Gaming group Codere obtained €20.7 million in net profits during the first half of the year, which represents a big increase in profits compared to the €5.7 million in losses for the same period in 2009. The company explained in a press release that these results are due to the international expansion of the company.

The €20.7 million include €7.5 million that come from the consolidation of the sport betting business in Spain. From January to June the company’s turnover reached €527.5 million, 7.1% than the previous year. In Argentina, thanks to the increase in the number of gaming machines, revenue grew 16.1% from January to June, reaching €212.9 million.

In Mexico, turnover increased 6.6% to 102.7 million Euros, an improvement that is due, according to the company, to the appreciation of the Mexican peso compared to Euros and the increase in the number of slot machines. As to the business in Spain, gaming machine revenue decreased 2.6% to €86.7 million, although the Ebitda improved 12.8% to 26.4 million Euros.

Also, the company highlighted a 115.6% in the Ebitda in Italy, to 6.9 million Euros. Codere was founded in 1980 in Spain and currently is one of the leading gaming companies and operates bingo halls and gaming centers in several countries in Europe and South America and in 2008 it started offering sport bets in Spain.