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Codere Online Reports Financial Results for Third Quarter of 2021
Codere Online has released its financial results for the quarter ended September 30, 2021.
In June 2021, Codere Online entered into a definitive business combination agreement with DD3 Acquisition Corp. II (DD3), a publicly-traded special purpose acquisition company, that upon consummation will result in Codere Online becoming a public company.
Highlights
- Total net gaming revenue was €20.2m in the quarter and €61.9m in the year to date period.
- Mexico net gaming revenue was €7.1m, an increase of 26% versus €5.6m in Q3 2020.
- Total net gaming revenue outlook for 2021 of between €81m and €86m maintained.
- Spanish gaming regulator has granted the Company’s request for a 10-year extension (through May 31, 2032) of two general online gaming licenses in Spain (sports betting and other games).
- Company expects the business combination will be completed during the week following the special meeting of DD3’s stockholders, which is scheduled to take place on November 18, 2021.
Moshe Edree, Managing Director of Codere Online, said: “Our third quarter results reflect the strong revenue trends in Mexico, with a 26% year-on-year increase in our total net gaming revenue. This performance was partially offset by a decline in net gaming revenue in Spain due to the changes in regulation that came into effect starting in May, with Q3 2021 being the first full quarter of operations in which the ability to offer player bonuses and other marketing activities has been curtailed. However, we are adapting well to these restrictions and believe that there continues to be opportunity to grow our market share in Spain, as we have since the onset of these restrictions, which put operators that can leverage a retail footprint at a competitive advantage.”
Mr. Edree added: “In addition to the Rayados (Mexico) and River Plate (Argentina) sponsorships that we announced in July, we have recently announced a further 5 year extension (through the 2025-26 season) of our agreement with Real Madrid. This agreement will now cover over twenty countries throughout Latin America which we believe will boost our expansion in the region in furtherance of our ambitious growth targets.”
Oscar Iglesias, Chief Financial Officer, said: “Despite the anticipated regulatory headwinds in Spain, we continue to be excited about the market and have recently been granted a 10-year extension (through May 31, 2032) of our two general online gaming licenses (sports betting and other games), which were otherwise schedule to expire on June 1, 2022. More generally, the business continues to perform in line with our expectations and we are on track to meet our net gaming revenue outlook for 2021 of €81 to €86m.”
Mr. Iglesias further added: “We have made significant progress on the business combination with DD3, which we expect will be approved in its upcoming shareholder meeting on November 18, 2021. We are looking forward to closing the transaction and having the funding needed to execute our marketing plan and to delivering what we expect to be significant growth in this business over the coming years.”
Latest News
Steer Studios Joins Make-A-Wish® International’s Infinite Wishes Initiative
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– Steer Studios joins Bandai Namco, Square Enix, and 2K in supporting Make-A-Wish International’s mission to unite the global games industry for good. –
Make-A-Wish® International, the world’s leading wish-granting organization, has today announced that Riyadh-based Steer Studios, part of Savvy Games Group, has joined the organization’s Infinite Wishes Initiative, offering valuable support to help make a difference.
The funds were raised through Steer Studios first mobile title, Grunt Rush. By collecting stars during gameplay, the player community unlocked the donation, helping to grant life-changing wishes to children living with critical illnesses.
Launched in August 2025, Infinite Wishes is a global programme built to unite the video games industry. It was created in response to a growing number of gaming-related wishes from children around the world.
Steer Studios joins a growing list of partners and advisors including Bandai Namco, Square Enix, and 2K, helping shape how the games industry can make a tangible, positive impact for children who need it most.
In 2024, the Make-A-Wish International network granted more than 16,000 wishes for children living with critical illnesses.
The post Steer Studios Joins Make-A-Wish® International’s Infinite Wishes Initiative appeared first on European Gaming Industry News.
