The financial results for Codere Online through Q4 and 2021 have been released. The results cover growth over 2021 and what the company expects for 2022, which a conference call will be had to cover as well.
Some keynotes from the results are, the total net gaming revenue was $24.7m in the fourth quarter and $92.5m in the year, this fell within the outlook from October 2021.
Mexico's net gaming revenue was up 38%, finishing at $31m on the year. The company also launched operations in Buenos Aires (Argentina) in December 2021.
Moshe Edree, CEO of Codere Online, said: "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."
He went on to add: "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. Still, our customer base grew by 37% in 2021, to nearly 70 thousand average monthly active customers."
CFO of Codere Online, Oscar Iglesias, stated: "Much has been accomplished in this past year, as we became public, launched in a new market and signed three new football sponsorships, all while maintaining our focus on operations which allowed us to deliver upon our full year net gaming revenue outlook of €81 to 86 mm."
Codere Online’s management will host a conference call to discuss the results and provide a business update at 10:00 am US Eastern Time today, March 31, 2022. A recording of the webcast will be available following the conference call.
Codere Group is a multi-national group that is located in seven countries and operates in the private gaming industry.
