Codere Online Luxembourg (CDRO) POS AM 30 Sep 22 Prospectus update (post-effective amendment) Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2022
Cover [Abstract]
Document Type	POS AM
Amendment Flag	true
Amendment Description	POST-EFFECTIVE AMENDMENT NO. 2 TO
Entity Registrant Name	Codere Online Luxembourg, S.A.
Entity Central Index Key	0001866782
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false

UNAUDITED INTERIM CONDENSED CON

UNAUDITED INTERIM CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT BALANCE SHEETS - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ASSETS
A) NON-CURRENT ASSETS	€ 576	€ 606		€ 1,244
Intangible assets	176	469		1,128
Property, plant and equipment	144	133		107
Non-current financial assets	4	4
Deferred tax asset	252
B) CURRENT ASSETS	96,470	104,669		17,304
Trade receivables and other current assets	7,165	5,862		1,646
Current financial assets	4,784	3,899		4,757
Cash and cash equivalents	84,521	94,908		10,901
TOTAL ASSETS (A+B)	97,046	105,275		18,548
EQUITY AND LIABILITIES
A) EQUITY	51,681	68,154		(39,925)	€ (31,333)	€ (19,350)
Equity attributable to equity holders of the Parent	51,535	68,007		(40,017)
Equity attributable to non-controlling interest	146	147		92
B) NON-CURRENT LIABILITIES	2,939	5,513		21,441
Non-current financial liabilities	1,920	5,513
Deferred tax liability	1,019
C) CURRENT LIABILITIES	42,426	31,608		37,032
Borrowings	3,990	2,984		17,777
Trade payables and other current liabilities	38,436	28,624		19,231
TOTAL EQUITY AND LIABILITIES (A+B+C)	€ 97,046	€ 105,275		€ 18,548

UNAUDITED INTERIM CONDENSED C_2

UNAUDITED INTERIM CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT STATEMENTS OF INCOME (LOSS) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Profit or loss [abstract]
Revenue	€ 51,262	€ 39,944
Personnel expenses	(6,443)	(2,985)
Depreciation and amortization	(346)	(377)
Other operating expenses	(69,738)	(49,695)
Operating expenses	(76,527)	(53,057)
OPERATING INCOME/(LOSS)	(25,265)	(13,113)
Net financial results	10,227	68
NET INCOME/(LOSS) BEFORE TAX	(15,038)	(13,045)
Income tax benefit/(expense)	(1,723)	(222)
NET INCOME/(LOSS) FOR THE PERIOD	(16,761)	(13,267)
Attributable to equity holders of the Parent	(16,761)	(13,300)
Attributable to non-controlling interests		€ 33
Basic earnings per share attributable to equity holders of the parent (Euro)	€ (0.371)	€ (0.443)
Diluted earnings per share attributable to equity holders of the parent (Euro)	€ (0.371)	€ (0.443)

UNAUDITED INTERIM CONDENSED C_3

UNAUDITED INTERIM CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Profit or loss [abstract]
Net income/(loss) for the period	€ (16,761)	€ (13,267)
Currency translation differences	(711)	115
Income tax impact
Items that will not be reclassified subsequently to the income statement	(711)	115
Total other comprehensive income/(loss) recognized for the period	(711)	115
Total comprehensive income/(loss) recognized for the period	(17,472)	(13,152)
Attributable to:
Equity holders of the Parent	(17,472)	(13,027)
Non-controlling interests		€ (125)

UNAUDITED INTERIM CONDENSED C_4

UNAUDITED INTERIM CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT STATEMENTS OF CHANGES IN EQUITY - EUR (€) € in Thousands	Issued capital [member]	Net Income Loss [Member]	Retained earnings [member]	Net Parent Investment [Member]	Other Reserve [Member]	Shares Premium [Member]	Accumulated other comprehensive income [member]	Total [Member]	Non-controlling interests [member]	Total Equity [Member]	Other reserves
Beginning balance, value at Dec. 31, 2018	€ 60		€ (1,505)	€ (17,904)				€ (19,349)	€ (1)
IfrsStatementLineItems [Line Items]
Net income/(loss) for the period		(16,191)						(16,191)	98
Other comprehensive income/(loss) for the period							(160)	(160)
Total comprehensive income/ (loss) for the period		(16,191)					(160)	(16,351)	98
Appropriation of result		16,191	(16,191)
Net change in Parent investment				4,270				4,270
Ending balance, value at Dec. 31, 2019	60		(17,696)	(13,634)			(160)	(31,430)	97
IfrsStatementLineItems [Line Items]
Net income/(loss) for the period		(16,274)						(16,274)	(5)
Other comprehensive income/(loss) for the period							1,109	1,109
Total comprehensive income/ (loss) for the period		(16,274)					1,109	(15,165)	(5)
Appropriation of result		16,274	(16,274)
Net change in Parent investment				6,578				6,578
Ending balance, value at Dec. 31, 2020	60		(33,970)	(7,056)			949	(40,017)	92	€ (39,925)
IfrsStatementLineItems [Line Items]
Net income/(loss) for the period		(13,300)						(13,300)	33	(13,267)
Other comprehensive income/(loss) for the period							115	115		115
Total comprehensive income/ (loss) for the period	60	(13,300)	(33,970)	(7,056)			1,064	(53,202)	125	(53,077)
Appropriation of result		13,300	(13,300)
Net change in Parent investment				45,122				45,122		45,122
Ending balance, value at Jun. 30, 2021	60		(47,270)	38,066			1,064	(8,080)	125	(7,955)
Beginning balance, value at Dec. 31, 2020	60		(33,970)	(7,056)			949	(40,017)	92	(39,925)
IfrsStatementLineItems [Line Items]
Net income/(loss) for the period		(68,067)						(68,067)	54
Other comprehensive income/(loss) for the period							(1,134)	(1,134)
Total comprehensive income/ (loss) for the period	60	(68,067)	(33,970)	(7,056)			(185)	(109,218)	146
Net change in Parent investment				55,154				55,154
Ending balance, value at Dec. 31, 2021	45,122	(68,067)	(33,970)		€ 18,188	106,920	(185)	68,008	146	68,154	€ 18,188
IfrsStatementLineItems [Line Items]
Net income/(loss) for the period		(16,761)						(16,761)		(16,761)
Other comprehensive income/(loss) for the period							(711)	(711)		(711)
Total comprehensive income/ (loss) for the period		(16,761)					(711)	(17,472)		(17,472)
Appropriation of result		68,067	(68,067)
Share based payment (Note 6)								999		999	999
Ending balance, value at Jun. 30, 2022	€ 45,122	€ (16,761)	€ (102,037)			€ 106,920	€ (896)	€ 51,535	€ 146	€ 51,681	€ 19,187

UNAUDITED INTERIM CONDENSED C_5

UNAUDITED INTERIM CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT STATEMENTS OF CASH FLOWS - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of cash flows [abstract]
Net income/(loss) before tax	€ (15,038)	€ (13,045)
Net financial results	(10,227)	(68)
Operating income/(loss)	(25,265)	(13,113)
Non-cash expenses:	1,486	321
Depreciation and amortization	346	377
Movements in provisions	1,004	34
Expected credit loss	136	(90)
Changes in working capital:	7,302	8,331
Trade receivables and other current assets	(2,521)	5,032
Trade payables and other current liabilities	9,318	3,299
Increase/(decrease) in deferred income	768
Other lease payments *	(263)
Income tax paid	(185)	(63)
Net cash provided by (used in) operating activities	(16,662)	(4,524)
Payment for purchases of property, plant and equipment	(65)	(31)
Payments for investments
Net cash used in investing activities	(65)	(31)
Drawdown of other borrowings		450
Capitalized lease payments (IFRS 16)		(6)
Interest paid		(223)
Net cash provided by (used in) financing activities		221
Net increase in cash and cash equivalents	(16,727)	(4,334)
Cash and cash equivalents at the beginning of the year	94,908	10,901
Effect of changes in exchange rates on cash and cash equivalents	6,340	17
Cash and cash equivalents at the end of the year	€ 84,521	€ 6,584

CONSOLIDATED STATEMENT OF FINAN

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
A) NON-CURRENT ASSETS	€ 606	€ 1,244
Intangible assets	469	1,128
Property, plant and equipment	133	107
Right-of-use assets		9
Non-current financial assets	4
B) CURRENT ASSETS	104,669	17,304
Trade receivables and other current assets	5,862	1,646
Current financial assets	3,899	4,757
Cash and cash equivalents	94,908	10,901
TOTAL ASSETS (A+B)	105,275	18,548
EQUITY AND LIABILITIES
A) EQUITY	68,154	(39,925)
Equity attributable to equity holders of the Parent	68,007	(40,017)
Equity attributable to non-controlling interest	147	92
B) NON-CURRENT LIABILITIES	5,513	21,441
Borrowings		21,441
Non-current financial liabilities	5,513
C) CURRENT LIABILITIES	31,608	37,032
Lease obligations		9
Provisions		15
Borrowings	2,984	17,777
Trade payables and other current liabilities	28,624	19,231
TOTAL EQUITY AND LIABILITIES (A+B+C)	€ 105,275	€ 18,548

CONSOLIDATED AND COMBINED CARVE

CONSOLIDATED AND COMBINED CARVE-OUT INCOME STATEMENT - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Profit or loss [abstract]
Revenue	€ 80,253	€ 70,497	€ 61,583
Personnel expenses	(7,080)	(5,157)	(5,102)
Depreciation and amortization	(721)	(932)	(1,193)
Other operating expenses	(143,481)	(78,657)	(71,165)
Operating expenses	(151,282)	(84,746)	(77,460)
OPERATING INCOME/(LOSS)	(71,029)	(14,249)	(15,877)
Finance income / (costs)	3,982	(520)	(269)
Net financial results	3,982	(520)	(269)
NET INCOME/(LOSS) BEFORE TAX	(67,047)	(14,769)	(16,146)
Income tax benefit/(expense)	(966)	(1,510)	53
NET INCOME/(LOSS) FOR THE YEAR	(68,013)	(16,279)	(16,093)
Attributable to equity holders of the Parent	(68,067)	(16,274)	(16,191)
Attributable to non-controlling interests	€ 54	€ (5)	€ 98
Basic earnings per share attributable to equity holders of the parent (Euro)	€ (10.18)	€ (3.65)	€ (3.63)
Diluted earnings per share attributable to equity holders of the parent (Euro)	€ (10.18)	€ (3.65)	€ (3.63)

CONSOLIDATED AND COMBINED CAR_2

CONSOLIDATED AND COMBINED CARVE-OUT STATEMENT OF COMPREHENSIVE INCOME - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Profit or loss [abstract]
Net loss for the year	€ (68,013)	€ (16,279)	€ (16,093)
Currency translation differences	(1,134)	1,109	(160)
Income tax impact
Items that may be reclassified subsequently to profit or loss	(1,134)	1,109	(160)
Total other comprehensive income/(loss) recognized in the year	(1,134)	1,109	(160)
Total comprehensive income/(loss) recognized for the period	(69,147)	(15,170)	(16,253)
Attributable to:
Equity holders of the Parent	(69,201)	(15,262)	(16,350)
Non-controlling interests	€ 54	€ 92	€ 97

CONSOLIDATED AND COMBINED CAR_3

CONSOLIDATED AND COMBINED CARVE-OUT STATEMENT OF CHANGES IN EQUITY - EUR (€) € in Thousands	Issued capital [member]	Net Income Loss [Member]	Retained earnings [member]	Net Parent Investment [Member]	Other Reserve [Member]	Shares Premium [Member]	Accumulated other comprehensive income [member]	Total [Member]	Non-controlling interests [member]	Total
Beginning balance, value at Dec. 31, 2018	€ 60		€ (1,505)	€ (17,904)				€ (19,349)	€ (1)	€ (19,350)
IfrsStatementLineItems [Line Items]
Net income/(loss) for the year		(16,191)						(16,191)	98	(16,093)
Total other comprehensive income/(loss) recognized for the period							(160)	(160)		(160)
Total comprehensive income/ (loss) for the year		(16,191)					(160)	(16,351)	98	(16,253)
Appropriation of result		16,191	(16,191)
Change in net Parent investment (Note 9) (*)				4,270				4,270		4,270
Ending balance, value at Dec. 31, 2019	60		(17,696)	(13,634)			(160)	(31,430)	97	(31,333)
IfrsStatementLineItems [Line Items]
Net income/(loss) for the year		(16,274)						(16,274)	(5)	(16,279)
Total other comprehensive income/(loss) recognized for the period							1,109	1,109		1,109
Total comprehensive income/ (loss) for the year		(16,274)					1,109	(15,165)	(5)	(15,170)
Appropriation of result		16,274	(16,274)
Change in net Parent investment (Note 9) (*)				6,578				6,578		6,578
Ending balance, value at Dec. 31, 2020	60		(33,970)	(7,056)			949	(40,017)	92	(39,925)
IfrsStatementLineItems [Line Items]
Net income/(loss) for the year		(13,300)						(13,300)	33
Total other comprehensive income/(loss) recognized for the period							115	115		115
Total comprehensive income/ (loss) for the year	60	(13,300)	(33,970)	(7,056)			1,064	(53,202)	125
Appropriation of result		13,300	(13,300)
Change in net Parent investment (Note 9) (*)				45,122				45,122
Ending balance, value at Jun. 30, 2021	60		(47,270)	38,066			1,064	(8,080)	125
Beginning balance, value at Dec. 31, 2020	60		(33,970)	(7,056)			949	(40,017)	92	(39,925)
IfrsStatementLineItems [Line Items]
Net income/(loss) for the year		(68,067)						(68,067)	54	(68,013)
Total other comprehensive income/(loss) recognized for the period							(1,134)	(1,134)		(1,134)
Total comprehensive income/ (loss) for the year	60	(68,067)	(33,970)	(7,056)			(185)	(109,218)	146	(109,072)
Change in net Parent investment (Note 9) (*)				55,154				55,154		55,154
Elimination of SEJO equity (former holding company) (*)	(60)				60
Incorporation of the new Parent at June 4, 2021 (Note 1)	30							30		30
Reclassification of net Parent investment (Note 9) (*)				7,056	(7,056)
Reclassification to other reserves (Note 9) (*)				(55,154)	55,154
SEJO contribution (Note 9)	29,970				(29,970)
DD3 contribution (Note 9)	15,122					106,920		122,042		122,042
Ending balance, value at Dec. 31, 2021	45,122	(68,067)	(33,970)		€ 18,188	106,920	(185)	68,008	146	68,154
IfrsStatementLineItems [Line Items]
Net income/(loss) for the year		(16,761)						(16,761)
Total other comprehensive income/(loss) recognized for the period							(711)	(711)		(711)
Total comprehensive income/ (loss) for the year		(16,761)					(711)	(17,472)
Appropriation of result		68,067	(68,067)
Ending balance, value at Jun. 30, 2022	€ 45,122	€ (16,761)	€ (102,037)			€ 106,920	€ (896)	€ 51,535	€ 146	€ 51,681

CONSOLIDATED AND COMBINED CAR_4

CONSOLIDATED AND COMBINED CARVE-OUT STATEMENT OF CASH FLOWS - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of cash flows [abstract]
Net loss before tax	€ (67,047)	€ (14,769)	€ (16,146)
Adjustments for Net financial results	(2,406)	520	269
Operating loss	69,453	14,249	15,877
Non-cash expenses:	40,410	924	1,403
Depreciation and amortization (Note 13)	721	931	1,194
Movements in provisions	(16)	(117)	112
Change in Expected credit loss	67	(110)	(97)
Other gains and losses (**)	35,835
Changes in fair value (Note 10)	3,937
Changes in working capital:	24,121	17,542	13,555
Trade receivables and other current assets (Note 8)	10,321	3,676	(3,781)
Trade payables and other current liabilities (Note 11)	13,800	13,866	17,336
Income tax paid	(270)	(361)	(323)
Net cash provided by (used in) operating activities	(5,192)	3,856	(1,242)
Payment for purchases of property, plant and equipment (Note 6)	(80)	(55)	(75)
Payments for investments	(3)	(17)	(200)
Net cash used in investing activities	(83)	(72)	(275)
Drawdown of other borrowings (Note 10)	450	245	7,163
Capitalized lease payments (IFRS 16)	(9)	9
Proceeds from closing of the Business Combination (Note 7)	89,366
Other lease payments *	(475)	(429)	(349)
Net cash provided by (used in) financing activities	89,332	(175)	6,814
Net increase in cash and cash equivalents	84,057	3,609	5,297
Cash and cash equivalents at the beginning of the year	10,901	8,018	2,630
Effect of changes in exchange rates on cash and cash equivalents	(50)	(726)	91
Cash and cash equivalents at the end of the year	€ 94,908	€ 10,901	€ 8,018