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New GoldenRace game, RaceDay, allows players to simultaneously place bets in several races
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GoldenRace, leading provider of award-winning Virtual Sports and betting solutions, is always reinventing its products so operators can increase their winnings and players can obtain a better betting experience.
Set to transform the way your players engage with Virtual Sports, GoldenRace’s brand-new multi-race product for Retail and Mobile, RaceDay, allows them to bet on up to six races of your choice, simultaneously, offering higher odds and increased betting volume.
Operators can select their favourites from GoldenRace’s top-quality races: Horses (in different formats with 6, 8, 10 or 12 competitors) and Greyhounds – two of GoldenRace’s more successful products- Motorbikes, Karts and Trotting. They decide which ones and how many, giving players the power to bet across all those races at once.
RaceDay highlights
- More bets: Players can now bet on up to six races concurrently, maximising their opportunities and increasing betting volume on your platform.
- New RaceDay market: With combination bets across different competitions in one view. This innovative market helps boost the odds and leads to more significant wins for players.
- Stronger player growth: Higher payouts and an exhilarating experience attract more players, driving sustained growth.
- Increased appeal: RaceDay delivers premium user experience with live video, real-time scores, upcoming events and a unique, customisable design.
- Anywhere reliability: Thanks to low-bandwidth optimisation, RaceDay offers seamless performance and reliability on both Mobile and Retail platforms, ensuring players can “Race it all!” wherever they are.
With real-time video, live scores, upcoming events, customisable design and low-bandwidth optimisation, RaceDay blends pure adrenaline with the best user experience to unlock higher odds, bigger wins and more bets on worldwide operators platforms.
The post New GoldenRace game, RaceDay, allows players to simultaneously place bets in several races appeared first on European Gaming Industry News.
Latest News
QTech Games adds more creative content from BEON
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QTech Games, the leading game aggregator across all emerging markets, has continued to maintain the momentum in its premium pipeline, as evidenced by its latest deal with BEON, an emerging force in the slots space, whose first raft of games is crash games-focussed.
Integrating a progressive portfolio from one of the most productive and innovative developers in the sector adds more muscle to QTech Games’ proprietary platform, which is leading the way across growth markets like LatAm and Africa. In a progressive production line that will span different slots genres, BEON is also committed to launching games tailored to specific partner requests, while simultaneously growing its portfolio with a new wave of titles in development.
As a result BEON is building a reputation for creating high-quality, immersive games with standout features that set them apart in any igaming domain, thanks to a smooth performance running off agile mechanics which are dedicated to gameplay precision and optimal retention. Its first five games to be released comprise Skydot, Fury Flight, Redy, Nomad and Orizon, while BEON’s unique Crash Game Generator tool allows operator partners to launch customised content inside 24 hours.
This collaboration delivers a targeted range of localized content, enabling QTech Games to continue to meet the varied preferences of players across emerging markets, while supporting both companies’ ambitions for global growth.
Philip Doftvik, QTech Games’ CEO, said: “BEON’s initial rollout of eye-catching crash games is premised on clever mechanics, easily intelligible gameplay, high payouts and colourful graphics, which are breaking up an often-copycat environment. This kind of content is well-suited to LatAm and African markets, which directly tracks our ongoing expansion throughout these territories. These games are robust, scalable, and future-ready – so, we look forward to seeing what’s next. ”
Saba Chkheidze, Managing Partner at BEON, added: “Partnering with QTech Games constitutes the perfect opportunity for us to bolster our product distribution across emerging markets and deliver our fantastic crash games to more and more top-tier operators.
“It’s a collaboration which marks a step-change in BEON’s growth strategy across untapped markets like Latin America and Africa, where we hope our games will connect with many new players. Aside from crash games, our roadmap is packed with fresh concepts and slots titles that aim to combine engaging gameplay with solid technical performance, ensuring that our partners and players always have something new to look forward to.”
The post QTech Games adds more creative content from BEON appeared first on European Gaming Industry News.
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