March 31, 2022 3 min read


Codere Online Accounted for Full Year 2021 Revenue Growth

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.

Flat Quarter, Double-Digit 2021 Growth

For the quarter ended December 31, 2021, Codere Online achieved net gaming revenue of €22.2 million ($24.4 million), marginally down from €22.3 million ($24.5 million) registered in Q4 2020. For the full 2021 year, net gaming revenue amounted to €83.2 million ($91.5 million), up 17% on €71.3 million ($78.4 million) the former online division of Codere Group achieved in 2020.

“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

Codere Online’s Mexico operations in the fourth quarter generated €7.9 million ($8.7 million), up 13% on €7 million ($7.7 million) in Q4 2020. The country accounted for a much bigger growth, 38%, in full year 2021 net gaming revenue of €27.9 million ($30.7 million) as compared to €20.2 million ($22.2 million) in the previous year.

Codere Online’s other Latin American market, Colombia, more than doubled in the reported quarter to €1.5 million ($1.65 million) from €0.7 million ($0.77 million) in the respective quarter of the prior year, generating 81% growth to €4.6 million ($5.1 million) in full year net gaming revenue.

Double-Digit Increase in the Actives

Codere registered an increase of 18% and 37% in the number of average monthly active customers in Q4 and full 2022, respectively, mainly driven by Colombia. Colombian actives increased by 135% and 125% in the quarter and the full year to contribute to a total of nearly 70,000.

The $103 million net of expenses raised from the business combination with DD3 Acquisition Corp in November that made Codere Online the first Latin American publicly traded iGaming firm, is considered to be sufficient to fund the company’s growth through cash flow positive in 2024.

Another significant event in the quarter was the launch of operations in the City of Buenos Aires in Argentina in December.

“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,” added Codere Online CFO Oscar Iglesias.

“In 2022 alone we expect to grow our net gaming revenue to between €110 and €120 mm,” Iglesias concluded.

Lead Author

With 4 years experience as an analyst, Julie—or ‘Jewels’, as we aptly refer to her in the office—is nothing short of a marvel-worthy in her attention to the forex and cryptocurrency space as she quickly became the first pick to co-pilot education to the masses with Mike.

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