Madrid-listed Codere intends to make betting the “cornerstone” of its Spanish strategy this year as it expands into online gambling in its home market, according to its chairman and chief executive.
The Madrid-based company has more than tripled the number of betting points in Spain to 708 over the last two years, albeit from a relatively small base, according to first-quarter results published on Friday.
The bingo, casino and betting company has filed around a dozen injunctions against the largest Spanish-facing online gambling operators with mixed success.
London-listed Sportingbet was forced to shutter its market-leading “miapuesta” sites in March, but attempts to do the same to PokerStars, Bwin and Betfair have so far failed.
Group revenues jumped 32 percent to €403.3m in the first quarter to help earnings before interest, tax, depreciation and amortisation (EBITDA) rise 17 percent to €78.9m. Codere has become increasingly reliant on its Latin American businesses, which accounted for 74 percent of revenues, and a whopping 86 percent of EBITDA, in the first quarter of 2012.
Q1 Revenues by Segment
Euros (€) Q1 2011 Q1 2012
Argentina 128.6m 160.4m
Mexico 52.7m 101.2m
Italy 46.8m 64.7m
Spain 43.6m 39.4m
Other Operations:
- Brazil 0.9m 1.0m
- Colombia 7.1m 8.3m
- Panama 21.4m 22.0m
- Uruguay 4.8m 6.1m
TOTAL 305.9m 403.3m
Other sources:
http://www.gamingintelligence.com/premium-news-and-archive/16011-strong-q1-revenue-growth-for-codere-despite-spanish-woes
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