Mexico is another big market for it, with a 41.6% contribution to revenues in 2022. This is already a promising start for the company, which was founded only in 2014, and reflects in its own revenue growth, which will be discussed later.įurther, its biggest market, Spain, which accounts for 49% of Codere's revenues, features among the top 10 markets for the sector (see table above). According to Statista, the industry's revenues are expected to see a compounded annual growth rate of 8.5% between 20. But all estimates indicate that it's still expected to grow fast. The estimates for the size of the global online gambling market vary anywhere between USD 65 billion to over USD 100 billion. Price Chart (Source: Seeking Alpha) Fast growing market Here, I take a closer look at whether this implies upside to the stock or not. But, it's still trading at less than half the levels of its first close after its public listing in December 2021. Online casino and sports betting company Codere Online Luxembourg ( NASDAQ: CDRO) has seen a notable 18% rise in share price in 2023 so far.
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