We continue to expand our presence in Latin America and look forward to deploying our overall marketing strategy once the combination with DD3 is completed.Â», Added the general manager. âAs 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.
Besides, following the migration of its Mexican online platform in early March, the company’s systems are now “better prepared” to handle the increase in customer volume and provide customers with a âbetter and more reliableâ user experience.