Thanks to an increase in the average number of monthly active players, Codere Online reported a 33 percent year-over-year increase in revenue during the first half of 2021. Net gaming revenue for the six months was €41.7 million (US$41.7 million), up from €31.4 million in the same six months of the prior year, according to iGaming Business.
Spain, Codere Online’s primary source of revenue, experienced a 19 percent increase to €25.6 million. The company also reported a 69 percent gain in Colombia to €12.8 million, while Mexico revenue jumped 134 percent to €2.2 million. But revenue in other locales fell 25 percent.
The average number of active monthly players rose 64 percent to 67,400 overall. Spain players increased 42 percent, Mexico, 68 percent, while in Colombia, the numbers leaped 131 percent.
For the second quarter, Codere Online revenue went up 43 percent to €21.0 million, with Spain at €12.6 million, Mexico revenue rising to €6.4 million and Colombia revenue at €1.4 million.
“Our second quarter results reflect the strong revenue trends in Spain and substantial growth achieved across Latin America, with a 43 percent year-on-year increase in our total net gaming revenue,” Codere Online managing director Moshe Edree said. “This performance was driven by a 142 percent increase in average active players in the second quarter.
In June, the board approved spinning off the online company and trade the new entity on the Nasdaq market. The idea is to expand in Latin America, Edree said.