BACKGROUND

BACKGROUND	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Background
BACKGROUND	1. BACKGROUND On June 4, 2021, Codere Online Luxembourg, S.A. (the “Company”, “Codere Online” or “Parent” and, together with its subsidiaries, the “Group”), was incorporated and was registered in Luxembourg as a public limited company (société anonyme) under the laws of Luxembourg with its registered office at 7, rue Robert Stumper, L-2557 Luxembourg, Grand Duchy of Luxembourg and has been registered with the Luxembourg trade and companies register (Registre de commerce et des sociétés, Luxembourg) under the number B255798. The Group is comprised of the integrated online gambling operations of Codere S.A. and its subsidiaries (“Codere Group”) located in Spain, United States, Mexico, Colombia, Panama, Italy, Gibraltar, Israel, Argentina and Malta focused on online gambling and other online services. Codere Group controls the Group through Codere Newco, S.A.U. (“CNEW”) holding approximately 66.5% of the ordinary shares of Parent. Codere Group means until November 19, 2021, Codere S.A. and its subsidiaries and from November 19, 2021, Codere New Topco S.A., a limited liability company (societé anonyme) governed by the laws of the Grand Duchy of Luxembourg, and its subsidiaries, including CNEW. Codere Group is a leading international gaming operator that operates slot machines, bingo seats and sports betting terminals in Latin America (Argentina, Colombia, Mexico, Panama and Uruguay), Spain and Italy, across various gaming venues, including gaming halls, arcades, bars, sports betting shops and horse racetracks. Codere Group has been listed on the Madrid Stock Exchange since October 19, 2007 and was delisted in 2021 as a result of a corporate restructuring. The perimeter of the Group consists of 11 operating and supporting entities (Spain, United States, Mexico, Colombia, Panama, Italy, Gibraltar, Israel, Argentina and Malta) and 2 holding companies (Spain and Luxembourg). Schedule of Entity Entity Entity Type Ownership Location Codere Online Luxembourg S.A. Holding Company 100 Luxembourg Codere Online U.S. Corp. Supporting Entity 100 United States Servicios de Juego Online S.A.U. Holding Company 100 Spain Codere Online S.A.U. Operating Entity 100 Spain Codere Online Colombia SAS Operating Entity 100 Colombia Codere Online Panama S.A. Operating Entity 100 Panama LIFO AenP Operating Entity 99.99 Mexico Codere Scommese S.R.L. Operating Entity 100 Italy Codere Online Operator LTD Operating Entity 100 Malta Iberargen, S.A.(online business) * Operating Entity 95 Argentina Codere Online Management Services LTD Supporting Entity 100 Malta Codere Israel Marketing Support Services LTD Supporting Entity 100 Israel Codere (Gibraltar) Marketing Services LTD Supporting Entity 100 Gibraltar * On November 15, 2021, Iberargen, S.A. a subsidiary within the Codere Group, and SEJO, a subsidiary of Parent, entered into an agreement (as amended from time to time, the “Argentina Restructuring Agreement”) pursuant to which: (i) the parties agreed to jointly incorporate a new company in Argentina, Codere Online Argentina, S.A., with Iberargen, S.A. and SEJO initially retaining 5% and 95% stakes, respectively. Codere Online Argentina, S.A. was still pending to be incorporated as of June 30, 2022; therefore, the assets, liabilities and results related to the online business in Argentina were carved-out from the Iberagen, S.A. entity and included within these unaudited interim condensed consolidated and combined carve-out financial statements.	1. BACKGROUND On June 4, 2021, Codere Online Luxembourg, S.A. (the “Company”, “Codere Online” or “Parent” and, together with its subsidiaries, the “Group”), was incorporated and was registered in Luxembourg as a public limited company (société anonyme) under the laws of Luxembourg with its registered office at 7, rue Robert Stumper, L-2557 Luxembourg, Grand Duchy of Luxembourg and has been registered with the Luxembourg trade and companies register (Registre de commerce et des sociétés, Luxembourg) under the number B255798. The Group (formerly denominated Codere Online Business) is comprised of the integrated online gambling operations of Codere S.A. and its subsidiaries (“Codere Group”) located in Spain, United States, Mexico, Colombia, Panama, Italy, Gibraltar, Israel, Argentina and Malta focused on online gambling and other online services. Codere Group controls the Group through Codere Newco, S.A.U. (“CNEW”) holding approximately 66.5% of the ordinary shares of Parent. Codere Group means until November 19, 2021, Codere S.A. and its subsidiaries and from November 19, 20201, Codere New Topco S.A., a limited liability company (societé anonyme) governed by the laws of the Grand Duchy of Luxembourg, and its subsidiaries, including CNEW. Codere Group is a leading international gaming operator that operates slot machines, bingo seats and sports betting terminals in Latin America (Argentina, Colombia, Mexico, Panama and Uruguay), Spain and Italy, across various gaming venues, including gaming halls, arcades, bars, sports betting shops and horse racetracks. Codere Group has been listed on the Madrid Stock Exchange since October 19, 2007 and was delisted in 2021 as a result of a corporate restructuring. The perimeter of the Group consists of 11 operating and supporting entities (Spain, United States, Mexico, Colombia, Panama, Italy, Gibraltar, Israel, Argentina and Malta) and 2 holding companies (Spain and Luxembourg). Schedule of Entity Entity Entity Type Ownership Location Codere Online Luxembourg S.A. Holding Company 100 Luxembourg Codere Online U.S. Corp. Supporting Entity 100 United States Servicios de Juego Online S.A.U. Holding Company 100 Spain Codere Online S.A.U. Operating Entity 100 Spain Codere Online Colombia SAS* Operating Entity 100 Colombia Codere Online Panama S.A.* Operating Entity 100 Panama LIFO AenP* Operating Entity 99.99 Mexico Codere Scommese S.R.L. Operating Entity 100 Italy Codere Online Operator LTD Operating Entity 100 Malta Iberargen, S.A.(online business)** Operating Entity 95 Argentina Codere Online Management Services LTD Supporting Entity 100 Malta Codere Israel Marketing Support Services LTD Supporting Entity 100 Israel Codere (Gibraltar) Marketing Services LTD Supporting Entity 100 Gibraltar * In Panama, Colombia and Mexico new entities were created on October 1, 2021 and incorporated with Servicios de Juego Online S.A.U. (Codere Online Panama S.A., Codere Online Colombia SAS and LIFO AenP, respectively). In the historical combined carve-out financial statements, the assets, liabilities and results related to the online businesses in Panama, Colombia and Mexico were carved-out from the Hipica de Panama S.A., Codere Colombia S.A. and Libros Foraneos S.A. de CV entities, respectively. This was the same case for the first nine months of results included in the consolidated and combined carve-out income statement for the year ended December 31, 2021. ** On November 15, 2021, Iberargen, S.A. a subsidiary within the Codere Group, and SEJO, a subsidiary of Parent, entered into an agreement (as amended from time to time, the “Argentina Restructuring Agreement”) pursuant to which: (i) the parties agreed to jointly incorporate a new company in Argentina, Codere Online Argentina, S.A., with Iberargen, S.A. and SEJO initially retaining 5% and 95% stakes, respectively. Codere Online Argentina, S.A. was still pending to be incorporated as of December 31, 2021; therefore, the assets, liabilities and results related to the online business in Argentina were carved-out from the Iberagen, S.A. entity and included within the consolidated and combined carve-out financial statements. Additionally, as operations in Argentina began on December 1, 2021, only one month of results are included in the consolidated and combined carve-out income statement. Following the incorporation of Parent, the creation of the Group was performed in three steps. The first two steps relate to the reorganization of all the online businesses of Servicios de Juego Online, S.A.U. (the “Restructuring”), which involved (1) the transfer of the relevant entities and businesses that were not direct or indirect subsidiaries or businesses of Servicios de Juego Online, S.A.U. (“SEJO”) to SEJO, (2) the transfer of SEJO to Codere Online Luxembourg. The third step relates to the business combination agreement, which was entered into on June 21, 2021, between DD3 Acquisition Corp. II (“DD3”), a publicly listed entity in the United States whose shares are traded on the Nasdaq Capital Market (“Nasdaq”), Codere Online U.S. Corp (“Merger Sub”), a Delaware corporation newly created in 2021 as part of this transaction, CNEW, SEJO and the Company (the “Business Combination Agreement”). The first step of the creation of the Group (the “Restructuring”) involved a corporate restructuring where all of the Codere Group’sonline gaming, gambling, casino, slots, poker, bingo, sports betting, betting exchanges, lottery operations, racing, and pari-mutuel activities became operated or owned by SEJO and its subsidiaries by holding or receiving assets, rights and/or entities from the Codere Group, as set forth in the Business Combination Agreement (except that, in Colombia, Panama and the City of Buenos Aires (Argentina), in lieu of causing the consummation of the restructuring step plan agreed with DD3 in respect of each of such jurisdictions, the Group entered into a Restructuring Agreement with the relevant subsidiaries of Codere Group in the affected jurisdiction). Prior to the corporate restructuring, the following entities were already wholly owned subsidiaries of SEJO: Codere Israel Marketing Support Services LTD, Codere Online Operator LTD, Codere Online Management Services LTD (“OMSE”), and Codere (Gibraltar) Marketing Services LTD. In Spain and Italy, Codere Online, S.A.U. and Codere Scommese S.R.L., respectively, were transferred to, and became wholly owned subsidiaries of SEJO on June 27, 2021, which became in turn a subsidiary of Parent upon consummation of the Exchange. In Panama and Colombia, new entities (Codere Online Panama S.A. and Codere Online Colombia SAS, respectively) were incorporated with SEJO as sole or majority shareholder as of October 1, 2021. On November 15, 2021, Codere Colombia S.A., a subsidiary within Codere Group and the current holder of the online gaming license, and Codere Online Colombia entered into the following agreements, which were amended on November 30, 2021: (i) a sale and transfer agreement (as amended from time to time, the “Sale and Transfer Agreement”) that governed the terms and conditions of the assignment, from Codere Colombia S.A. to Codere Online Colombia S.A.S., of all the assets, contracts and employees necessary for the operation of the Colombian online gaming business by Codere Online Colombia S.A.S. Certain of such assets and contracts are pending assignment as of the date of this annual report. In addition, Codere Colombia S.A. agreed to take any required action for the prompt approval, by the Colombian regulator (“Coljuegos”), of the transfer of the Colombian License to Codere Online Colombia S.A.S. (ii) a joint accounts agreement (contrato de cuentas en participacion) (as amended from time to time, the “ Joint Accounts Agreement”) pursuant to which, pending the effective transfer of the Colombia License to Codere Online Colombia S.A.S. (or, if applicable, the granting of a new license to Codere Online Colombia S.A.S.), the parties agreed to jointly exploit the Colombia License, with Codere Online Colombia S.A.S. effectively retaining 99.00% of any distributed profits and generally managing the online gaming business; and (iii) a license assignment agreement (as amended from time to time, the “License Assignment Agreement” and, together with the Sale and Transfer Agreement and the Joint Accounts Agreement, the “Colombia Restructuring Agreements”) pursuant to which Codere Colombia S.A. agreed to assign the Colombian License to Codere Online Colombia S.A.S., subject to the approval of Coljuegos. The transfer of the Colombian license to Codere Online Colombia S.A.S. was formally requested on December 21, 2021 pursuant to Agreement 08/2020 and Resolutions No. 20161200025334, 20164000029574 of 2016 and 20201000008294 of 2020. As of the date of these consolidated and combined financial statements, the transfer request was still pending approval from Coljuegos. On November 15, 2021, Hipica de Panama, S.A. (“HIPA”), Alta Cordillera, S.A. (“ALTA”), and Codere Online Panama, entered into an agreement (as amended from time to time the “HIPA Restructuring Agreement”), pursuant to which: (i) HIPA assigned to Codere Online Panama, and Codere Online Panama accepted the assignment of HIPA’s right, title and obligations under certain employment agreements with certain HIPA employees; (ii) HIPA assigned to Codere Online Panama, and Codere Online Panama accepted the assignment of HIPA’s right, title and obligations under certain sponsorship, licensing, marketing and other services agreements; (iii) HIPA assigned to Codere Online Panama, and Codere Online Panama accepted the assignment of HIPA’s right and title to certain assets in connection with HIPA’s online gaming operations; and until the transfer of the ALTA license to Codere Online Panama is effective, Codere Online Panama agreed to provide certain operational and advisory services to HIPA in exchange for monthly payments from HIPA amounting to 99% of HIPA’s net income from gaming operations. The HIPA Restructuring Agreement was amended on November 30, 2021. In addition, on December 1, 2021, upon the commencement of the term of the ALTA license, Codere Online Panama and ALTA entered into an agreement (as amended from time to time the “ALTA Restructuring Agreement” and the HIPA Restructuring Agreement, as partially terminated and superseded by the ALTA Restructuring Agreement, the “Panama Restructuring Agreements”) whereby Codere Online Panama agreed to provide certain operational and advisory services to ALTA in exchange for periodic payments on similar terms to the HIPA Restructuring Agreement, terminating and superseding the HIPA Restructuring Agreement with respect to the services being provided by Codere Online Panama to HIPA. The agreement between Codere Online Panama and ALTA shall terminate, among other things, if Codere Online Panama requests the transfer of the ALTA license to Codere Online Panama and such transfer is authorized by the Panama Gambling Control Board. On June 21, 2021, Libros Foráneos, S.A. de C.V. (“LIFO”) and SEJO entered into an agreement in order to regulate their rights and obligations in respect of the online gaming business in Mexico that LIFO is authorized to conduct pursuant to the LIFO license granted by the Mexican authorities (the “AenP Agreement”). Pursuant to the AenP Agreement, SEJO and LIFO agree to make certain contributions in favor of an “Asociación en Participación” or “AenP” (an unincorporated joint venture) created by virtue of the AenP Agreement and LIFO agrees to grant SEJO a 99.99% share in the profit and losses of the online gaming business in Mexico. The AenP shall have its own tax identification number. On November 15, 2021, Iberargen, S.A. a subsidiary within the Codere Group, and SEJO entered into an agreement (as amended from time to time, the “Argentina Restructuring Agreement”) pursuant to which: (i) the parties agreed to jointly incorporate a new company in Argentina, Codere Online Argentina, S.A., with Iberargen, S.A. and SEJO initially retaining 5% and 95% stakes, respectively; Iberargen, S.A. agreed to assign any economic rights related to its 5% stake to SEJO and to seek to transfer such stake to SEJO, provided such transfer is legally allowed and does not affect Codere Online Argentina, S.A.’s operations or the Buenos Aires License; (ii) Iberargen, S.A. undertook to take any required action to facilitate the approval, by Loteria de la Ciudad de Buenos Aires (“LOTBA”), of the transfer of the Buenos Aires License to Codere Online Argentina, S.A.; (iii) Iberargen, S.A. undertook to, upon LOTBA’s approval of such transfer (or, if applicable, the granting of a new license to Codere Online Argentina, S.A. by LOTBA) (the “Condition Precedent”), assign to Codere Online Argentina, S.A. the Buenos Aires License (if applicable) as well as any assets, contracts and employees necessary for the operation of the Argentine online gaming business by Codere Online Argentina, S.A.; (iv) Iberargen, S.A. agreed to, if LOTBA authorized it to operate in the City of Buenos Aires before the Condition Precedent is satisfied (as is currently the case), exploit the Buenos Aires License pursuant to the instructions of SEJO (or, once it is incorporated and duly registered, Codere Online Argentina, S.A.), with any resulting expenses and income being assigned to the latter; and (v) if LOTBA denies the transfer of the Buenos Aires License, and there is no reasonable likelihood that it will grant a new license to Codere Online Argentina, S.A. during the term of the Buenos Aires License, Iberargen, S.A. and Codere Online Argentina, S.A. shall enter into a Temporary Union Contract (contrato de union transitoria) and exploit the Buenos Aires License thereunder, with Codere Online Argentina, S.A. effectively retaining any distributed profits and generally managing the online gaming business. The second step of the creation of the Group (the “Exchange”) involved the transfer of SEJO to Parent in exchange for 29,970,000 of additional newly-issued ordinary shares of Parent, nominal value of €1 per ordinary share, which were issued to CNEW. CNEW is a Spanish public limited liability company (Sociedad Anónima Unipersonal), having its registered office at 26, Avenida de Bruselas, 28108 Alcobendas, Madrid, Spain and registered with the trade registry of Madrid under the reference Volume 34399, page 192, section 8, Sheet M-618.784 and is the sole shareholder of the Company. As explained above, the Group was reorganized through a series of corporate transactions. Firstly, the Restructuring and secondly the Exchange, which was the non-monetary contribution of SEJO to the Company at book value in exchange for 29,970,000 ordinary shares of the Company effective on November 29, 2021 (see Note 9). As result SEJO became a wholly owned subsidiary of Parent. The reorganization of all the online business under SEJO and the subsequent non-monetary contribution was considered a business combination under common control using the “predecessor accounting method”. The third step relates to the merger (the “Merger”) of Codere Online U.S. Corp with and into DD3, with DD3 surviving the Merger as a wholly-owned subsidiary of Parent. In connection therewith, DD3’s corporate name changed to “Codere Online U.S. Corp”. The Merger was closed on November 30, 2021, and immediately prior thereto, each share of DD3 Class B Common Stock issued and outstanding immediately prior to the close of the Merger was automatically converted and exchanged for one validly issued, fully paid and non-assessable share of DD3 Class A Common Stock (the “Class B Conversion”). Additionally, each share of DD3 Class A Common Stock issued and outstanding immediately prior to the close of the Merger (15,121,956 shares) was exchanged for one share of the Company (the “Ordinary Shares Merger Issuance”) pursuant to a share capital increase of the Company (the “Parent Capital Increase”) (see Note 9). Additionally, the conversion of each DD3 warrant (6,435,000 warrants), which no longer represented a right to acquire one share of DD3 Class A Common Stock was substituted by the right to acquire one Company ordinary share on substantially the same terms. The Merger was not considered a business combination under IFRS 3, Business Combinations Share-based Payment The transactions detailed above pursuant to the Business Combination Agreement, including the Restructuring, the Exchange, the Class B Conversion, the Merger and the Parent Capital Increase, collectively represent the “Business Combination”. The ordinary shares and warrants of Parent have been listed on the Nasdaq since December 1, 2021.

