{"id":401,"date":"2021-06-23T22:27:11","date_gmt":"2021-06-23T19:27:11","guid":{"rendered":"https:\/\/xxbet-company.com\/codere-online-merging-with-spac-dd3-will-be-first-publicly-traded-latam-online-betting-firm\/"},"modified":"2021-06-23T22:27:11","modified_gmt":"2021-06-23T19:27:11","slug":"codere-online-merging-with-spac-dd3-will-be-first-publicly-traded-latam-online-betting-firm","status":"publish","type":"post","link":"https:\/\/xxbet-company.com\/es\/codere-online-merging-with-spac-dd3-will-be-first-publicly-traded-latam-online-betting-firm\/","title":{"rendered":"Codere Online Merging with SPAC DD3, Will Be First Publicly Traded LatAm Online Betting Firm"},"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\">Tabla de contenidos<\/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\/es\/codere-online-merging-with-spac-dd3-will-be-first-publicly-traded-latam-online-betting-firm\/#Codere_Online_Capitalizing_on_Latin_America_Opportunities\" title=\"Codere Online Capitalizing on Latin America Opportunities\">Codere Online Capitalizing on Latin America Opportunities<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/xxbet-company.com\/es\/codere-online-merging-with-spac-dd3-will-be-first-publicly-traded-latam-online-betting-firm\/#Gaming_and_SPACs_Still_Desired_Combination\" title=\"Gaming and SPACs Still Desired Combination\">Gaming and SPACs Still Desired Combination<\/a><\/li><\/ul><\/nav><\/div>\n<p>Internet casino and online sports wagering operator Codere Online said today it\u2019s merging with special purpose acquisition company (SPAC) DD3 Acquisition Corp. II (NASDAQ:DDMX). That paves the way for the target to become Latin America\u2019s first publicly traded online gaming firm.<\/p>\n<figure aria-describedby=\"caption-attachment-177237\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"wp-image-177237 size-full lazyload\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/moshe-142x107.jpg?x38396\" data-src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/moshe-142x107.jpg?x38396\" alt=\"Codere Online\" width=\"1200\" height=\"901\" data-srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/moshe.jpg 1200w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/moshe-142x107.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/moshe-1024x769.jpg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/moshe-768x577.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" data- title=\"\"><img loading=\"lazy\" class=\"wp-image-177237 size-full\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/moshe.jpg?x38396\" alt=\"Codere Online\" width=\"1200\" height=\"901\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/moshe.jpg 1200w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/moshe-142x107.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/moshe-1024x769.jpg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/moshe-768x577.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" title=\"\"><figcaption class=\"text-description\">Codere Online Managing Director Moshe Edree, pictured above. That company is merging with a SPAC and will list in the US. (Image: Twitter)<\/figcaption><\/figure>\n<p>The transaction values Codere at an estimated pro forma enterprise value of approximately $350 million, or 2.3x the operator\u2019s forecast 2022 sales of $150 million. That implies a market capitalization of $500 million. Assuming no redemptions by DD3 investors, Codere expects to emerge from the deal with $145 million in cash with which to bolster technology and fund marketing and expansion into fast-growing markets in Latin America.<\/p>\n<blockquote class=\"main-blockquote\">\n<p>Baron Funds, MG Capital, LarrainVial and DD3 Capital Partners have committed to a private investment of more than $67 million that will close concurrently with the business combination, and Baron Funds has committed to roll-over approximately $10 million of DD3 public shares,\u201d according to a statement.<\/p>\n<\/blockquote>\n<p>The transaction is slated to close in the fourth quarter. Codere Online, founded in 2014, is a unit of Codere Group \u2014 the only listed Spanish company in the gaming industry. The parent company will maintain majority ownership of the online entity following the closure of the blank-check deal.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Codere_Online_Capitalizing_on_Latin_America_Opportunities\"><\/span>Codere Online Capitalizing on Latin America Opportunities<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the investment community, the sports betting focus is on the US. That\u2019s because it\u2019s the <a href=\"https:\/\/www.casino.org\/news\/churchill-downs-stock-has-several-catalysts-runway-to-upside\/\" rel=\"nofollow noopener\" target=\"_blank\">world\u2019s fastest-growing market<\/a> and has no consolidation in mature markets, <a href=\"https:\/\/www.casino.org\/news\/entain-exec-says-tabcorp-should-take-bid-risks-losing-share-falling-victim-to-other-suitors-promises\/\" rel=\"nofollow noopener\" target=\"_blank\">such as seen in Australia<\/a> and Europe.