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Codere Online (CDRO) – Executing On Its Plan

Media and Marketing
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Friday, September 02, 2022

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q2 results. The company reported Q2 net gaming revenue of €29.2 million, representing 41% year-over-year growth, which was an acceleration from the 24% year-over-year growth in Q1. Growth in Mexico continued to be strong, at 85%, while revenue in Spain also grew over the prior year period by 12%.


Planning expansion in Argentina. In August, the company completed its application for an online gaming license in the Argentine province of Cordoba. Management noted that a decision on the application is expected in the next month. Licenses are expected to be issued before year-end for approved operators…


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

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