BASIS OF PRESENTATION OF THE UN

BASIS OF PRESENTATION OF THE UNAUDITED INTERIM CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
BASIS OF PRESENTATION OF THE UNAUDITED INTERIM CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS	2. BASIS OF PRESENTATION OF THE UNAUDITED INTERIM CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS a) Basis of presentation and comparison of information The accompanying Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements as of and for the six months ended June 30, 2022 (the “Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements”), were prepared according to International Accounting Standard 34 (“IAS 34”), “Interim Financial Reporting”. According to IAS 34, interim financial reporting is intended to bring the contents of the Group’s last Consolidated and Combined Carve-out Financial Statements up to date, emphasizing any new activities, events or circumstances that occurred during the six months ended June 30, 2022 but without duplicating the information previously published in the Consolidated and Combined Carve-out Financial Statements. Therefore, in order to properly understand the information included in the accompanying Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements, they must be read together with the Group’s Consolidated and Combined Carve-out Financial Statements as of December 31, 2021. The Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements of the Group were prepared and approved on September 30, 2022. The Group has used the same accounting policies throughout all of the periods presented in the Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements, which are compliant with IFRS effective at the end of June 30, 2022. a.1.) Going concern The Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements present positive equity of € 51.7 68.1 54.0 73.0 The Group has a limited operating history and the Group funded its operations primarily through short-term debts with Codere Group. Since its inception, the Group has incurred recurring losses and negative cash flows from operations including net losses of € 13.3 16.8 51.7 84.5 6.6 2.8 As part of its going concern assessment, management developed a business plan with operational and financial projections through 2024. Based on this business plan, management believes the Group currently has sufficient cash available to finance its operations through 2024. This business plan contemplates that the Group will be investing all of its available cash over this three-year period (to fund negative operating cash flow) in order to achieve higher growth and increased market share in its existing core markets throughout Latin America and Europe (primarily Spain), and that the overall business will begin generating positive cash flow at some point in 2024. Also, if the business underperforms in comparison to the business plan targets, the Group may either seek external financing and/or otherwise reduce or delay marketing expenses to mitigate the impact on its cash position. Based on the Group’s current liquidity position, actual operating performance, and its reasonable expectations regarding operating performance over the coming three years, management believes that the Group has adequate resources to continue in operational existence for the next twelve months. As such, the Group continues to adopt the going concern basis of accounting in preparing the Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements. a.2.) Changes in perimeter The perimeter of the Group consists of 11 operating and supporting entities (Spain, United States, Mexico, Colombia, Panama, Italy, Gibraltar, Israel, Argentina and Malta) and 2 holding companies (Spain and Luxembourg) as described in Note 1 of these Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements and there is no change comparing to the perimeter described in Note 1 of the Group’s Consolidated and Combined Carve-out Financial Statements as of December 31, 2021. a.3.) Accounting estimates and judgments The preparation of these Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements requires that management make some judgments, estimates and assumptions that affect the application of accounting policies and the balances of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and other factors that are understood as reasonable under the circumstances. b) Accounting policies The accompanying Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements were prepared using Codere Group's historical basis in the assets and liabilities and include all revenues, expenses, assets and liabilities attributed to the Group as part of the Restructuring (“Restructuring” means the reorganization of all the online businesses of Servicios de Juego Online, S.A.U. as described in Note 1 of the Group's Consolidated and Combined Carve-out Financial Statements as of December 31, 2021), including certain general and administrative services provided by Codere Group. The Group entered into an agreement with Codere Group effective from December 1, 2021, the day after the closing date of the Business Combination, whereby Codere Group has agreed to provide the Group with the resources to comply with regulators, authorities and other third parties in general. The purpose of this contract is to ensure that the Group is complying with its obligations and correctly reflecting its costs. The fee for these services as per the agreement is 0.75% of the Group's income. In the opinion of management, the intercompany eliminations and adjustments necessary for a fair presentation of the Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements in accordance with IFRS as issued by IASB have been made. The accounting policies used in the preparation of the accompanying Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements are the same as those applied in the Consolidated and Combined Carve-out Financial Statements as of and for the year ended December 31, 2021, since none of the standards, interpretations or modifications that are applicable have had an impact on the Group’s accounting policies for the six months ended June 30, 2022. New IFRS, IFRIC and amendments to IFRS not effective as of June 30, 2022 As of the approval date of the Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements, the following standards, amendments and interpretations had been published by the IASB, but their application was not mandatory: Disclosure of Standards and Amendments Standards, amendments and interpretations Description Mandatory application for financial years starting on or after: Amendments to IAS 1- Presentation of Financial Statements Clarifications regarding the presentation of liabilities as current and non-current. 1 January 2023 IFRS 17 - Insurance Contracts Replaces IFRS 4 and clarifies the principles of registration, measurement, presentation and disclosure of insurance contracts in order to ensure that the entity provides relevant and reliable information that allows the users of the information to determine the effects of the contracts on their financial statements. 1 January 2023 Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates The amendments will make it easier to distinguish between changes in accounting estimates and changes in accounting policies. 1 January 2023 Amendments to IAS 1- Presentation of Financial Statements. Disclosure of accounting policies The amendments will help improve disclosures on accounting policies to provide more useful information to investors and other primary users of financial statements. 1 January 2023 Amendment to IAS 12 - Deferred tax on leases and decommissioning obligations The amendments will clarify that the exceptions to initial recognition are not applicable when there are taxable and deductible timing differences for the same amount. 1 January 2023 The Group estimates that no standards, amendments and interpretations in the preceding table will have a significant impact on the Consolidated and Combined carve-out financial statements in the initial period of application.	2. BASIS OF PRESENTATION OF THE CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS The accompanying consolidated and combined carve-out financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and pursuant to the interpretations issued by Interpretation Committee of the IASB (“IFRIC”). Note 3 includes a detailed description of the most significant accounting policies used consistently to prepare these consolidated and combined carve-out financial statements. The consolidated and combined carve-out financial statements were approved by the board of directors on April 29, 2022. The financial statements as of and for the year ended December 31, 2021 are consolidated and combined carve-out financial statements. The financial statements as of December 31, 2020 and for the years ended December 31, 2020 and 2019 are combined carve-out financial statements. The consolidated and combined carve-out financial statements are considered “combined” financial statements because they reflect the combined results of Parent, SEJO and the entities that were subject to the Restructuring, until the effectiveness of the Exchange on November 29, 2021. The Restructuring was treated as a reorganization of entities under common control, which is outside of the scope of IFRS 3 (Business Combinations), as such entities were under the common control and managed by the Codere Group. Accordingly, the Codere Group made an accounting policy choice to present business combinations under common control using the “predecessor accounting method” or “pooling of interest method”, which involves the following: ● The assets and liabilities of the entities subject to the Restructuring were reflected at their carrying amounts in Codere Group’s consolidated financial statements. No adjustments were made to reflect fair values or recognize any new assets or liabilities at the Exchange Effective Time (means 10:00 a.m. New York time on November 29, 2021) that would otherwise be done under the acquisition method. ● Any difference between the consideration paid/transferred and the aggregate book value of the assets and liabilities of the entities subject to the Restructuring as of the Exchange Effective Time was reflected as an adjustment to equity. ● Include all revenues, expenses, assets and liabilities attributed to the online business as part of the Restructuring. ● Under the pooling of interest method, each of the entities subject to the Restructuring is accounted for as if it had always been part of the Group. The consolidated and combined carve-out financial statements are considered “carve-out” financial statements because the 2021 income statement includes carved-out results related to the online businesses of certain entities of the Codere Group. In 2021, these entities and/or businesses were transferred to, and became wholly-owned subsidiaries of, SEJO, which became in turn a subsidiary of Parent upon consummation of the Exchange, except as described herein with respect to (i) Colombia, Panama and the City of Buenos Aires (Argentina), where Restructuring Agreements were entered into, and (ii) Mexico, where Codere Online operates under an “Asociación en Participación” or “AenP”. The historical financial information included in these consolidated and combined financial statements does not include any carved-out balances or results from Iberagen, S.A., as operations in Argentina did not begin until 2021. Additionally, as explained in greater detail in Note 1, the Merger was completed on November 30, 2021 and DD3 became a part of Codere Online. The Merger was not considered a business combination under IFRS 3 (Business Combinations), but rather it was accounted for under IFRS 2 (Share-based Payment), as DD3 was not considered to be a business under IFRS 3. Therefore, the accounting of the Merger in the Annual Financial Statements is as follows: ● To reflect the combination, the equity of DD3 was eliminated and the equity of the Company stayed as the accounting acquirer. ● The difference in the fair value of the ordinary shares transferred to holders of DD3 common stock in excess of the fair value of the net assets contributed by DD3’s shareholders represented a service cost for the listing of ordinary shares of the Company, amounting to € 35.8 ● The cost of the service, which is a non-cash expense, was € 35.8 Transaction costs incurred in connection with the consummation of the Business Combination amounted to a total of €16.4 million, of which (i) DD3 incurred €6.8 million, which were accounted for as a reduction in cash and cash equivalents and a corresponding reduction in share premium of Parent in the consolidated and combined carve-out financial statements of Codere Online for the year ended December 31, 2021 and (ii) SEJO incurred €9.6 million, of which €3.0 million were assumed by the Codere Group, and which were reflected as an increase in other operating expenses and as a combination of a reduction in cash and cash equivalents and an increase in share premium of Parent in the consolidated and combined carve-out financial statements of Codere Online for the year ended December 31, 2021. For more information see Note 2 to the Annual Financial Statements.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
SEGMENT INFORMATION	3. SEGMENT INFORMATION Under IFRS 8 ( Segment Information The Managing Director measures the performance of the Group’s business by its revenue and EBITDA, which is calculated as net income/(loss), after adding back income tax benefit/(expense), interest expense, depreciation and amortization. The Group will report financial information, both internally and externally, based on the organizational structure approved by the Managing Director of the Group. Thus, the reportable segments for these Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements are formed by the Group’s operations in Spain, Mexico and Colombia. Panama, Italy, Argentina and Codere Online Operator LTD (Malta) are grouped under “Other operations”. Codere Online Management Services LTD (Malta), Israel, United States, SEJO and Gibraltar have been grouped and reported under “Supporting”. These entities aggregated under “Supporting” segment are not operating entities (only holding companies), but entities that only provide internal support services. The entities that have been aggregated under “Other operations” and “Supporting” have been grouped in accordance with guidance allowed under IFRS 8, Operating Segments The following tables break down certain of the information presented in the Unaudited Interim Condensed Consolidated and Combined Carve-out Statements of Income (Loss) for the six months ended June 30, 2022 and 2021 Schedule of Condensed Income Statements 06/30/2022 Spain Mexico Colombia Other Operations Supporting Eliminations Total Group Revenue 27,281 19,570 2,785 1,626 24,122 (24,122 ) 51,262 Personnel expenses (255 ) (423 ) (73 ) (488 ) (5,204 ) - (6,443 ) Depreciation and amortization (41 ) (6 ) (2 ) (66 ) (230 ) (1 ) (346 ) Other operating expenses (23,912 ) (31,272 ) (6,393 ) (3,569 ) (28,714 ) 24,122 (69,738 ) Operating expenses (24,208 ) (31,701 ) (6,468 ) (4,123 ) (34,148 ) 24,121 (76,527 ) OPERATING INCOME/(LOSS) 3,073 (12,131 ) (3,683 ) (2,497 ) (10,026 ) (1 ) (25,265 ) Finance income 101 1,672 119 176 14,438 (1,836 ) 14,670 Finance costs - (1,102 ) (547 ) 233 (4,727 ) 1,700 (4,443 ) Net financial results 101 570 (428 ) 409 9,711 (136 ) 10,227 NET INCOME/(LOSS) BEFORE TAX 3,174 (11,561 ) (4,111 ) (2,088 ) (315 ) (137 ) (15,038 ) Income tax benefit/(expense) (272 ) 3 - 7 (1,462 ) 1 (1,723 ) NET INCOME/(LOSS) FOR THE PERIOD 2,902 (11,558 ) (4,111 ) (2,081 ) (1,777 ) (136 ) (16,761 ) Attributable to equity holders of the Parent 2,902 (11,558 ) (4,111 ) (2,081 ) (1,777 ) (136 ) (16,761 ) Attributable to non-controlling interests - - - - - - - 06/30/2021 Spain Mexico Colombia Other Supporting Eliminations Total Revenue 25,641 11,549 2,048 483 19,019 (18,796 ) 39,944 Personnel expenses (155 ) (3 ) (52 ) (91 ) (2,684 ) - (2,985 ) Depreciation and amortization (93 ) (2 ) (1 ) (50 ) (231 ) - (377 ) Other operating expenses (27,543 ) (16,391 ) (3,750 ) (674 ) (20,116 ) 18,779 (49,695 ) Operating expenses (27,791 ) (16,396 ) (3,803 ) (815 ) (23,031 ) 18,779 (53,057 ) OPERATING INCOME/(LOSS) (2,150 ) (4,847 ) (1,755 ) (332 ) (4,012 ) (17 ) (13,113 ) Finance income (2 ) 192 3 3 188 (251 ) 133 Finance costs - (9 ) (3 ) (39 ) (255 ) 241 (65 ) Net financial results (2 ) 183 - (36 ) (67 ) (10 ) 68 NET INCOME/(LOSS) BEFORE TAX (2,152 ) (4,664 ) (1,755 ) (368 ) (4,079 ) (27 ) (13,045 ) Income tax benefit/(expense) 181 - - - (403 ) - (222 ) NET INCOME/(LOSS) FOR THE PERIOD (1,971 ) (4,664 ) (1,755 ) (368 ) (4,482 ) (27 ) (13,267 ) Attributable to equity holders of the Parent (1,971 ) (4,664 ) (1,755 ) (401 ) (4,482 ) (27 ) (13,300 ) Attributable to non-controlling interests - - - 33 - - 33 The following tables break down certain of the information presented in the Unaudited Interim Condensed Consolidated and Combined Carve-out Balance Sheets as of June 30, 2022 and December 31, 2021. Schedule of Financial Position 06/30/2022 Spain Mexico Colombia Other Supporting Eliminations Total Non-current assets 34 36 8 77 104,033 (103,612 ) 576 Current assets 26,476 7,631 6,296 2,822 171,503 (118,258 ) 96,470 Trade receivables and other current assets 13,743 811 3,302 629 14,048 (25,368 ) 7,165 Current financial assets 7,108 1,230 1,231 903 87,154 (92,842 ) 4,784 Cash and cash equivalents 5,625 5,590 1,763 1,290 70,301 (48 ) 84,521 Total Assets 26,510 7,667 6,304 2,899 275,536 (221,870 ) 97,046 EQUITY 17,184 (29,437 ) (8,278 ) (2,547 ) 179,445 (104,686 ) 51,681 NON-CURRENT LIABILITIES - - - - 2,939 - 2,939 Borrowings - 1,920 1,920 Deferred Tax Liability - - - - 1,019 - 1,019 CURRENT LIABILITIES 9,326 37,104 14,582 5,446 93,152 (117,184 ) 42,426 Borrowings 476 25,144 9,945 2,089 76,126 (109,790 ) 3,990 Trade payables and other current liabilities 8,850 11,960 4,637 3,357 17,026 (7,394 ) 38,436 Total EQUITY AND LIABILITIES 26,510 7,667 6,304 2,899 275,536 (221,870 ) 97,046 12/31/2021 Spain Mexico Colombia Other Supporting Eliminations Total Non-current assets 73 29 9 107 97,854 (97,466 ) 606 Current assets 23,831 5,392 3,715 1,919 161,851 (92,039 ) 104,669 Trade receivables and other current assets 13,353 1,734 1,337 559 37,720 (48,841 ) 5,862 Current financial assets 7,022 1,084 798 329 37,833 (43,167 ) 3,899 Cash and cash equivalents 3,456 2,574 1,580 1,031 86,298 (31 ) 94,908 Total Assets 23,904 5,421 3,724 2,026 259,705 (189,505 ) 105,275 EQUITY 14,259 (15,494 ) (3,990 ) (799 ) 172,734 (98,556 ) 68,154 NON-CURRENT LIABILITIES - - - - 5,513 - 5,513 CURRENT LIABILITIES 9,645 20,915 7,714 2,825 81,458 (90,949 ) 31,608 Lease obligations - - - - - - - Provisions - - - - - - - Borrowings 1,776 1,209 2,077 577 62,647 (65,302 ) 2,984 Trade payables and other current liabilities 7,869 19,706 5,637 2,248 18,811 (25,647 ) 28,624 Total EQUITY AND LIABILITIES 23,904 5,421 3,724 2,026 259,705 (189,505 ) 105,275 The Group does not have any customers that individually account for 10% or more of its interest and income for the six months ended June 30, 2022 and 2021.	4. SEGMENT INFORMATION Under IFRS 8 ( Segment Information The Managing Director measures the performance of the Group’s business by its revenue and EBITDA, which is calculated as net income/(loss), after adding back income tax benefit/(expense), interest expense, depreciation and amortization. The Group will report financial information, both internally and externally, based on the organizational structure approved by the Managing Director of the Group. Thus, the reportable segments for the 2021 consolidated and combined carve-out financial statements are formed by the Group’s operations in Spain, Mexico and Colombia. Panama, Italy, Argentina and Codere Online Operator LTD (Malta) are grouped under “Other operations”. Codere Online Management Services LTD (Malta), Israel, United States, SEJO and Gibraltar have been grouped and reported under “Supporting”. These entities aggregated under “Supporting” segment are not operating entities (only holding companies) to entities that only provide internal support services. The entities that have been aggregated under “Other operations” and “Supporting” have been grouped in accordance with guidance allowed under IFRS 8, Operating Segments The following tables break down certain of the information presented in the consolidated and combined carve-out income statement for the years ended December 31, 2021, 2020 and 2019 by the Group’s operating segments (amounts expressed in thousands of euros). Schedule of Condensed Income Statements 12/31/2021 Spain Mexico Colombia Other Operations Supporting Eliminations Total Group Revenue 49,753 24,908 3,976 989 39,547 (38,920 ) 80,253 Personnel expenses (359 ) (407 ) (95 ) (283 ) (5,934 ) (2 ) (7,080 ) Depreciation and amortization (150 ) (7 ) (3 ) (100 ) (462 ) 1 (721 ) Other operating expenses (*) (47,947 ) (36,812 ) (7,853 ) (2,314 ) (51,615 ) 3,060 (143,481 ) Operating expenses (48,456 ) (37,226 ) (7,951 ) (2,697 ) (58,011 ) 3,059 (151,282 ) OPERATING INCOME/(LOSS) 1,297 (12,318 ) (3,975 ) (1,708 ) (18,464 ) (35,861 ) (71,029 ) Finance income (5 ) 242 4 32 14,437 (10,167 ) 4,543 Finance costs - (7 ) (28 ) (2 ) (10,649 ) 10,125 (561 ) Net financial results (5 ) 235 (24 ) 30 3,788 (42 ) 3,982 NET INCOME/(LOSS) BEFORE TAX 1,292 (12,083 ) (3,999 ) (1,678 ) (14,676 ) (35,903 ) (67,047 ) Income tax benefit/(expense) (68 ) - - (7 ) (891 ) - (966 ) NET INCOME/(LOSS) FOR THE YEAR 1,224 (12,083 ) (3,999 ) (1,685 ) (15,567 ) (35,903 ) (68,013 ) Attributable to equity holders of the Parent 1,224 (12,083 ) (3,999 ) (1,685 ) (15,567 ) (35,957 ) (68,067 ) Attributable to non-controlling interests - - - - - 54 54 * Include the transaction costs of the Business Combination as described in Note 2. 12/31/2020 Spain Mexico Colombia Other Operations Supporting Eliminations Total Group Revenue 48,279 18,422 2,355 329 31,046 (29,934 ) 70,497 Personnel expenses (275 ) (18 ) (108 ) (174 ) (4,582 ) - (5,157 ) Depreciation and amortization (470 ) (1 ) (2 ) (3 ) (456 ) - (932 ) Other operating expenses (43,230 ) (26,277 ) (3,497 ) (289 ) (35,298 ) 29,934 (78,657 ) Operating expenses (43,975 ) (26,296 ) (3,607 ) (466 ) (40,336 ) 29,934 (84,746 ) OPERATING INCOME/(LOSS) 4,304 (7,874 ) (1,252 ) (137 ) (9,290 ) - (14,249 ) Finance income - - - - 602 (434 ) 168 Finance costs (332 ) 7 - (101 ) (696 ) 434 (688 ) Net financial results (332 ) 7 - (101 ) (94 ) - (520 ) NET INCOME/(LOSS) BEFORE TAX 3,972 (7,867 ) (1,252 ) (238 ) (9,384 ) - (14,769 ) Income tax benefit/(expense) (1,077 ) - - 118 (551 ) - (1,510 ) NET INCOME/(LOSS) FOR THE YEAR 2,895 (7,867 ) (1,252 ) (120 ) (9,935 ) - (16,279 ) Attributable to equity holders of the Parent 2,895 (7,867 ) (1,252 ) (115 ) (9,935 ) - (16,274 ) Attributable to non-controlling interests - - - (5 ) - - (5 ) 12/31/2019 Spain Mexico Colombia Other Operations Supporting Eliminations Total Group Revenue 44,058 15,222 1,505 731 27,743 (27,676 ) 61,583 Personnel expenses (234 ) (6 ) (79 ) - (4,783 ) - (5,102 ) Depreciation and amortization (746 ) (1 ) - - (446 ) - (1,193 ) Other operating expenses (44,125 ) (21,754 ) (3,909 ) (550 ) (28,503 ) 27,676 (71,165 ) Operating expenses (45,105 ) (21,761 ) (3,988 ) (550 ) (33,732 ) 27,676 (77,460 ) OPERATING INCOME/(LOSS) (1,047 ) (6,539 ) (2,483 ) 181 (5,989 ) - (15,877 ) Finance income - - - - 232 (232 ) - Finance costs (3 ) - - (126 ) (372 ) 232 (269 ) Net financial results (3 ) - - (126 ) (140 ) - (269 ) NET INCOME/(LOSS) BEFORE TAX (1,050 ) (6,539 ) (2,483 ) 55 (6,129 ) - (16,146 ) Income tax benefit/(expense) 400 - - 38 (385 ) - 53 NET INCOME/(LOSS) FOR THE YEAR (650 ) (6,539 ) (2,483 ) 93 (6,514 ) - (16,093 ) Attributable to equity holders of the Parent (650 ) (6,539 ) (2,483 ) (5 ) (6,514 ) - (16,191 ) Attributable to non-controlling interests - - - 98 - - 98 The following tables break down certain of the information presented in the consolidated statement of financial position as of December 31, 2021 and in the combined carve-out statement of financial position as of December 31, 2020 by the Group’s operating segments (amounts expressed in thousands of euros). Schedule of Financial Position 12/31/2021 Spain Mexico Colombia Other Operations Supporting Eliminations Total Group Non-current assets 73 29 9 107 97,854 (97,466 ) 606 Current assets 23,831 5,392 3,715 1,919 161,851 (92,039 ) 104,669 Trade receivables and other current assets 13,353 1,734 1,337 559 37,720 (48,841 ) 5,862 Current financial assets 7,022 1,084 798 329 37,833 (43,167 ) 3,899 Cash and cash equivalents 3,456 2,574 1,580 1,031 86,298 (31 ) 94,908 Total Assets 23,904 5,421 3,724 2,026 259,705 (189,505 ) 105,275 EQUITY 14,259 (15,494 ) (3,990 ) (799 ) 172,734 (98,556 ) 68,154 NON-CURRENT LIABILITIES - - - - 5,513 - 5,513 CURRENT LIABILITIES 9,645 20,915 7,714 2,825 81,458 (90,949 ) 31,608 Lease obligations - - - - - - - Provisions - - - - - - - Borrowings 1,776 1,209 2,077 577 62,647 (65,302 ) 2,984 Trade payables and other current liabilities 7,869 19,706 5,637 2,248 18,811 (25,647 ) 28,624 Total EQUITY AND LIABILITIES 23,904 5,421 3,724 2,026 259,705 (189,505 ) 105,275 12/31/2020 Spain Mexico Colombia Other Operations Supporting Eliminations Total Group Non-current assets 213 3 6 197 9,159 (8,334 ) 1,244 Current assets 21,734 5,047 1,186 651 14,891 (26,205 ) 17,304 Trade receivables and other current assets 13,605 - - 486 12,885 (25,330 ) 1,646 Current financial assets 3,020 1,025 408 129 1,050 (875 ) 4,757 Cash and cash equivalents 5,109 4,022 778 36 956 - 10,901 Total Assets 21,947 5,050 1,192 848 24,050 (34,539 ) 18,548 EQUITY (15,232 ) (5,462 ) (1,001 ) (1,164 ) (16,823 ) (243 ) (39,925 ) NON-CURRENT LIABILITIES 21,191 - - - 250 - 21,441 CURRENT LIABILITIES 15,988 10,512 2,193 2,012 40,623 (34,296 ) 37,032 Lease obligations 9 - - - - - 9 Provisions - - - - 15 - 15 Borrowings 7,391 - - 1,238 31,286 (22,138 ) 17,777 Trade payables and other current liabilities 8,588 10,512 2,193 774 9,322 (12,158 ) 19,231 Total EQUITY AND LIABILITIES 21,947 5,050 1,192 848 24,050 (34,539 ) 18,548 The Group does not have any customers that individually account for 10% or more of its interest and income for the years ended December 31, 2021 and 2020.

