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Codere Online’s NGR up 17%; growth expected in 2022

Codere Online’s NGR up 17%; growth expected in 2022

Codere Online, an independent publicly listed company spun off Madrid-based Codere Group, released its fourth quarter and full year 2021 financial report, posting flat quarterly results and 17% growth in 2021 net gaming revenue.

“2021 was a crucial year for Codere Online, in which we transitioned from being a business unit within a larger group to become an independent publicly-listed company.”

Moshe Edree, CEO, Codere Online

Quarterly net gaming revenue in Spain decreased by 13% to €12.6 million ($13.8 million) from €14.4 million ($15.8 million) in 2020, but the drop was not enough to offset previous quarters’ increases and the business ended its full year Spanish operations with a 3% growth, €32.2 million ($35.4 million), as compared to €28.2 million ($31 million) in 2020.

“We grew our net gaming revenue by 17% in the year, thanks to the strong performance from Mexico and despite the regulatory challenges in Spain, which limited our ability to engage with new customers and grow revenue in the country.”

Moshe Edree, CEO, Codere Online

Of the total revenue figure, the company’s core market, Spain, made up the greatest share, accounting for approximately €50m or 60%.  

Elsewhere, Colombia drove the largest increase, with revenue jumping from €2.5m to €4.6m, or 81%. Mexico also made up a significant portion of the total, accounting for €28m, or 34%, of all revenue. Mexican operations grew by €7.7m, or 38%. 

Moshe Edree, CEO, Codere Online, commented: “Last year was crucial for Codere Online, in which we transitioned from being a business unit within a larger group to become an independent publicly listed company. 

“We now have the resources we need to fund our growth plan through 2024, a year in which we expect to be EBITDA and cash flow positive.” 

Codere Online is part of Codere Group, which announces its financial results separately.