Codere, a Spanish online gaming company, has agreed to be acquired by DD3, a special purpose acquisition company that is currently listed on the NASDAQ. The business should be valued at $350 million USD as a result of the agreement, and coders of all ages from across the world will be able to access their premium content without any localisation challenges or language obstacles standing in the way! With this newest approach by Spanish behemoths Codere Online Group SPA (subsidiary), they believe that, together with their competence inside…
Moshe Erdee, when explaining the decision to go public, stated that the company has been preparing on it for some time and believes that they are now in a position where Latin America is ready. He also mentioned that countries like Spain, Italy, and Colombia could play a role in their success because of how lucrative those markets have become as a result of current economic conditions; he even went so far as to say that Buenos Aires could be an up-and-coming market if things continue to go well there as well!
Erdee anticipates that Codere will be active in Buenos Aires by the end of 2021, providing a perfect platform for boosting his company’s LatAm awareness.
How did such an arrangement come to be?
DD3 has seen the opportunity that Codere has with its future banking collaboration in South America and the approval of online gambling legislation in several countries. As more people shift away from traditional modes of consumption and towards technology-driven ones, their preferences change when it comes to entertainment options such as card games or video slots, which are becoming increasingly popular among gamers who want something new but also old fashioned at heart without any risk whatsoever because everything is played securely behind the scenes.
The relationship with Codere, according to Martin Werner, CEO of DD3 and former Goldman Sachs executive, is exciting. Services that they provide can play a significant role in their planned South American expansion, where online gambling is legal in Brazil as well as other countries such as Argentina and Colombia, for example; this deal will provide them with access to the financial resources needed to expand into next level ambitious growth plans. “This move gives us what we need – which are incredibly robust financial parameters,” CEO Vittente Di Loreto added.
Codere is now in good hands.
This transaction came at a time when the Spanish gaming company’s balance sheet was on an up and down rollercoaster. Having having been placed in liquidation and subject to US creditors, this latest move brings some relief to individuals who are still waiting for money from before all went wrong with finances back then.
The cash injection by the company’s parent, DD3, will result in the conversion of more than $418 million in debt owing to creditors and investors into equity. This is expected by the end of Q4 2021, with NASDAQ listing being a crucial aspect in this arrangement.
How big is the Latin American gambling market?
The next frontier for online gaming is Latin America. With South American countries such as Argentina, Paraguay, and Uruguay all attempting to regulate this business, it’s entirely feasible that many new brands may emerge from these regions over time!
Online gambling firms have taken note of Madrid’s demographic shifts, which include a rise in disposable income and a high interest in online casinos. Spain’s neighbouring nations, such as Mexico, show that they are great possibilities for new businesses due to their enormous Spanish-speaking population pool, which accounts for around 80% (!) of all Romanians on Facebook who speak either Castillian or Catalan at home.
Martin Jones wrote the following article, which was published on Onlinecasino -Australia on July 5, 2021: “National”