FINANCIAL ASSETS

FINANCIAL ASSETS	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
FINANCIAL ASSETS	4. FINANCIAL ASSETS The breakdown of the carrying amount of the items presented under this heading at June 30, 2022 and December 31, 2021 is as follows: Disclosure of financial assets Amortized Cost 06/30/2022 Debt Instruments Carrying Amount Fair Value Current financial assets: 96,470 96,470 96,470 Trade receivables and other current assets (Note 5) 7,165 7,165 7,165 Current financial assets 4,784 4,784 4,784 Of which: with related parties (Note 11) 89 89 89 Cash and cash equivalents 84,521 84,521 84,521 Amortized Cost 12/31/2021 Debt Instruments Carrying Amount Fair Value Current financial assets: 104,669 104,669 104,669 Trade receivables and other current assets (Note 5) 5,862 5,862 5,862 Current financial assets 3,899 3,899 3,899 Of which: with related parties (Note 11) 76 76 76 Cash and cash equivalents 94,908 94,908 94,908 Cash and cash equivalents include restricted cash which corresponds to cash from Spanish clients where the regulation obliges the Company to maintain 1 euro as restricted cash for each euro the customer has in the virtual wallet 4,761 3,548 Trade receivables and other current assets mainly include deposits made by customers through retail sport betting terminals, owned by other entities of Codere Group, to their online wallets and amounted to 3,687 1,926 Current financial assets mainly correspond to deposits made by customers through payment service providers to their online wallets. Most of the current financial assets correspond to the online wallets and amounted to 3,995 3,728 Current financial assets from related parties correspond to the tax returns from Codere Group (specifically from Codere Newco), by which the Group has recognized a receivable (see Note 11) amounting to 89 76 The expected credit losses recognized on current financial assets as of June 30, 2022 and December 31, 2021 amounted to 103 55	7. FINANCIAL ASSETS The breakdown of the carrying amount of the items presented under this heading at December 31, 2021 and 2020 is as follows: Schedule of Cash and cash equivalents Amortized Cost 12/31/2021 Debt Instruments Carrying Amount Fair Value Current financial assets: 104,669 104,513 104,513 Trade receivables and other current assets (Note 8) 5,862 5,706 5,706 Current financial assets 3,899 3,899 3,899 Of which: with related parties (Note 14) 76 76 76 Cash and cash equivalents 94,908 94,908 94,908 Amortized Cost 12/31/2020 Debt Instruments Carrying Amount Fair Value Current financial assets: 17,304 17,304 17,304 Trade receivables and other current assets (Note 8) 1,646 1,646 1,646 Current financial assets 4,757 4,757 4,757 Of which: with related parties (Note 14) - - - Cash and cash equivalents 10,901 10,901 10,901 Cash and cash equivalents include mainly the cash received as a result of the Merger described in Note 1 of€89,365 thousand in exchange of shares of the Company and also include restricted cash related to Spanish clients where the regulation obliges the Group to maintain 1 euro as restricted cash for each euro the customer has in the virtual wallet. 3,548 2,647 Trade receivables and other current assets include deposits made by customers through retail sport betting terminals, owned by other entities of Codere Group, to its online wallets amounting to € 1,926 498 Current financial assets mainly correspond to deposits made by customers through payment service providers to its online wallets amounting to € 3,728 4,412 Current financial assets from related parties correspond to the tax returns from Codere Group, by which the Group has recognized a receivable (see Note 14) amounting to € 76 0 The expected credit losses recognized on current financial assets as of December 31, 2021 and 2020 amounted to € 55 49

TRADE RECEIVABLES AND OTHER CUR

TRADE RECEIVABLES AND OTHER CURRENT ASSETS	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
TRADE RECEIVABLES AND OTHER CURRENT ASSETS	5. TRADE RECEIVABLES AND OTHER CURRENT ASSETS The breakdown of the items presented under this heading at June 30,2022 and December 31, 2021 is as follows: Trade Receivables and Other Current assets 06/30/2022 12/31/2021 Trade receivables: Other receivables from the Codere Group companies (Note 11) 3,816 3,318 Impairment of trade receivables (102 ) (34 ) Other current assets: Current tax asset (VAT) 2,244 1,523 Prepayments 1,068 739 Other receivables 139 316 Total 7,165 5,862 Other receivables from the Codere Group companies mainly include balances to be paid by Latin American (“Latam”) retail companies from Codere Group amounting to € 3,178 2,405 The carrying amounts of the Group’s trade receivables and other current assets are denominated in the following currencies: Disclosure of Groups trade receivables Currency 06/30/2022 12/31/2021 COP 3,303 1,337 EUR 2,096 2,139 MXN 810 1,734 GIP 206 - PAN 297 - ILS 242 150 ARS 211 290 USD - 212 Total 7,165 5,862 The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The Group does not hold any collateral as security. The movement in the allowance for impairment of accounts receivable as of June 30, 2022 and December 31, 2021 is as follows: Disclosure of pimpairment of accounts receivable Expected credit loss as of 12/31/2020 101 Additions - Reversal (95 ) Expected credit loss as of 06/30/2021 6 Expected credit loss as of 12/31/2021 34 Additions 68 Reversal - Expected credit loss as of 06/30/2022 102	8. TRADE RECEIVABLES AND OTHER CURRENT ASSETS The breakdown of the items presented under this heading at December 31, 2021 and 2020 is as follows: Trade Receivables and Other Current assets 12/31/2021 12/31/2020 Trade receivables: Other receivables from the Codere Group companies (Note 14) 3,318 936 Impairment of trade receivables (34 ) (101 ) Other current assets: Current tax asset (VAT) 1,523 319 Prepayments 739 254 Other receivables 316 238 Total 5,862 1,646 Other receivables from the Codere Group companies mainly include balances to be paid by Latin American (“Latam”) retail companies from Codere Group amounting to € 2,405 The carrying amounts of the Group’s trade receivables and other current assets are denominated in the following currencies: Disclosure of Groups trade receivables Currency 12/31/2021 12/31/2020 EUR 2,139 1,584 GIP - 3 ILS 150 59 ARS 290 - USD 212 - MXN 1,734 - COP 1,337 - Total 5,862 1,646 The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The Group does not hold any collateral as security. The movement in the allowance for impairment of trade receivables as of December 31, 2021, 2020 and 2019 is as follows: Disclosure of pimpairment of accounts receivable Expected credit loss as of 01/01/2019 53 Additions - Reversal (23 ) Expected credit loss as of 12/31/2019 30 Additions 71 Reversal - Expected credit loss as of 12/31/2020 101 Additions - Reversal (67 ) Expected credit loss as of 12/31/2021 34

EQUITY

EQUITY	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Equity
EQUITY	6. EQUITY On June 4, 2021, the Company was created with an initial share capital amounting to €30 thousand divided into 30 thousand ordinary shares with a nominal value of one euro each (€1), all of which are fully paid up. As of December 31, 2021, the share capital of the Group amounted to € 45,121,956 45,121,956 The movement in Other reserves as of June 30, 2022, amounted to € 999	9. EQUITY Before the Business Combination, SEJO was the holding company of Codere Online Business with €60 thousand share capital. On June 4, 2021, the Company was created as described in Note 1 with an initial share capital amounting to €30 thousand divided into 30 thousand ordinary shares with a nominal value of one euro each (€1), all of which are fully paid up. As of December 31, 2021, the share capital of the Group amounted to € 45,121,956 45,121,956 ● Exchange: the transfer of SEJO to the Company, in exchange for 29,970,000 of additional newly-issued ordinary shares of the Company, which were subscribed for by CNEW. ● Merger: the contribution of all shares of DD3 Class A Common Stock issued and outstanding immediately prior to the merger to the Company in exchange for 15,121,956 ordinary shares of the Company. See the table below for a summary of Parent’s ownership: Schedule of shareholder ownership Shares Percentage Ordinary shares held by public stockholders 3,915,956 8.7 % Ordinary shares issued to the sponsor and its permitted transferees 3,421,000 7.6 % Ordinary shares issued to forward purchasers and permitted transferees 6,074,000 13.5 % Ordinary shares issued to the subscribers and their permitted transferees 1,711,000 3.8 % Ordinary shares held by CNEW 30,000,000 66.5 % Parent ordinary shares outstanding 45,121,956 100 % The movement in net Parent investment represents: i) Pursuant to the Business Combination Agreement, prior to the effective time of the Merger, CNEW and SEJO capitalized all outstanding liabilities of SEJO and its subsidiaries due to CNEW or any of its subsidiaries so that at the time of the Merger neither SEJO nor any of its subsidiaries had any liability outstanding. During 2021, the following liability conversion into equity took place amounting to €55.3 million: ● Codere España S.A. and SEJO for €28.1 million (€27.8 million correspond to the borrowings and €0.3 million correspond to the trade payables). ● CNEW and SEJO for €13.9 million (€9.3 million correspond to the borrowings and €4.6 million correspond to the trade payables). ● Codere Scommesse S.R.L. and Codere Italy S.A.U. for €1.0 million correspond to the borrowings. ● Latam companies for €2.8 million correspond to the trade payables. ● Codere Online Management Services LTD and related parties of Codere Group for €4.8 million correspond to the trade payables. The net parent investment also includes the listing costs supported by CNEW as explained in Note 2, which have been accounted for as parent contribution for €4.6 million in these consolidated and combined carve-out financial statements. ii) The impacts of the SEJO contribution. The SEJO contribution to Parent made by CNEW as of November 29, 2021 as part of the Business Combination has been registered based on the consolidated accounting balances of SEJO sub-consolidated balance sheet as of the date of the transaction, as it is considered to be a reorganization under common control. For the purposes of the equity movements presented in these consolidated and combined carve-out financial statements, as the historical values of SEJO were already presented as predecessor values as of December 31, 2020, the impact is only a reclassification from other reserves to issued capital amounting to €29,970 thousand related to the 29,970,000 new shares issued to Codere Newco at €1 nominal value. iii) The incorporation of the new parent as of June 4, 2021 As explained in Note 1, the historical financial statements for the years ended December 31, 2019 and 2020 were presented based on the former structure of the Codere Online Business prior to the Business Combination, where SEJO was the holding company. As a result of the Exchange, the Company became the parent of the Group, and consequently, the €30 thousand of issued capital paid upon incorporation of the Company would arise as Issued capital in the consolidated and combined carve-out financial statements. iv) The impacts of the DD3 contribution The DD3 contribution as part of the Business Combination made as of November 30, 2021 implied an exchange of additional 15,121,956 shares issued to DD3 shareholders at €1 nominal value in exchange for the same number of shares outstanding from DD3, immediately before the merge with Codere Online U.S. Corp. The total 15,121,956 shares of DD3 included 8,407,025 shares remaining after redemptions, and additional 6,435,000 shares issued just before the business combination to PIPE investors, as part of the commitments included in the Business Combination. The transaction with DD3 has been, partly, treated as a shared-based payment transaction that falls under IFRS 2, with the difference between the fair value of DD3 shares issued prior to the PIPE additional contribution, (was derived from quoted prices (Level 1)), which amounted to €79,145 thousand, and the fair value of the identifiable net assets of DD3 at that time, amounting to €43,300 thousand, being recorded as an expense of €35,845 thousand in the consolidated and combined carve-out income statement, representing the costs associated with the listing process. See the table with the calculations below: (in thousands except for share data) Schedule of income statement of fair value Per Share Per Share Assuming Real Redemption Value Value Shares Fair Value Fair Value Class A common shares $ 9.42 € 8.29 8,407,025 $ 79,194 € 69,695 Warrants $ 1.66 € 1.46 6,435,000 $ 10,682 € 9,450 14,842,025 $ 89,876 € 79,145 Fair Value € 43,300 Excess of fair value (listing costs) € 35,845 In addition to that, the financial assets and financial liabilities incorporated as part of DD3 contribution, which included cash and warrants respectively, have been accounted under IAS 32. The total equity impact recognized in relation to DD3 contribution, accounted based on both IFRS 2 and IAS 32 standards as previously explained, is summarized as follows, with counterpart being the €35,845 thousand of service costs and €102,425 thousand assets of cash, net of €9,450 thousand of warrant liabilities: Schedule of warrant liabilities Shares Cash USD Cash Euro Issued Capital Share Premium Total Equity Total shares after redemptions 8,407,025 $ 49,177 € 43,300 € 8,407 € 61,288 € 69,695 Additional shares issued to PIPE investors 6,714,931 $ 67,149 € 59,124 € 6,715 € 52,410 € 59,124 Total shares issued to DD3 shareholders 15,121,956 $ 116,327 € 102,425 € 15,122 € 113,697 € 128,819 (*) Spot rate to convert from USD to EUR as of November 30, 2021 was €0.8805 per US$1.00. In addition, the share premium incorporated as part of DD3 contribution have been reduced by the transaction costs supporting by CNEW as detailed below: Schedule of Share Premium Thousands of Transaction costs supported by CNEW 4,648 % equity interest held by DD3 (33%) 1,557 Attributable transaction costs to share premium 1,557 In addition to the above impacts associated with the capital increase, additional transaction costs attributable to DD3 capital increase amounting to € 5,220 Equity attributable to non-controlling interest as of December 31, 2021 and December 31, 2020 amounted to €147 and €92 thousand, respectively, which represents 25% of minority shareholder’s interest in the historical online business activity the Group has carried out through Hipica de Panama S.A. until October 1, 2021.