<\/p>\n<p>For investors in the US, iGaming and sports wagering in Latin America is an afterthought. But Codere could change that perspective. The operator describes Italy, Spain, Mexico, Colombia, and Panama as its \u201ccore countries,\u201d and said it\u2019s on pace to launch in Buenos Aires later this year.<\/p>\n<p><strong>There is an opportunity for betting operators in Latin America. The region offers favorable demographic trends and wide support for sports, including auto racing, basketball, baseball, and, of course, soccer. Additionally, market penetration is currently low. But consumers there are increasingly tech-savvy.<\/strong><\/p>\n<p>\u201c\u2026Very low existing market penetration with increasing adoption of smartphones, e-commerce and internet connectivity position the region for tremendous near, medium and long-term growth (estimated at approximately 10x from 2020 to 2027, based on management projections and industry research),\u201d said Codere Online.<\/p>\n<div class=\"callout\">\n<p>The operator appears to be striking in advance of the Latin American sports betting landscape becoming increasingly hospitable. Argentina is legalizing sports wagering on a provincial basis, which could lead to further liberalization. Although the activity is considered a \u201cgray market\u201d in Mexico, it\u2019s a $300 million market there. In advance of the <a href=\"https:\/\/www.casino.org\/news\/sports-betting-in-brazil-to-launch-next-year-ahead-of-2022-world-cup\/\" rel=\"nofollow noopener\" target=\"_blank\">2022 World Cup, Brazil<\/a> \u2014 home to, by far, the region\u2019s biggest economy and population \u2014 will launch regulated sports betting.<\/p>\n<\/div>\n<p>Other operators see growth in the region as well. Last year, William Hill acquired a majority stake in <a href=\"https:\/\/www.casino.org\/news\/william-hill-takes-majority-stake-in-alfabet-for-undisclosed-sum\/\" rel=\"nofollow noopener\" target=\"_blank\">Colombian gaming firm Alfabet<\/a>, while FanDuel struck a deal with sportsbook provider CAGE Sports, which is known throughout the Caribbean.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Gaming_and_SPACs_Still_Desired_Combination\"><\/span>Gaming and SPACs Still Desired Combination<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The broader blank-check market cooled considerably in recent months. But the Codere\/DD3 Acquisition marriage is another sign there\u2019s still demand among <a href=\"https:\/\/www.casino.org\/news\/playstudios-set-to-debut-as-public-company-following-spac-merger\/\" rel=\"nofollow noopener\" target=\"_blank\">gaming companies and SPACs<\/a> to partner.<\/p>\n<p><strong>This is the second SPAC transaction for DD3. The firm\u2019s first blank-check firm merged with Mexican home organization company Betterware de Mexico (NASDAQ:BWMX) in March, helping that enterprise go public in the US.<\/strong><\/p>\n<p>The Codere\/DD3 is reminiscent of the move announced by Wynn Resorts (NASDAQ:WYNN) last month in which the parent company is <a href=\"https:\/\/www.casino.org\/news\/wynn-interactive-going-public-in-spac-merger-with-austerlitz-acquisition\/\" rel=\"nofollow noopener\" target=\"_blank\">monetizing its online business<\/a>, Wynn Interactive, with a blank-check outfit, while maintaining a stake in that unit.<\/p>\n<p>The post <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\/codere-online-merging-with-dd3-in-latest-betting-spac-deal\/\" target=\"_blank\">Codere Online Merging with SPAC DD3, Will Be First Publicly Traded LatAm Online Betting Firm<\/a> appeared first on <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\" target=\"_blank\">Casino.org<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Internet casino and online sports wagering operator Codere Online said today it\u2019s merging with special purpose acquisition company (SPAC) DD3 Acquisition Corp. II (NASDAQ:DDMX). That paves the way for the target to become Latin America\u2019s first publicly traded online gaming firm. Codere Online Managing Director Moshe Edree, pictured above. That company is merging with a <a href=\"https:\/\/xxbet-company.com\/es\/codere-online-merging-with-spac-dd3-will-be-first-publicly-traded-latam-online-betting-firm\/\" class=\"more-link\">&#8230;<\/a><\/p>","protected":false},"author":1,"featured_media":402,"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\/es\/wp-json\/wp\/v2\/posts\/401"}],"collection":[{"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/comments?post=401"}],"version-history":[{"count":0,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/posts\/401\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/media\/402"}],"wp:attachment":[{"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/media?parent=401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/categories?post=401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xxbet-company.com\/es\/wp-json\/wp\/v2\/tags?post=401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}