{"id":1189,"date":"2024-08-07T07:12:00","date_gmt":"2024-08-07T04:12:00","guid":{"rendered":"https:\/\/xxbet-company.com\/codere-online-trouncing-de-spaced-gaming-competition\/"},"modified":"2024-08-07T07:12:00","modified_gmt":"2024-08-07T04:12:00","slug":"codere-online-trouncing-de-spaced-gaming-competition","status":"publish","type":"post","link":"https:\/\/xxbet-company.com\/de\/codere-online-trouncing-de-spaced-gaming-competition\/","title":{"rendered":"Codere Online Trouncing de-SPACed Gaming Competition"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_34 counter-flat ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Inhaltsverzeichnis<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1'><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/xxbet-company.com\/de\/codere-online-trouncing-de-spaced-gaming-competition\/#Codere_Online_Could_Be_Hidden_Gem\" title=\"Codere Online Could Be Hidden Gem\">Codere Online Could Be Hidden Gem<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/xxbet-company.com\/de\/codere-online-trouncing-de-spaced-gaming-competition\/#Coder_Online_Fast_to_Reach_Profitability\" title=\"Coder Online Fast to Reach Profitability\">Coder Online Fast to Reach Profitability<\/a><\/li><\/ul><\/nav><\/div>\n<p>Broadly speaking, it\u2019s been a rough year for gaming equities, including those that came public via reverse mergers with special purpose acquisition companies (SPACs), but Codere Online Luxembourg (NASDAQ: CDRO) stands out.<\/p>\n<figure aria-describedby=\"caption-attachment-254854\" data-style=\"width: 858px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-254854 size-post-thumbnail-858xAUTO\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/Codere-858x483.jpg\" alt=\"Codere\" width=\"858\" height=\"483\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/Codere-858x483.jpg 858w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/Codere-430x242.jpg 430w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/Codere.jpg 1800w\" sizes=\"(max-width: 858px) 100vw, 858px\" title=\"\"><figcaption class=\"text-description\">Codere\u2019s sign when it launched on NASDAQ in December 2021. The stock is one of this year\u2019s top performers among de-SPACed gaming names. (Image: Twitter)<\/figcaption><\/figure>\n<p>The Spanish sportsbook operator, <a href=\"https:\/\/www.casino.org\/news\/codere-online-completes-spac-merger-nasdaq-debut-on-dec-1\/\" rel=\"nofollow noopener\" target=\"_blank\">which went public<\/a> on Dec. 1, 2021 following a combination with blank-check firm DD3 Acquisition Corp. II, is up 170% year-to-date. That\u2019s easily the best showing among US-listed gaming stocks that are the product of SPAC deals, a group including DraftKings (NASDAQ: DKNG), Rush Street Interactive (NYSE: RSI), and Super Group (NYSE: SGHC).<\/p>\n<p>Within and outside of the gaming industry, there are myriad examples of <a href=\"https:\/\/www.casino.org\/news\/draftkings-one-of-best-performing-recent-spac-stocks\/\" rel=\"nofollow noopener\" target=\"_blank\">blank-check deals gone bad<\/a>, but there were benefits for Codere Online in that form of going public.<\/p>\n<blockquote class=\"main-blockquote\">\n<p>We raised over $100 million net of fees which allowed to fund a very ambitious marketing plan over the subsequent two years,\u201d noted Guillermo Lancha Jiminez, Codere Online\u2019s head of investor relations. \u201cBy being able to invest meaningfully in our markets, we were able to our consolidated revenues by nearly 50% in 2022, our first year post de-SPAC, followed by 40% growth in 2023.\u201d<\/p>\n<\/blockquote>\n<p>Codere Online, founded in 2014, <a href=\"https:\/\/www.casino.org\/news\/codere-restructuring-complete-asset-sale-likely-to-start-soon\/\" rel=\"nofollow noopener\" target=\"_blank\">is a unit of Codere Group<\/a> \u2014 the only listed Spanish company in the gaming industry. The online operator is the first internet gaming entity from Latin America to publicly trade in the US.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Codere_Online_Could_Be_Hidden_Gem\"><\/span>Codere Online Could Be Hidden Gem<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Combine its market value of $368.50 million (as of late US trading hours Monday) with the fact that it doesn\u2019t operate in the US and it\u2019s not a stretch to say Codere Online may be overlooked relative to other sports wagering equities.<\/p>\n<div class=\"callout\">\n<p>However, the operator\u2019s focus on Spain and Latin America isn\u2019t a negative. Specific to Latin America, that\u2019s a fast-growing sports betting market and one that some US-based gaming companies <a href=\"https:\/\/www.casino.org\/news\/rush-street-interactive-broadens-latam-reach-with-peru-entry\/\" rel=\"nofollow noopener\" target=\"_blank\">are tapping into<\/a>, indicating Codere could be onto something placing an emphasis on that region. Currently, the bulk of the operator\u2019s Latin America footprint consists of Mexico \u2014 the region\u2019s second-largest economy.<\/p>\n<\/div>\n<p>Unlike US iGaming and sports betting companies that typically rush to enter every state possible, Codere Online took a pragmatic approach to Latin America by focusing on Mexico, not rushing into other countries simply for the sake adding new markets.<\/p>\n<p><strong>\u201cWe put other markets like Argentina, Colombia or Panama, where we currently don\u2019t have a winning formula, on standby while we continued to focus in our core markets,\u201d added Jiminez.<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Coder_Online_Fast_to_Reach_Profitability\"><\/span>Coder Online Fast to Reach Profitability<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One of the primary drags on shares of de-SPACed companies, gaming and otherwise, is that those firms often try investors\u2019 patience by taking awhile to become profitable. That wasn\u2019t the case with Codere as it took the operator just two years to reach profitability, underscoring the benefit of not doing business in the high-priced US market.<\/p>\n<p><strong>Jiminez said the company remains focused rapid growth while not risking its free cash flow and earnings before interest, taxes, depreciation, amortization (EBITDA) positions.<\/strong><\/p>\n<p>\u201cWe have achieved relevant positions in these markets that we plan to defend and as we start to generate cash over the coming months, we will remain attentive to any opportunities that can help us maximize the value for our shareholders,\u201d he concluded.<\/p>\n<p>The post <a href=\"https:\/\/www.casino.org\/news\/codere-online-trouncing-de-spaced-gaming-competition\/\" rel=\"nofollow noopener\" target=\"_blank\">Codere Online Trouncing de-SPACed Gaming Competition<\/a> appeared first on <a href=\"https:\/\/www.casino.org\/news\" rel=\"nofollow noopener\" target=\"_blank\">Casino.org<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Broadly speaking, it\u2019s been a rough year for gaming equities, including those that came public via reverse mergers with special purpose acquisition companies (SPACs), but Codere Online Luxembourg (NASDAQ: CDRO) stands out. Codere\u2019s sign when it launched on NASDAQ in December 2021. The stock is one of this year\u2019s top performers among de-SPACed gaming names. <a href=\"https:\/\/xxbet-company.com\/de\/codere-online-trouncing-de-spaced-gaming-competition\/\" class=\"more-link\">&#8230;<\/a><\/p>","protected":false},"author":1,"featured_media":1190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/posts\/1189"}],"collection":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/comments?post=1189"}],"version-history":[{"count":0,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/posts\/1189\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/media\/1190"}],"wp:attachment":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/media?parent=1189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/categories?post=1189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/tags?post=1189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}