BORROWINGS AND NON-CURRENT FINA

BORROWINGS AND NON-CURRENT FINANCIAL LIABILITIES	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
BORROWINGS AND NON-CURRENT FINANCIAL LIABILITIES	7. BORROWINGS AND NON-CURRENT FINANCIAL LIABILITIES Current borrowings at amortized cost Disclosure of financial liabilities Amortized Cost 06/30/2022 Debt Instruments Carrying Amount Fair Value Current financial liabilities 3,990 3,990 3,990 Other borrowings 3,990 3,990 3,990 Of which: with related parties (Note 11) 3,990 3,990 3,990 Amortized Cost 12/31/2021 Debt Instruments Carrying Amount Fair Value Current financial liabilities 2,984 2,984 2,984 Other borrowings 2,984 2,984 2,984 Of which: with related parties (Note 11) 2,919 2,919 2,919 Other borrowings correspond to short-term loans, mainly composed of debt with entities from the Codere Group and amounted to € 3,990 2,919 Financial liabilities associated with financing activities The following tables present details regarding the changes in financial liabilities as of June 30, 2022 and December 31, 2021 that arise from financial activities: 06/30/2022 Disclosure of loans by entities Balance at Drawdown of Related party non-cash payable Related party Foreign exchange movement Changes in Balance at Loans - - - - - - - Other borrowings 2,984 - 1,006 - - - 3,990 Total 2,984 - 1,006 - - - 3,990 12/31/2021 Balance at Drawdown of Related party Related party Foreign exchange movement Changes in Balance at Loans 21,441 - - (21,441 ) - - - Other borrowings 17,777 450 1,845 (17,088 ) - - 2,984 Total 39,218 450 1,845 (38,529 ) - - 2,984 Non-current financial liabilities As of June 30, 2022, non-current financial liabilities included warrants accounted for as liabilities. The fair value of the warrants was derived from quoted prices (Level 1). As of June 30, 2022, the warrant liabilities amounted to € 1,920 5,513	10. BORROWINGS AND NON-CURRENT FINANCIAL LIABILITIES As of December 31, 2021, and 2020 the breakdown of financial instruments by category is as follows: Current borrowings at amortized cost Disclosure of financial liabilities Amortized 12/31/2021 Debt Instruments Carrying Amount Fair Value Current financial liabilities 2,984 2,984 2,984 Other borrowings 2,984 2,984 2,984 Of which: with related parties (Note 14) 2,919 2,919 2,919 Amortized 12/31/2020 Debt Instruments Carrying Amount Fair Value Current financial liabilities 17,777 17,777 17,777 Other borrowings 17,777 17,777 17,777 Of which: with related parties (Note 14) 17,777 17,777 17,777 Other borrowings correspond to short-term loans, mainly composed of debt with entities from the Codere Group and amounted to € 2,919 17,777 Non-current borrowings at amortized cost There were no non-current borrowings accounted for at amortized cost as of December 31, 2021 as result of the liability conversion into equity during 2021. As of December 31, 2020, the breakdown of non-current borrowings accounted for at amortized cost is as follows: Amortized 12/31/2020 Debt Instruments Carrying Amount Fair Value Non-Current financial liabilities 21,441 21,441 21,441 Loans 21,441 21,441 21,441 Of which: with related parties (Note 14) 21,441 21,441 21,441 The breakdown of the loans by entities as of December 31, 2020 is as follows: Disclosure of Financial liabilities associated with financing activities Lender Debtor Loan Date Expire Date Principal Amount (in thousand Euros) Interest Rate Codere España, S.A. Codere Online S.A.U. 12/30/2011 12/30/2023 75.50 6% Codere España, S.A. Codere Online S.A.U. 12/30/2014 12/30/2023 50.00 6% Codere España, S.A. Codere Online S.A.U. 03/01/2015 03/01/2024 15.00 6% Codere España, S.A. Codere Online S.A.U. 06/01/2015 05/31/2024 3,000.00 6% Codere España, S.A. Codere Online S.A.U. 12/30/2015 12/30/2024 600.00 6% Codere España, S.A. Codere Online S.A.U. 12/30/2016 12/30/2025 3,500.00 6% Codere España, S.A. Codere Online S.A.U. 12/30/2017 12/30/2022 6,000.00 6% Codere España, S.A. Codere Online S.A.U. 12/30/2018 12/30/2023 300.00 6% Codere España, S.A. Codere Online S.A.U. 01/23/2019 01/16/2024 2,650.00 6% Codere Newco, S.A.U. SEJO 03/01/2019 03/01/2024 250.00 6% Codere España, S.A. Codere Online S.A.U. 12/31/2019 12/31/2024 5,000.00 6% Total 21,441 All of the borrowings were denominated in Euros. The breakdown of the residual maturity contractual undiscounted cash flows of the borrowings of the Group as of December 31, 2021 and 2020, was as follows: Disclosure of loans by entities Non-current December 31, 2021 Current 2023 2024 2025 2026 Subsequent Non-current Total Loans - - - - - - - - Other borrowings 2,984 - - - - - - 2,984 Of which: to related parties (Note 14) 2,919 - - - - - - 2,919 Total 2,984 - - - - - - 2,984 Non-current December 31, 2020 Current 2022 2023 2024 2025 Subsequent Non-current Total Loans - 6,000 426 11,515 3,500 - 21,441 21,441 Other borrowings 17,777 - - - - - - 17,777 Of which: to related parties (Note 14) 17,777 6,000 426 11,515 3,500 - 21,441 39,218 Total 17,777 6,000 426 11,515 3,500 - 21,441 39,218 Other borrowings associated with financing activities The following charts present details regarding the changes in other borrowings in 2021 and 2020 that arose from financial activities: 2021 Balance at Drawdown of Related party Related party Foreign exchange movement Changes in Balance at Loans 21,441 - - (21,441 ) - - - Other borrowings 17,777 450 1,845 (17,088 ) - - 2,984 Total 39,218 450 1,845 (38,529 ) - - 2,984 2020 Balance at Drawdown of Related party Related party Foreign exchange movement Changes in Balance at Loans 21,441 - - - - 21,441 Other borrowings 30,236 245 - (12,704 ) - - 17,777 Total 51,677 245 - (12,704 ) - - 39,218 As described in Note 9, the debt conversion into equity during 2021 through borrowings amounted to € 38.5 Non-current financial liabilities As of December 31, 2021, non-current financial liabilities included warrants accounted for as liabilities. The fair value of the warrants was derived from quoted prices (Level 1). As of the date of the Business Combination on November 30, 2021, the market price of each warrant was approximately €1.46 per warrant or €9,450 thousand in the aggregate. As of December 31, 2021, the market price decreased to approximately €0.86 per warrant; therefore, as of December 31, 2021, the fair value of the warrant liabilities amounted to €5,513 thousand. The change in fair value of the warrants was recorded in the consolidated and combined carve-out income statement as finance income amounting to €3,937 thousand for the year ended December 31, 2021.

TRADE PAYABLES AND OTHER CURREN

TRADE PAYABLES AND OTHER CURRENT LIABILITIES	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
TRADE PAYABLES AND OTHER CURRENT LIABILITIES	8. TRADE PAYABLES AND OTHER CURRENT LIABILITIES The composition of trade payables and other current liabilities as of as of June 30, 2022 and December 31, 2021 is as follows: Disclosure of trade payables and other current liabilities 06/30/2022 12/31/2021 Trade payables 27,992 19,687 Customer online wallets 6,157 4,900 Other current liabilities 3,543 3,211 Accruals 744 826 Total 38,436 28,624 Of which: with related parties (Note 11) 7,829 3,729 The customer online wallets are the net difference between funds deposited by customers, plus winning wagers, less losing wagers and less customers withdrawals. Accruals include the Group’s commitments to its staff under the labor legislation prevailing in each market as well as the labor contingencies recognized in each reporting period. The details of other current liabilities as of June 30, 2022 and December 31, 2021 is as follows: Disclosure of other current liabilities 06/30/2022 12/31/2021 Accrued salaries 261 640 Current tax liabilities 1,723 966 Others 1,559 1,605 Total 3,543 3,211	11. TRADE PAYABLES AND OTHER CURRENT LIABILITIES The composition of trade payables and other current liabilities as of December 31, 2021 and 2020 is as follows: Disclosure of trade payables and other current liabilities 12/31/2021 12/31/2020 Trade payables 19,687 13,017 Customer online wallets 4,900 4,103 Other current liabilities 3,211 2,014 Accruals 826 97 Total 28,624 19,231 Of which: with related parties (Note 14) 3,729 1,479 The customer online wallets are the net difference between funds deposited by customers, plus winning wagers, less losing wagers and less customers withdrawals. Accruals include the Group’s commitments to its staff under the labor legislation prevailing in each market as well as the labor contingencies recognized in each reporting period. The details of other current liabilities as of December 31, 2021 and 2020 is as follows: Disclosure of other current liabilities 12/31/2021 12/31/2020 Accrued salaries 640 232 Current tax liabilities 966 1,510 Others 1,605 272 Total 3,211 2,014

INCOME TAX

INCOME TAX	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Income Tax
INCOME TAX	9. INCOME TAX Each of the entities included in the Group file income taxes according to the tax regulations in force in each country on an individual basis or under consolidation tax regulations. The consolidated income tax has been calculated as an aggregation of income tax expenses of each individual company. In order to calculate the taxable income of the consolidated entities individually, the accounting profit is adjusted for permanent differences. At each consolidated income statement date, a current tax asset or liability is recorded, representing income taxes currently refundable or payable. Income tax payable is the result of applying the applicable tax rate in force to each tax-paying entity, in accordance with the tax laws in force in the country in which the entity is registered. Reconciliation of book net income/(loss) before taxes to taxable income The reconciliation between book net income/(loss) before tax and the income tax benefit/(expense) from continuing operations as of June 30, 2022 is as follows: Disclosure of income tax benefit/(expense) 06/30/2022 06/30/2021 Current income tax expense (956 ) (222 ) Deferred income tax expense relating to origination and reversal of temporary diferrences (767 ) - Income tax expense recognised in statement of profit or loss (1,723 ) (222 ) Deferred taxes Disclosure of deferred taxes 06/30/2022 06/30/2021 Deferred tax asset 252 - Deferred tax liability 1,019 - The deferred tax asset generated as of June 30, 2022 due to the recognition of the long-term incentive plan impact as described in Note 12, and the deferred tax liability mainly due to the fluctuation of the exchange rates between the euro and the other currencies. As shown in the table below, the Group has generated net losses which can offset against future profits; however, as of December 31, 2021, and June 30, 2022, the Group did not recognize these considering it is not expected that these will be utilized within the foreseeable future. There is no limit on time in either country to utilize these losses against future profits. Disclosure of future profits Entity Previous 2019 2020 12/31/2021 06/30/2022 Total as of SEJO - - - 9,355 3,566 12,921 Codere Online S.A.U. (Spain) 1,792 - - - - 1,792 Codere Online Management Services LTD (Malta) - 5,971 9,592 9,051 5,997 30,611 Codere Online U.S. Corp. - - - - 6,543 6,543 LIFO AenP (Mexico) - - - 343 11,561 11,904 Codere Online Luxembourg, S.A. - - - 2,274 - 2,274 Codere Online Colombia SAS - - - - 4,111 4,111 Codere Online Panama S.A. - - - - 505 505 It is important to mention that the Group belonged to a tax consolidation group in Spain in the first three quarters of the year 2021. In the last quarter of the year, the Group has ceased to belong to the tax consolidation group and has already made all the tax payments.	12. INCOME TAX MATTERS Each of the entities included in the Group file income taxes according to the tax regulations in force in each country on an individual basis or under consolidation tax regulations. The consolidated income tax has been calculated as an aggregation of income tax expenses of each individual company. In order to calculate the taxable income of the consolidated entities individually, the accounting profit is adjusted for permanent differences. At each consolidated income statement date, a current tax asset or liability is recorded, representing income taxes currently refundable or payable. Income tax payable is the result of applying the applicable tax rate in force to each tax-paying entity, in accordance with the tax laws in force in the country in which the entity is registered. Reconciliation of book net income/(loss) before taxes to taxable income The reconciliation between book net income/(loss) before tax and the income tax benefit/(expense) from continuing operations for the fiscal years ended December 31, 2021 and 2020 is as follows: Disclosure of income tax benefit/(expense) 2021 2020 2019 Accounting net loss before tax (67,047 ) (14,769 ) (16,146 ) At Codere Online statutory income tax rate * 11,398 3,692 4,037 Tax effect unrecognized tax losses and permanent differences (17,705 ) (5,395 ) (7,409 ) Utilisation of previously unrecognised tax losses (1,000 ) - - Effect of different rates in different jurisdictions 6,341 3,095 2,987 Adjustment of prior year taxes - 118 437 Income tax benefit/(expense) (966 ) (1,510 ) 53 Effective tax rate 1 % 10.22 % 0.33 % Of which - Current tax expense (966 ) (1,510 ) 53 Deferred tax benefit/(expense) - - - Total income tax benefit/(expense) (966 ) (1,510 ) 53 * The tax rate for the year 2021 was 17% due to Codere Online Luxembourg, S.A. became to the holding company of the Group. The tax rate for the year 2020 and 2019 was 25%. As shown in the table below, the Group has generated net losses which can offset against future profits; however, as of December 31, 2021 and 2020, the Group did not recognize these considering it is not expected that these will be utilized within the foreseeable future. There is no limit on time in either country to utilize these losses against future profits. Disclosure of future profits Entity Previous 2019 2020 2021 Total as of SEJO - - - 9,355 9,355 Codere Online S.A.U. (Spain) 4,181 785 - - 4,966 Codere Online Management Services LTD (Malta) - 5,971 9,592 9,051 24,614 LIFO AenP (Mexico) 343 343 Codere Online Luxembourg, S.A. - - - 5,400 5,400 Entity Previous 2018 2019 2020 Total as of Codere Online S.A.U. (Spain) 2,643 2,538 785 - 5,966 Codere Online Management Services LTD (Malta) - - 5,971 9,592 15,563 It is important to mention that the Group belonged to a tax consolidation group in Spain in the first three quarters of the year 2021. In the last quarter of the year, the Group has ceased to belong to the tax consolidation group and has already made all the tax payments.

