Codere Online s NGR up 17 further growth expected in 2022

Codere Online has posted positive results during its year-end financial announcement, with the operator growing its net gaming revenue (NGR) by 17% year-on-year

Codere Online has posted positive results during its year-end financial announcement, with the operator growing its meshing gaming revenue (NGR) by 17% year-on-year.

In the year conclusion 31 Dec 2021, the troupe took €83.2m ($92.3m) in revenue, compared with €71.3m for the previous year. Its combat-ready user lowly also increased, hitting almost 70,000 average out monthly users, compared with 50,000 in 2020 (or an increment of 37%).

Of the add together revenue figure, the company’s core group market, Spain, made upwards the greatest share, method of accounting for more or less €50m or 60%.

Elsewhere, Republic of Colombia swarm the largest increase, with revenue jumping from €2.5m to €4.6m, or 81%. Mexico also made up a substantial 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 beingness a concern building block within a larger grouping to go an independent publically listed company.

“We grew our NGR by 17% in the year, thanks to warm execution from United Mexican States and despite the regulatory challenges inward Spain, which special our ability to wage with new customers and acquire revenue inwards the country. Still, our customer bag grew by 37% inwards 2021, to nearly 70,000 intermediate monthly participating customers.”

The society also projected further ontogenesis for the years ahead, with betwixt €110m and €120m NGR forecasted for 2022.

Oscar Iglesias, CFO, Codere Online, said: “Much has been complete inward this yesteryear year, as we became public, launched inward a young market place and signed terzetto unexampled football game sponsorships, all piece maintaining our focusing on trading operations which allowed us to pitch upon our full-year NGR outlook of €81m to €86m.

“We now experience the resources we demand to monetary fund our ontogenesis project through 2024, a year inward which we await to be Earnings Before Interest Taxes Depreciation and Amortization and immediate payment rate of flow positive.”

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

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