Spanish online sports betting company Codere Online recorded high earnings growth ahead of the US stock market listing.
Cordere Online said on the 4th (local time) that net game revenues in the first half of the year were 41.7 million euros (about 57 billion won), up 33% from 31.4 million euros (about 43 billion won) in the same period last year.
“The average number of active users per month surged 64 percent from 41,000 to 67,400 a year, which was positive for earnings improvement,” said Cordere Online.
According to major regional results, Spain’s net game revenues were 25.6 million euros (about 35 billion won), up 19 percent from the previous year. Colombia increased 69 percent to 12.8 million euros (about 18 billion won), while Mexico increased 134 percent to 2.2 million euros (about 3 billion won).
“We have maintained strong profitability in the Spanish market and have seen a significant growth in South America,” said Moshe Edry, managing director of Cordere Online.
Cordere Online is a subsidiary of Spanish casino company Cordere.Currently, he is in business in Spain, Italy, Mexico, Colombia and Panama, and plans to enter Brazil and Argentina within the year.