REVENUE AND EXPENSES

REVENUE AND EXPENSES	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
REVENUE AND EXPENSES	10. REVENUE AND EXPENSES Revenues The breakdown of the Group’s revenues for the six months ended June 30, 2022 and 2021 is as follows: Disclosure of Groups revenues 06/30/2022 06/30/2021 Online sports betting 28,386 23,470 Online casino wagering 22,876 16,474 Total 51,262 39,944 No one customer contributed more than 10% of revenue for the six months ended June 30, 2022, and 2021. Additionally, the distribution of sales by geographical market during the reporting period is as follows: Disclosure of geographical revenue 06/30/2022 06/30/2021 Spain 27,281 25,641 Mexico 19,571 11,549 Colombia 2,785 2,048 Others 1,625 706 Total 51,262 39,944 Personnel expenses The heading personnel expenses of the attached Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements as of and for the six months ended June 30, 2022 and 2021 includes expenses for wages, salaries, benefits (and other similar concepts) and social security and other social contributions expenses payable by the Group. Disclosure personnel expenses 06/30/2022 06/30/2021 Wages, salaries and similar 4,747 2,546 LTIP provision 1,004 439 Social security contributions payable by the Group 692 - Total 6,443 2,985 Depreciation and amortization The breakdown of depreciation and amortization in the Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements as of and for the six months ended June 30, 2022 and 2021 is as follows: Disclosure of depreciation and amortization 06/30/2022 06/30/2021 Depreciation of property, plant and equipment 33 25 Amortization of intangible assets 313 346 Amortization of right-of-use assets - 6 Total 346 377 Other operating expenses The breakdown of other operating expenses for the six months ended June 30, 2022 and 2021 is as follows: Disclosure of other operating expenses 06/30/2022 06/30/2021 Gambling taxes 4,701 4,437 Leases 263 287 Utilities, repairs and maintenance 450 410 Professional services and other expenses 24,127 19,426 Business e-Mail Compromise Incident (*) 744 - Casino license royalties 1,968 1,977 Marketing expenses 37,485 23,158 Total 69,738 49,695 * As explained in Note 12, the Business e-Mail Compromise Incident corresponds to the expense related to the cyber fraud activity amounted to 744 thousand euros, recorded as other operating expenses for the six months ended June 30, 2022. The Group recognizes lease payments as an operating expense on a straight-line basis over the term of the lease for the short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value. The Group has also recognized the cost of doing business (costs that were incurred by the Codere Group, which were considered to be common expenses, and therefore, an allocation of these common expenses was performed in order to reflect the portion of these expenses related to the Group) within leases, which amounted to 64 thousand euros for the six months ended June 30, 2022 (64 thousand euros as of June 30, 2021). Professional services and other expenses mainly include: (i) streaming services contracted to external parties offered to our customers as a complement to our sports betting offer, (ii) the payment processing which allow our customers to deposit and withdraw using platforms and (iii) also some of our most popular sports odds are obtained through external providers. Additionally, certain other expenses, such as those relating to marketing and customer relationship management (CRM) tools, are included in this detail. Finance income / (cost) Net financial results amounted to €10,227 thousand euros for the six months ended June 30, 2022, primarily relates to the fluctuation of the exchange rates that the group has incurred between euro and other currencies and the change in fair value of the warrants as described in the Group’s Consolidated and Combined Carve-out Financial Statements as of December 31, 2021. The Group has recorded the impact of the exchange rate and the change in fair value of the warrants as finance income amounting to €5,704 thousand and € 3,704 thousand respectively for the six months ended June 30, 2022. Earnings per share Basic earnings per share amounts are calculated by dividing (a) the net income/(loss) for the period attributable to equity holders of the Parent by (b) the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share amounts are calculated by dividing the net income/(loss) for the period attributable to ordinary equity holders of the Parent by the weighted average number of ordinary shares plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares, if any. The effect of warrants throughout 2022 qualified as antidilutive events. In accordance with IAS 33, antidilutive potential ordinary shares are disregarded in the calculation of diluted earnings per share. Additionally, because IFRS requires that the calculation of basic and diluted earnings per share (“EPS”) for all periods presented be adjusted retrospectively when the number of ordinary shares or potential ordinary shares outstanding increases as a result of a capitalization, bond issue, or share split, or decreases as a result of a reverse share split, EPS calculations for the reporting period and the comparative period should be based on the new number of shares. Therefore, as a result of the issuance of new shares on November 30, 2021, earnings per share has also been adjusted for all periods presented to reflect the number of shares issued and outstanding giving an amount of 45,121,956 for the six months ended June 30, 2022, and an amount of 30,016,151 shares for the six months ended June 30, 2021, which corresponds to the amount of shares attributable to CNEW (66.5%) without giving effect to the capital contribution of the DD3 shareholders and the resources obtained by the Nasdaq listing described in the Consolidated and Combined Carve-out Financial Statements as of December 31, 2021. Both basic and diluted earnings per share attributable to equity holders of the Group are calculated based on the following data, in each case for the six months ended June 30, 2022 and June 30, 2021. Disclosure of basic and diluted earnings per share 06/30/2022 06/30/2021 Net income/(loss) attributable to the equity holders of the Parent (thousand euros) (16,761 ) (13,300 ) Weight average number of shares outstanding: Basic 45,121,956 30,016,151 Diluted 45,121,956 30,016,151 Basic earnings per share (euros) (0.371 ) (0.443 ) Diluted earnings per share (euros) (0.371 ) (0.443 )	13. REVENUE AND EXPENSES Revenue The breakdown of the Group’s revenues is as follows: Disclosure of Groups revenues 2021 2020 2019 Online sports betting 45,875 39,719 42,678 Online casino wagering 34,178 30,778 18,905 Others 200 - - Total 80,253 70,497 61,583 Others represent the disposition of the Greenplay brand in exchange for 200 thousand euros pursuant to an asset purchase agreement between the Group and Aspire to Vita Media Group ApS on December 31, 2021. No customer contributed more than 10% of revenue for the years ended December 31, 2021, 2020 and 2019. Additionally, the distribution of sales by geographical market during the reporting period is as follows: Disclosure of geographical revenue 2021 2020 2019 Spain 49,753 48,279 44,058 Mexico 24,908 18,422 15,222 Colombia 3,976 2,355 1,489 Others 1,616 1,441 814 Total 80,253 70,497 61,583 Personnel expenses The heading personnel expenses for the 2021, 2020 and 2019 periods include expenses for wages, salaries, benefits (and other similar concepts) and social security and other social contributions expenses payable by the Group. Disclosure personnel expenses 2021 2020 2019 Wages, salaries and similar 6,248 4,483 4,308 Social security contributions payable by the Group 425 280 417 Other social contributions 407 394 377 Total 7,080 5,157 5,102 Depreciation and amortization The breakdown of depreciation and amortization for the years ended December 31, 2021, 2020 and 2019 is as follows: Disclosure of depreciation and amortization 2021 2020 2019 Depreciation of property, plant and equipment (Note 6) 54 40 27 Amortization of intangible assets (Note 5) 659 883 1,166 Amortization of right-of-use assets 8 9 - Total 721 932 1,193 Other operating expenses The breakdown of other operating expenses for the years ended December 31, 2021, 2020 and 2019 is as follows: Disclosure of other operating expenses 2021 2020 2019 Gambling taxes 8,440 8,867 7,402 Leases 596 575 488 Utilities, repairs and maintenance 793 1,258 285 Professional services and other expenses 35,905 28,639 26,320 Listing and transaction costs 45,509 - - Casino license royalties 4,024 4,255 2,241 Marketing expenses 48,214 35,063 34,429 Total 143,481 78,657 71,165 The Group recognizes lease payments as an operating expense on a straight-line basis over the term of the lease for the short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value. The Group has also recognized the cost of doing business until November 2021 (costs that were incurred by the Codere Group, which were considered to be common expenses, and therefore, an allocation of these common expenses was performed in order to reflect the portion of these expenses related to the Group) within leases, which amounted to €117 thousand in 2021 (€127 thousand in 2020 and 2019). Professional services and other expenses in 2021, 2020 and 2019 mainly include: (i) streaming services contracted to external parties offered to our customers as complement to our sports complete betting offer, (ii) the payment processing which allows our customers to deposit and withdraw money using user-friendly platforms from payment processing providers and (iii) some of our less popular sports odds hired to external providers. Additionally, included within this heading are certain other expenses, such as those relating to marketing and customer relationship management (“CRM”) tools. Included within listing and transaction costs in 2021 is the cost of the listing of €35.8 million related to the Merger and recorded as a share-based payment in accordance with IFRS 2 (see Notes 2 and 9) and the net transaction costs associated with the Business Combination amounting to €9.6 million, of which €6.6 million were assumed by Codere Online and €3.0 million were assumed by CNEW. Finance income / (cost) Finance income/(cost) for the year ended December 31, 2021 primarily relates to the change in the fair value of the warrants from the date of transfer, November 30, 2021, to the end of the year, which amounted to €3,937 thousand. Additionally, included in this heading for the years ended December 31, 2021, 2020 and 2019 is both realized and unrealized foreign exchange gains/(losses) that have been created due to the fluctuation of the exchange rates between the euro and the other currencies, mainly the Mexican peso, the Colombian peso, Argentine peso and the Panamanian balboa, that the Group uses in its operations as well as interest expense related to the Group’s outstanding borrowings from related parties. Earnings per share Basic earnings per share amounts are calculated by dividing (a) the net income/(loss) for the year attributable to equity holders of the Parent by (b) the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share amounts are calculated by dividing the net income/(loss) for the year attributable to ordinary equity holders of the Parent by the weighted average number of ordinary shares plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares, if any. The effect of warrants throughout 2021 qualified as antidilutive events. In accordance with IAS 33, antidilutive potential ordinary shares are disregarded in the calculation of diluted earnings per share. As a result of the Business Combination, as described in Note 1, Codere Group has control of the Group through CNEW with approximately 66.5% of the total outstanding ordinary shares of Parent. The remaining shareholders of Parent, which include former DD3 shareholders and certain other investors, collectively hold the remaining 33.5% stake. As of December 31, 2021, Parent had 45,121,956 issued and outstanding shares. Additionally, because IFRS requires that the calculation of basic and diluted earnings per share (“EPS”) for all periods presented be adjusted retrospectively when the number of ordinary shares or potential ordinary shares outstanding increases as a result of a capitalization, bond issue, or share split, or decreases as a result of a reverse share split, EPS calculations for the reporting period and the comparative period should be based on the new number of shares. Therefore, as a result of the issuance of new shares on November 30, 2021, earnings per share has also been adjusted for all periods presented to reflect the number of shares issued and outstanding giving an amount of 45,121,956 for the year 2021, and an amount of 30,006,101 shares for the 2020 and 2019 periods, which corresponds to the amount of shares attributable to CNEW (66.5%) without giving effect to the capital contribution of the DD3 shareholders and the resources obtained by the Nasdaq listing described in the previous paragraph. Both basic and diluted earnings per share attributable to equity holders of the Group are calculated based on the following data, in each case for the years ended December 31, 2021, 2020 and 2019: Disclosure of basic and diluted earnings per share 12/31/2021 12/31/2020 12/31/2019 Net income/(loss) attributable to the equity holders of the Parent (thousand euros) (68,067 ) (16,274 ) (16,191 ) Weight average number of shares outstanding: Basic 6,686,432 4,463,482 4,463,482 Diluted 6,686,432 4,463,482 4,463,482 Basic earnings per share (euros) (10.18 ) (3.64 ) (3.63 ) Diluted earnings per share (euros) (10.18 ) (3.64 ) (3.63 )

RELATED PARTIES

RELATED PARTIES	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
RELATED PARTIES	11. RELATED PARTIES The parties related to the Group include, in addition to its and Codere Group’s subsidiaries, associates and jointly controlled entities, if any, the Group’s key management personnel, as well as all individuals who are related to them by a family relationship, and the entities over which key management personnel may exercise significant influence or control. Balances and transactions between the Group and its subsidiaries, which are related parties of the Group, have been eliminated in consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below. Transactions with Codere Group and related companies 06/30/2022 Disclosure of transactions related companies Related Companies Relation to the Group Finance costs and exchange differences Operating expenses Revenue Codere Apuestas España S.L. Subsidiary of Codere Group - 2,114 195 CNEW Subsidiary of Codere Group 13 4,790 - Other retail companies Subsidiary of Codere Group - 1,157 6 Other Latam retail companies Subsidiary of Codere Group - 3,723 3,343 Balance at 06/30/2022 Related companies Current Trade receivables Borrowings Trade payables and Codere Apuestas España S.L. Subsidiary of Codere Group - 99 - 1,057 CNEW Subsidiary of Codere Group (2 ) 438 215 3,660 Other retail companies Subsidiary of Codere Group 89 101 339 544 Other Latam retail companies Subsidiary of Codere Group 2 3,178 3,436 2,568 89 3,816 3,990 7,829 Balance at 12/31/2021 Related companies Trade Borrowings Borrowings (Note 7) Trade payables and Codere Newco S.A.U. Parent of the Group - 937 - 1,165 Codere Operadora de Apuestas S.L. Subsidiary of Codere Group - - - 468 Codere Apuestas España S.L. Subsidiary of Codere Group - - - 749 King Bingo S.R.L. Subsidiary of Codere Group - 1 - 3 OBIN Subsidiary of Codere Group 26 (18 ) - - CTEC Subsidiary of Codere Group 50 - - - CITATI Subsidiary of Codere Group - (7 ) - - Other retail companies Subsidiary of Codere Group - - 1,776 520 Other Latam retail companies Subsidiary of Codere Group - 2,405 1,143 824 Total 76 3,318 2,919 3,729	14. RELATED PARTIES The parties related to the Group include, in addition to its and Codere Group’s subsidiaries, associates and jointly controlled entities, if any, the Group’s key management personnel, as well as all individuals who are related to them by a family relationship, and the entities over which key management personnel may exercise significant influence or control. Balances and transactions between the Group and its subsidiaries, which are related parties of the Group, have been eliminated in consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below. Transactions with Codere Group and related companies 2021 Disclosure of transactions related companies Related Companies Relation to the Group Finance Operating expenses Total Costs Codere España S.A. Subsidiary of Codere Group - (4,847 ) (4,847 ) Codere Newco S.A.U. Parent of the Group (81 ) (7,418 ) (7,499 ) Codere Operadora de Apuestas S.L. Subsidiary of Codere Group - (848 ) (848 ) Codere Italia S.P.A. Subsidiary of Codere Group (29 ) - (29 ) Other retail companies Subsidiary of Codere Group - (2,084 ) (2,084 ) Balance at 12/31/2021 Related Companies Relation to the Group Current financial assets Trade receivables Current borrowings Trade payables Codere Newco S.A.U. Parent of the Group - 937 - 1,165 Codere Operadora de Apuestas S.L. Subsidiary of Codere Group - - - 468 Codere Apuestas España S.L. Subsidiary of Codere Group - - - 749 King Bingo S.R.L. Subsidiary of Codere Group - 1 - 3 OBIN Subsidiary of Codere Group 26 (18 ) - - CTEC Subsidiary of Codere Group 50 - - - CITATI Subsidiary of Codere Group - (7 ) - - Other retail companies Subsidiary of Codere Group - - 1,776 520 Other Latam retail companies Subsidiary of Codere Group - 2,405 1,143 824 Total 76 3,318 2,919 3,729 2020 Related Companies Relation to the Group Finance Operating expenses Total Costs Codere España S.A. Subsidiary of Codere Group (281 ) - (281 ) Codere Newco S.A.U. Parent of the Group (12 ) (3,220 ) (3,232 ) Codere Apuestas España S.L. Subsidiary of Codere Group - (7,066 ) (7,066 ) Codere Apuestas Galicia S.L. Subsidiary of Codere Group - (1,287 ) (1,287 ) Codere Operadora de Apuestas S.L. Subsidiary of Codere Group - (919 ) (919 ) Codere Apuestas S.A.U. Subsidiary of Codere Group - (79 ) (79 ) Codere Italia S.P.A. Subsidiary of Codere Group (101 ) (918 ) (1,019 ) Administradora Mexicana del Hipódromo Subsidiary of Codere Group - (4,164 ) (4,164 ) Other retail companies Subsidiary of Codere Group - (534 ) (534 ) Balance at 12/31/2020 Related Companies Relation to the Group Trade receivables Non-current borrowings Current borrowings Trade payables Codere Apuestas Galicia S.L. Subsidiary of Codere Group 463 - - - Codere Italia S.P.A. Subsidiary of Codere Group 435 - 1,339 101 King Bingo S.R.L. Subsidiary of Codere Group 2 - - - Codere España S.A. Subsidiary of Codere Group - 21,191 6,644 281 Codere Newco S.A.U. Subsidiary of Codere Group - 250 9,048 152 Administradora Mexicana del Hipódromo Subsidiary of Codere Group - - - - Other retail companies Subsidiary of Codere Group 36 - 746 945 Other Latam retail companies Subsidiary of Codere Group - - - - Total 936 21,441 17,777 1,479 2019 Related Companies Relation to the Group Finance Operating expenses Total Costs Codere Newco S.A.U. Parent of the Group (9 ) (589 ) (598 ) Codere Apuestas España S.L. Subsidiary of Codere Group - (6,956 ) (6,956 ) Codere Apuestas Galicia S.L. Subsidiary of Codere Group - (1,374 ) (1,374 ) Codere Apuestas S.A.U. Subsidiary of Codere Group - (1,235 ) (1,235 ) Codere Italia S.P.A. Subsidiary of Codere Group (127 ) - (127 ) Administradora Mexicana del Hipódromo Subsidiary of Codere Group - (3,467 ) (3,467 ) Other retail companies Subsidiary of Codere Group (57 ) (287 ) (344 ) As described in Note 9, the Group signed an agreement to reduce debt through a conversion into equity amounting to €50.6 million. The liability conversion into equity process is comprised of the following: ● Codere España S.A. and SEJO for €28.1 million (€27.8 million correspond to the borrowings and €0.3 million correspond to the trade payables). ● CNEW and SEJO for €13.9 million (€9.3 million correspond to the borrowings and €4.6 million correspond to the trade payables). ● Codere Scommese S.r.l. and Codere Italy S.A.U. for €1.0 million correspond to the borrowings. ● Latam companies for €2.8 million correspond to the trade payables. ● Codere Online Management Services LTD and related parties of Codere Group for €4.8 million correspond to the trade payables. The intercompany liability is subject to the “cash free debt free” clause of the Business Combination Agreement. Accordingly, upon the Business Combination consummation (see Note 1) any outstanding liability was forgiven by the counterparty (Codere Group) and hence was converted into equity. Managing Director Services Agreement Prior to January 1, 2022, Mr. Edree, who currently serves as the Chief Executive Officer of Parent, served as Parent’s Managing Director and provided services to Codere Online Business as an independent contractor pursuant to a services agreement entered into by Mr. Edree, Novelly Investments Limited, a British Virgin Islands company majority-owned by him (“Novelly”), and Codere Online Business’s subsidiary, OMSE, with an effective date as of October 9, 2018 (as amended on November 30, 2020, the “Edree Services Agreement”). Under the Edree Services Agreement, Mr. Edree and Novelly agreed to provide, on an exclusive dedication basis (subject to their right to continue to manage certain identified holdings), certain services in exchange for a fixed annual fee payable by OMSE to Novelly of €250,000, plus a variable annual fee of up to €125,000, depending on the fulfillment of certain objectives each year. A success fee was also payable by OMSE calculated as 8% of the incremental value (as defined in the Edree Services Agreement) that is created at Codere Online, subject to a cap of €10 million, due to the services provided by Novelly. The success fee vested at a rate of 20% per year for two years (and 12% thereafter), being fully vested on the seventh anniversary of the effective date, or earlier upon the consummation of a company sale event (as defined therein). The Edree Services Agreement included a non-compete provision during the term of the agreement and for 18 months thereafter. Such provision excluded any services provided by Mr. Edree and Novelly to the companies set forth on a schedule to such agreement. On December 31, 2021, the original parties to the Edree Services Agreement and Codere Newco agreed to amend and terminate the Edree Services Agreement (“Addendum No. 2”). Pursuant to Addendum No.2, Codere Newco agreed to become the sole obligor and assume any payment obligations and other obligations of OMSE with respect to the success fee vested up to December 31, 2021 payable to Novelly under the Edree Services Agreement. Addendum No. 2 was subject to the condition that the Parent Board ratified the signing of Addendum No. 2 and the Edree Executive Employment Agreement (as defined below) on or before March 31, 2022, which condition was satisfied on February 2, 2022. Chief Executive Officer Employment Agreement Mr. Edree currently serves as the Chief Executive Officer of Parent pursuant to an executive employment agreement (“contrato laboral de alta dirección”) entered into by Mr. Edree and SEJO, dated January 1, 2022 (the “Edree Executive Employment Agreement”), which the Parent Board ratified on February 2, 2022. Under the Edree Executive Employment Agreement, Mr. Edree accepted his employment as Codere Online’s Chief Executive Officer and undertook to provide certain services under the supervision of the Parent Board and SEJO’s board of directors, on an exclusive dedication basis (subject to Mr Edree’s right to continue to manage certain identified entities under certain terms and conditions), for an indefinite term in exchange for a fixed annual salary payable by SEJO of € 250,000 The members of the board of directors as of December 31, 2021 were as follows: Name Age Title Patrick Joseph Ramsey 48 Director and Chairman of the Board Moshe Edree 55 Director and Managing Director Oscar Iglesias 47 Director and Chief Financial Officer Alejandro Rodino 48 Director Laurent Teitgen 43 Director Dr. Martin M. Werner 58 Director Daniel Valdez 36 Director The compensation to the members of the board of directors amounted to €15.7 thousand in 2021.

OTHER INFORMATION

OTHER INFORMATION	6 Months Ended
	Jun. 30, 2022
Other Information
OTHER INFORMATION	12. OTHER INFORMATION Business e-Mail Compromise Incident During the six months ended June 30, 2022, Codere Online was the victim of cyber-related fraud activity which involved electronic communications impersonating one of Codere Online’s vendors. After hacking the e-mail account of one of Codere Online’s senior officers, the perpetrators sent illegitimate requests for payments attaching doctored invoices reflecting fraudulent account information for otherwise legitimate payment requests. As a result, during the six months ended June 30, 2022, Codere Online made certain payments on outstanding invoices totaling approximately €744 thousand to foreign accounts controlled by the impersonator rather than to the account of the real vendor (the “Business e-Mail Compromise”). Codere Online launched an internal investigation to determine the full extent of the fraud scheme and related potential exposure in connection with the Business e-Mail Compromise, and has recorded a one-time pre-tax charge of €744 thousand in the six months ended June 30, 2022 as the result of this event. Following the discovery of the Business e-Mail Compromise, Codere Online promptly initiated contact with the banks involved in the wire transfers as well as appropriate law enforcement authorities. To date, Codere Online has recovered a de minimis portion of the amounts transferred to illegitimate recipients in connection with the Business e-Mail Compromise. Codere Online is continuing to pursue the recovery of the amounts transferred. Codere Online may be limited in what information it can disclose as it is currently considering legal action and other remedies available in connection with the Business e-Mail Compromise. The ultimate amount of the loss will depend on Codere Online's success in recovering some or all of the funds. Codere Online currently believes the Business e-Mail Compromise is an isolated event and, to its knowledge, it did not compromise users' account deposits or login credentials and did not result in any unauthorized access to any of the confidential consumer information or other user data that Codere Online maintains. To date, Codere Online has not found any evidence of additional fraudulent activity. While this matter will result in some additional near-term expenses, Codere Online does not expect the Business e-Mail Compromise incident to have a material impact on its business. Codere Online, led by the Internal Audit team of Codere Group, has conducted an investigation into the Business e-Mail Compromise. The investigation concluded on June 27, 2022 with a report to the audit committee of the Parent Board. The investigation has uncovered that the information contained in the e-mail account of the Codere Online senior officer was accessible to, and may have been accessed by, the perpetrators. Except for the information contained in such e-mail account, there is no evidence that Codere Online's systems were penetrated or that any corporate information, including our financial and accounting information, was accessed. The investigation has found no evidence of employee criminal involvement in the Business e-Mail Compromise. In connection with this investigation, Parent's senior management has concluded that Codere Online did not maintain effective disclosure controls and procedures because of the existence of certain material weaknesses in internal control over financial reporting. Codere Online has implemented enhanced internal controls over financial reporting and is in the process of implementing additional procedures and controls pursuant to recommendations from the investigation. MANAGEMENT INCENTIVE PLAN On February 2, 2022, the Parent Board approved the terms and conditions of a long-term incentive plan (the “LTIP”), which was approved by the Parent Shareholders at a meeting held on March 3, 2022. The main objective of the LTIP is to enhance the alignment between senior management and director interests with those of Codere Online and Parent Shareholders and to strengthen the retention and motivation of senior management and directors in the long term. The LTIP is primarily for the benefit of certain existing and future senior managers of Parent and the Remunerated Directors and certain employees and independent contractors providing services to Codere Online from time to time. The beneficiaries will be proposed by the Chief Executive Officer of Parent and will be subject to approval by the Parent Board. Upon approval by the Parent Board, such beneficiaries will receive an invitation letter to participate in the LTIP. Beneficiaries will be required to accept the terms of a post-contractual non-compete and non-solicitation agreement to benefit from the terms of the LTIP. Compensation under the LTIP will be based on the beneficiary's expected role, responsibilities and contribution to the business of Parent, among other things. The LTIP includes compensation in the form of share options, restricted shares, and/or deferred payments payable depending upon the increase in Parent's equity value. And/or deferred payments payable depending upon the Incremental Equity Value (the amount will be determined as soon as possible following year-end 2026). The Incremental Equity Value The will be calculated considering the Exercise Equity Value (will be calculated considering the 2026 Adjusted EBITDA, the Net Financial Debt and the Transaction Value of Codere Online as established in the Company Sale Event), the Base Equity Value ( amounted to $ 350 million) and the Invested Capital from shareholders (cash contributions to shareholders, in each case to the extent made after the Date of Commencement of these Plan and will be capitalized at an annual rate of 8%). According to the LTIP Agreement, the termination date of the restricted shares and deferred payments will be March 31, 2027, whereas the share options will terminate on December 31, 2027. The number of share options to be granted will be based on the portion of the Target Comp. tied to this stock option component, a $10,00 exercise price (the “Strike Price”), the Target Share Price and subject to standard anti-dilution protections and adjustment for extraordinary cash dividends. The share options granted to the Beneficiaries shall have a 20% vesting per calendar year, considering the applicable start of vesting period. The share options will be exercisable at the option of the beneficiary on a cash or cashless basis (subject to Parent’s option to net cash settle to avoid the dilutive impact from any such share option exercise) and will not be transferable by the beneficiary at any time. The number of Restricted Shares to be granted will be based on the portion of the Target Comp tied to the restricted share component and a target share price of $20.50 (“Target Share Price”). The restricted shares may also be net cash settled by Parent to avoid the dilutive impact from the issuance of restricted shares. Share options may be exercised, and restricted shares may be sold, following the later of (i) 90 days from the respective vesting date and (ii) December 31, 2023. The deferred payments right are also part of the LTIP to enhancing the alignment between senior management and directors' interest with those of Codere Online and Holdco Shareholders and to strength the retention and motivation of senior management and directors in the long term. Deferred Payments are measured in USD and employee will receive as many shares as are worth to the Deferred Payments Right amount on December 31, 2026. The deferred payments right granted to the Beneficiaries shall have a 20% vesting per calendar year and will be paid at Parent's option in cash or Ordinary Shares subject to certain exceptions and acceleration events. The company formally issuing the shares will be the Parent. However, the Employer Company of each Beneficiary will be the one liable for compliance with applicable payroll obligations (income tax withholdings and social security tax withholdings/payments). The total number of Ordinary Shares issuable to beneficiaries pursuant to the share options and restricted shares shall be limited to 5% of the total number of Ordinary Shares issued and outstanding at the time the LTIP was approved by the Parent Shareholders. Such limit will be increased by an amount equivalent to 0.2% of the total number of Ordinary Shares issued and outstanding on each December 31 through the end of the vesting period of the LTIP, to provide for additional capacity to grant awards to additional beneficiaries under the LTIP. The total number of share options, restricted shares and deferred payments right to each part of the LTIP is as follow: Disclosure of share options, restricted shares and deferred payments Share Restricted Deferred Total Rights assigned to the beneficiaries 893,495 894,562 - Fair value of the LTIP in USD 1,096,108 3,658,832 4,098,179 Weighted average price in USD 1.42 4.31 - Options granted during the period 89,350 89,456 37,616 Options exercised during the period - - - Options outstanding as of June 30, 2022 89,350 89,456 37,616 Exercisable as of June 30, 2022 - - - The fair value of the equity instruments granted has been determined using a Monte Carlo simulation valuation model as of each of the Grant dates, considering the conditions determined in the LTIP Agreement, and the following assumptions: Schedule of assumptions Forecast share price volatility (annualized) 50.13 % Plan duration (years) 5.00 Expected dividend yield 0.00 % Risk-free interest rate U.S. Sovereign Bond yield Regarding the forecasted share price volatility, given the recent listing of the Company’s shares, the annualized share price volatility has been calculated as the average historical standard deviation among the company’s selected peers, considering a 5-year period, matching the LTIP tenor. More specifically, the restricted share's fair value has been calculated as the number of estimated vested instruments times the expected share value at the assumed restricted shares exercise date. The number of estimated vested instruments used has been the one established in each beneficiary's invitation letter, and the expected share value has been determined according to the aforementioned Monte Carlo simulation and the valuation inputs previously detailed. Regarding the fair value of the stock options which may be converted into the Company's ordinary equity at a previously specified price for a determined time period, has been obtained in a similar way, by multiplying the number of vested stock options times the expected option value as of that date. In this sense, in order to determine the stock option value as of each of the grant dates, we have also used the expected share price evolution as determined by the Monte Carlo simulation model. Additionally, it is worth mentioning that options' value can be divided into intrinsic value, consisting in the difference between the underlying share's price and the option's strike if this is a positive value for the acquirer of the option shares; and time value, which represents the possibility that the option may obtain intrinsic value in the future. In this sense, according to the valuation model's share price expected evolution, the Company's stock options only have time value as of each of the grant dates, due to the value of the underlying ordinary shares as of the grant dates and the strike price of $10 per share. Finally, it must be noted that the fair value of deferred payments to be made in a future date, depends directly on a non-market condition (evolution of the Company's EBITDA during the Sub-Plan's life). However, it is possible to determine the number of shares to be delivered, based on the expected evolution of the Company's EBITDA in line with its business plan, which will be revised subsequently until the payment date. To this extent, in order to establish the preliminary number of shares which will be delivered to the Sub-Plans' beneficiaries, the main input used has been the Company's business plan. The incentives granted to the beneficiaries under the LTIP will be subject to a 5-year general vesting period, with 20% vesting per year, subject to certain exceptions and acceleration events, in order to promote the long-term retention of the beneficiaries. Except in the case of a termination for gross misconduct, fraud or gross negligence, in which case the relevant beneficiary would forfeit all rights to both vested and unvested compensation under the LTIP, beneficiaries that cease to be employed by Codere Online or to provide services to Codere Online, as applicable, will retain all vested compensation up to the date of any such resignation or termination. Awards are subject to recovery by Codere Online under certain events, including as a result of a breach of the post-contractual non-compete or non-solicit or pursuant to applicable laws and regulations. Except as prohibited by applicable laws, the company may extend loans to beneficiaries to pay certain taxes due in connection with compensation under the LTIP. The LTIP is subject to the Spanish employment law as a significant part of the compensation under the LTIP will be awarded to beneficiaries located in Spain. The components of the LTIP may be subject to special terms and conditions depending on the location of the beneficiary. The foregoing description of the LTIP does not purport to be complete and is qualified in its entirety by reference to the full text of the LTIP Master Agreement, which has been filed as an exhibit to the annual report of the Group as of December 31, 2021. As of June 30, 2022, the impact of the LTIP was recorded in the Unaudited Interim Condensed Consolidated and Combined Carve-out Statements of Income (Loss) as personnel expenses amounted to 1,004 thousand euros.

EVENTS AFTER THE REPORTING DATE

EVENTS AFTER THE REPORTING DATE	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
EVENTS AFTER THE REPORTING DATE	13. EVENTS AFTER THE REPORTING DATE As of July 1, 2022, the transfer of the Colombian license to Codere Online Colombia S.A.S. that was formally requested on December 21, 2021, as described in the Group's Consolidated and Combined Carve-out Financial Statements as of December 31, 2021, has been approved from Coljuegos and Codere Online Colombia S.A.S. began operating the online business in Colombia under the Colombia License on September 1, 2022. There were no additional events subsequent to the closing date which could have a significant effect on the Group’s Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements. To the Board of Directors of Codere Online Luxembourg, S.A. Opinion on the Consolidated and Combined Carve-out Financial Statements We have audited the accompanying Consolidated and Combined Carve-out statements of financial position as of December 31, 2021 and 2020 of Codere Online Luxembourg, S.A. (formerly denominated Codere Online Business) and subsidiaries (the “Group”), the related Consolidated and Combined Carve-out income statements and statements of comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2021, and the related notes (collectively referred to as the “Consolidated and Combined Carve-out financial statements”). In our opinion, the Consolidated and Combined Carve-out financial statements present fairly, in all material respects, the financial position of the Group at December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, in conformity with International Financial Reporting Standards issued by the International Accounting Standards Board. Basis for Opinion These Consolidated and Combined Carve-out financial statements are the responsibility of the Group’s management. Our responsibility is to express an opinion on the Group’s Consolidated and Combined Carve-out financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Consolidated and Combined Carve-out financial statements are free of material misstatement, whether due to error or fraud. The Group is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the Consolidated and Combined Carve-out financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the Consolidated and Combined Carve-out financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Consolidated and Combined Carve-out financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ Ernst & Young, S.L. We have served as the Group’s auditor since 2016 Madrid, Spain April 29, 2022 (formerly denominated CODERE ONLINE BUSINESS) AND SUBSIDIARIES CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2021 AND COMBINED CARVE-OUT STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2020 (Thousands of Euros) Notes 12/31/2021 12/31/2020 (Note 2) ASSETS A) NON-CURRENT ASSETS 606 1,244 Intangible assets 5 469 1,128 Property, plant and equipment 6 133 107 Right-of-use assets - 9 Non-current financial assets 4 - B) CURRENT ASSETS 104,669 17,304 Trade receivables and other current assets 8 5,862 1,646 Current financial assets 7 3,899 4,757 Cash and cash equivalents 7 94,908 10,901 TOTAL ASSETS (A+B) 105,275 18,548 Notes 12/31/2021 12/31/2020 EQUITY AND LIABILITIES A) EQUITY 9 68,154 (39,925 ) Equity attributable to equity holders of the Parent 68,007 (40,017 ) Equity attributable to non-controlling interest 147 92 B) NON-CURRENT LIABILITIES 5,513 21,441 Borrowings 10 - 21,441 Non-current financial liabilities 10 5,513 - C) CURRENT LIABILITIES 31,608 37,032 Lease obligations - 9 Provisions - 15 Borrowings 10 2,984 17,777 Trade payables and other current liabilities 11 28,624 19,231 TOTAL EQUITY AND LIABILITIES (A+B+C) 105,275 18,548 The accompanying notes 1 to 17 are an integral part of the consolidated and combined carve-out financial statements. (formerly denominated CODERE ONLINE BUSINESS) AND SUBSIDIARIES CONSOLIDATED AND COMBINED CARVE-OUT INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2021, 2020 AND 2019 (Thousands of Euros) Notes 2021 2020 2019 Revenue 13 80,253 70,497 61,583 Personnel expenses (7,080 ) (5,157 ) (5,102 ) Depreciation and amortization (721 ) (932 ) (1,193 ) Other operating expenses (143,481 ) (78,657 ) (71,165 ) Operating expenses 13 (151,282 ) (84,746 ) (77,460 ) OPERATING INCOME/(LOSS) (71,029 ) (14,249 ) (15,877 ) Finance income / (costs) 13 3,982 (520 ) (269 ) Net financial results 3,982 (520 ) (269 ) NET INCOME/(LOSS) BEFORE TAX (67,047 ) (14,769 ) (16,146 ) Income tax benefit/(expense) 12 (966 ) (1,510 ) 53 NET INCOME/(LOSS) FOR THE YEAR (68,013 ) (16,279 ) (16,093 ) Attributable to equity holders of the Parent (68,067 ) (16,274 ) (16,191 ) Attributable to non-controlling interests 54 (5 ) 98 Basic earnings per share attributable to equity holders of the parent (Euro) 13 (10.18 ) (3.65 ) (3.63 ) Diluted earnings per share attributable to equity holders of the parent (Euro) 13 (10.18 ) (3.65 ) (3.63 ) The accompanying notes 1 to 17 are an integral part of the consolidated and combined carve-out financial statements. (formerly denominated CODERE ONLINE BUSINESS) AND SUBSIDIARIES CONSOLIDATED AND COMBINED CARVE-OUT STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2021, 2020 AND 2019 (Thousands of Euros) 2021 2020 2019 Net loss for the year (68,013 ) (16,279 ) (16,093 ) Currency translation differences (1,134 ) 1,109 (160 ) Income tax impact - - - Items that may be reclassified subsequently to profit or loss (1,134 ) 1,109 (160 ) Total other comprehensive income/(loss) recognized in the year (1,134 ) 1,109 (160 ) Total comprehensive loss recognized in the year (69,147 ) (15,170 ) (16,253 ) Attributable to: Equity holders of the Parent (69,201 ) (15,262 ) (16,350 ) Non-controlling interests 54 92 97 The accompanying notes 1 to 17 are an integral part of the consolidated and combined carve-out financial statements. (formerly denominated CODERE ONLINE BUSINESS) AND SUBSIDIARIES CONSOLIDATED AND COMBINED CARVE-OUT STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2021, 2020 AND 2019 (Thousands of Euros) Attributable to equity holders of the Parent (SEJO) Issued Net income / Retained Net Share Other Total Non- Total Balance at January 1, 2019 60 - (1,505 ) (17,904 ) - - - (19,349 ) (1 ) (19,350 ) Net income/(loss) for the year - (16,191 ) - - - - - (16,191 ) 98 (16,093 ) Other comprehensive income/(loss) for the year - - - - - (160 ) (160 ) - (160 ) Total comprehensive income/ (loss) for the year - (16,191 ) - - - (160 ) (16,351 ) 98 (16,253 ) Appropriation of result - 16,191 (16,191 ) - - - - - - Net change in Parent investment - - - 4,270 - - 4,270 - 4,270 Balance at December 31, 2019 60 - (17,696 ) (13,634 ) - - (160 ) (31,430 ) 97 (31,333 ) Net income/(loss) for the year - (16,274 ) - - - - (16,274 ) (5 ) (16,279 ) Other comprehensive income/(loss) for the year - - - - - - 1,109 1,109 - 1,109 Total comprehensive income/ (loss) for the year - (16,274 ) - - - 1,109 (15,165 ) (5 ) (15,170 ) Appropriation of result - 16,274 (16,274 ) - - - - - - Net change in Parent investment - - - 6,578 - - 6,578 - 6,578 Balance at December 31, 2020 (Note 9) (*) 60 - (33,970 ) (7,056 ) - - 949 (40,017 ) 92 (39,925 ) The accompanying notes 1 to 17 are an integral part of the consolidated and combined carve-out financial statements. (*) The historical combined carve-out financial statements for the years ended December 31, 2019 and 2020 were presented based on the former structure of the Codere Online Business prior to the consummation of the Business Combination, where Servicios de Juego Online, S.A.U. (“SEJO”) was the holding company until the date of the Business Combination with €60 thousand of issued capital. On November 29, 2021, the Business Combination was completed, and SEJO was contributed to Codere Online Luxembourg, S.A. which became the new Parent Company of the Codere Online Business. Consequently, as of December 31, 2021, the €45,122 thousand of issued capital all corresponds to Codere Online Luxembourg, S.A. and the €60 thousand of issued capital of SEJO has been reclassified to other reserves. The net Parent investment balance included the balances that were recorded in the historical combined carve-out financial statements and the transfer of the balance from net Parent investment to other reserves occurred as a result of the Business Combination, as the former structure of the Codere Online Business is now a consolidated group. CODERE ONLINE LUXEMBOURG, S.A. (formerly denominated CODERE ONLINE BUSINESS) AND SUBSIDIARIES CONSOLIDATED AND COMBINED CARVE-OUT STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2021, 2020 AND 2019 (Thousands of Euros) Attributable to equity holders of the Parent (Codere Online Luxembourg S.A.) Issued Net income / Retained Net Other Share Other Total Non- Total Balance at December 31, 2020 (SEJO) (*) 60 - (33,970 ) (7,056 ) - - 949 (40,017 ) 92 (39,925 ) Net income/(loss) for the year - (68,067 ) - - - - (68,067 ) 54 (68,013 ) Other comprehensive income/(loss) for the year - - - - - (1,134 ) (1,134 ) - (1,134 ) Total comprehensive income/ (loss) for the year 60 (68,067 ) (33,970 ) (7,056 ) - (185 ) (109,218 ) 146 (109,072 ) Elimination of SEJO equity (former holding company) (*) (60 ) - - - 60 - - - - - Incorporation of the new Parent at June 4, 2021 (Note 1) 30 - - - - - - 30 - 30 Reclassification of net Parent investment (Note 9) (*) - - - 7,056 (7,056 ) - - - - - Change in net Parent investment (Note 9) (*) - - - 55,154 - - - 55,154 - 55,154 Reclassification to other reserves (Note 9) (*) - - - (55,154 ) 55,154 - - - - - SEJO contribution (Note 9) 29,970 - - - (29,970 ) - - - - - DD3 contribution (Note 9) 15,122 - - - - 106,920 - 122,042 - 122,042 Balance at December 31, 2021 (*) 45,122 (68,067 ) (33,970 ) - 18,188 106,920 (185 ) 68,008 146 68,154 The accompanying notes 1 to 17 are an integral part of the consolidated and combined carve-out financial statements. (*) The historical combined carve-out financial statements for the years ended December 31, 2019 and 2020 were presented based on the former structure of the Codere Online Business prior to the consummation of the Business Combination, SEJO was the holding company until the date of the Business Combination with €60 thousand of issued capital. On November 29, 2021, the Business Combination was completed, and SEJO was contributed to Codere Online Luxembourg, S.A., which became the new Parent Company of the Codere Online Business. Consequently, as of December 31, 2021, the €45,122 thousand of issued capital all corresponds to Codere Online Luxembourg, S.A. and the €60 thousand of issued capital of SEJO has been reclassified to other reserves. The net Parent investment balance included the balances that were recorded in the historical combined carve-out financial statements and the transfer of the balance from net Parent investment to other reserves occurred as a result of the Business Combination, as the former structure of the Codere Online Business is now a consolidated group. Additionally, as explained in Note 9, the Group capitalized the majority of its outstanding indebtedness with Codere Group. This was initially recorded under the net Parent investment heading and as a result of the Business Combination, has been reclassified to other reserves. (formerly denominated CODERE ONLINE BUSINESS) AND SUBSIDIARIES CONSOLIDATED AND COMBINED CARVE-OUT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2021 AND COMBINED CARVE-OUT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (Thousands of Euros) 2021 2020 (Note 2) 2019 (Note 2) Net loss before tax (67,047 ) (14,769 ) (16,146 ) Adjustments for Net financial results (2,406 ) 520 269 Operating loss (69,453 ) (14,249 ) (15,877 ) Non-cash expenses: 40,410 924 1,403 Depreciation and amortization (Note 13) 721 931 1,194 Movements in provisions (16 ) (117 ) 112 Change in Expected credit loss (67 ) 110 97 Other gains and losses (**) 35,835 Changes in fair value (Note 10) 3,937 - - Changes in working capital: 24,121 17,542 13,555 Trade receivables and other current assets (Note 8) 10,321 3,676 (3,781 ) Trade payables and other current liabilities (Note 11) 13,800 13,866 17,336 Income tax paid (270 ) (361 ) (323 ) Net cash provided by (used in) operating activities (5,192 ) 3,856 (1,242 ) Payment for purchases of property, plant and equipment (Note 6) (80 ) (55 ) (75 ) Payments for investments (3 ) (17 ) (200 ) Net cash used in investing activities (83 ) (72 ) (275 ) Drawdown of other borrowings (Note 10) 450 245 7,163 Capitalized lease payments (IFRS 16) (9 ) 9 - Proceeds from closing of the Business Combination (Note 7) 89,366 - - Other lease payments * (475 ) (429 ) (349 ) Net cash provided by (used in) financing activities 89,332 (175 ) 6,814 Net increase in cash and cash equivalents 84,057 3,609 5,297 Cash and cash equivalents at the beginning of the year 10,901 8,018 2,630 Effect of changes in exchange rates on cash and cash equivalents (50 ) (726 ) 91 Cash and cash equivalents at the end of the year 94,908 10,901 8,018 * Include the short-term lease payments, payments for leases of low-value assets and variable lease payments. ** Other gains and losses correspond to the service cost for the listing of ordinary shares as described in Note 2. The accompanying notes 1 to 17 are an integral part of the consolidated and combined carve-out financial statements. NOTES TO THE CONSOLIDATED AND COMBINED CARVE-OUT	17. EVENTS AFTER THE REPORTING DATE Management Incentive Plan On February 2, 2022, the Parent Board approved the terms and conditions of a long-term incentive plan (the “LTIP”), which was approved by the Parent Shareholders at a meeting held on March 3, 2022. The main objective of the LTIP is to enhance the alignment between senior management and director interests with those of Codere Online and Parent Shareholders and to strengthen the retention and motivation of senior management and directors in the long term. The LTIP is primarily for the benefit of certain existing and future senior managers of Parent and the Remunerated Directors and may include certain employees and independent contractors providing services to Codere Online. The beneficiaries will be proposed by the Chief Executive Officer of Parent and will be subject to approval by the Parent Board. Upon approval by the Parent Board, such beneficiaries will receive an invitation letter to participate in the LTIP. Beneficiaries will be required to accept the terms of a post-contractual non-compete and non-solicitation agreement to benefit from the terms of the LTIP. Compensation under the LTIP will be based on the beneficiary’s expected role, responsibilities and contribution to the business of Parent, among other things. The LTIP includes compensation in the form of share options, restricted shares, and/or deferred payments payable depending upon the increase in Parent’s equity value. The share options will have an exercise price of $10.00 per Ordinary Share, subject to certain anti-dilution protections, and will be exercisable at the option of the beneficiary on a cash or cashless basis (subject to Parent’s option to net cash settle to avoid the dilutive impact from any such share option exercise) and will not be transferable by the beneficiary at any time. The restricted shares may also be net cash settled by Parent to avoid the dilutive impact from the issuance of restricted shares. Share options may be exercised, and restricted shares may be sold, following the later of (i) 90 days from the respective vesting date and (ii) December 31, 2023. The deferred payments will be paid at Parent’s option in cash or Ordinary Shares, will be calculated based on the operating and financial performance of Codere Online and will be payable after the end of the vesting period of the LTIP, subject to certain exceptions and acceleration events. The total number of Ordinary Shares issuable to beneficiaries pursuant to the share options and restricted shares shall be limited to 5% of the total number of Ordinary Shares issued and outstanding at the time the LTIP was approved by the Parent Shareholders. Such limit will be increased by an amount equivalent to 0.2% of the total number of Ordinary Shares issued and outstanding on each December 31 through the end of the vesting period of the LTIP, to provide for additional capacity to grant awards to additional beneficiaries under the LTIP. The incentives granted to the beneficiaries under the LTIP will be subject to a 5-year general vesting period, with 20% vesting per year, subject to certain exceptions and acceleration events, in order to promote the long-term retention of the beneficiaries. Except in the case of a termination for gross misconduct, fraud or gross negligence, in which case the relevant beneficiary would forfeit all rights to both vested and unvested compensation under the LTIP, beneficiaries that cease to be employed by Codere Online or to provide services to Codere Online, as applicable, will retain all vested compensation up to the date of any such resignation or termination. Awards are subject to recovery by Codere Online under certain events, including as a result of a breach of the post-contractual non-compete or non-solicit or pursuant to applicable laws and regulations. Except as prohibited by applicable laws, the company may extend loans to beneficiaries to pay certain taxes due in connection with compensation under the LTIP. The LTIP will be subject to the Spanish employment law as a significant part of the compensation under the LTIP will be awarded to beneficiaries located in Spain. The components of the LTIP may be subject to special terms and conditions depending on the location of the beneficiary. The foregoing description of the LTIP does not purport to be complete and is qualified in its entirety by reference to the full text of the LTIP Master Agreement, which has been filed as an exhibit to this annual report.

BASIS OF PRESENTATION OF THE CO

BASIS OF PRESENTATION OF THE CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
BASIS OF PRESENTATION OF THE CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS	2. BASIS OF PRESENTATION OF THE UNAUDITED INTERIM CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS a) Basis of presentation and comparison of information The accompanying Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements as of and for the six months ended June 30, 2022 (the “Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements”), were prepared according to International Accounting Standard 34 (“IAS 34”), “Interim Financial Reporting”. According to IAS 34, interim financial reporting is intended to bring the contents of the Group’s last Consolidated and Combined Carve-out Financial Statements up to date, emphasizing any new activities, events or circumstances that occurred during the six months ended June 30, 2022 but without duplicating the information previously published in the Consolidated and Combined Carve-out Financial Statements. Therefore, in order to properly understand the information included in the accompanying Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements, they must be read together with the Group’s Consolidated and Combined Carve-out Financial Statements as of December 31, 2021. The Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements of the Group were prepared and approved on September 30, 2022. The Group has used the same accounting policies throughout all of the periods presented in the Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements, which are compliant with IFRS effective at the end of June 30, 2022. a.1.) Going concern The Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements present positive equity of € 51.7 68.1 54.0 73.0 The Group has a limited operating history and the Group funded its operations primarily through short-term debts with Codere Group. Since its inception, the Group has incurred recurring losses and negative cash flows from operations including net losses of € 13.3 16.8 51.7 84.5 6.6 2.8 As part of its going concern assessment, management developed a business plan with operational and financial projections through 2024. Based on this business plan, management believes the Group currently has sufficient cash available to finance its operations through 2024. This business plan contemplates that the Group will be investing all of its available cash over this three-year period (to fund negative operating cash flow) in order to achieve higher growth and increased market share in its existing core markets throughout Latin America and Europe (primarily Spain), and that the overall business will begin generating positive cash flow at some point in 2024. Also, if the business underperforms in comparison to the business plan targets, the Group may either seek external financing and/or otherwise reduce or delay marketing expenses to mitigate the impact on its cash position. Based on the Group’s current liquidity position, actual operating performance, and its reasonable expectations regarding operating performance over the coming three years, management believes that the Group has adequate resources to continue in operational existence for the next twelve months. As such, the Group continues to adopt the going concern basis of accounting in preparing the Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements. a.2.) Changes in perimeter The perimeter of the Group consists of 11 operating and supporting entities (Spain, United States, Mexico, Colombia, Panama, Italy, Gibraltar, Israel, Argentina and Malta) and 2 holding companies (Spain and Luxembourg) as described in Note 1 of these Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements and there is no change comparing to the perimeter described in Note 1 of the Group’s Consolidated and Combined Carve-out Financial Statements as of December 31, 2021. a.3.) Accounting estimates and judgments The preparation of these Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements requires that management make some judgments, estimates and assumptions that affect the application of accounting policies and the balances of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and other factors that are understood as reasonable under the circumstances. b) Accounting policies The accompanying Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements were prepared using Codere Group's historical basis in the assets and liabilities and include all revenues, expenses, assets and liabilities attributed to the Group as part of the Restructuring (“Restructuring” means the reorganization of all the online businesses of Servicios de Juego Online, S.A.U. as described in Note 1 of the Group's Consolidated and Combined Carve-out Financial Statements as of December 31, 2021), including certain general and administrative services provided by Codere Group. The Group entered into an agreement with Codere Group effective from December 1, 2021, the day after the closing date of the Business Combination, whereby Codere Group has agreed to provide the Group with the resources to comply with regulators, authorities and other third parties in general. The purpose of this contract is to ensure that the Group is complying with its obligations and correctly reflecting its costs. The fee for these services as per the agreement is 0.75% of the Group's income. In the opinion of management, the intercompany eliminations and adjustments necessary for a fair presentation of the Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements in accordance with IFRS as issued by IASB have been made. The accounting policies used in the preparation of the accompanying Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements are the same as those applied in the Consolidated and Combined Carve-out Financial Statements as of and for the year ended December 31, 2021, since none of the standards, interpretations or modifications that are applicable have had an impact on the Group’s accounting policies for the six months ended June 30, 2022. New IFRS, IFRIC and amendments to IFRS not effective as of June 30, 2022 As of the approval date of the Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements, the following standards, amendments and interpretations had been published by the IASB, but their application was not mandatory: Disclosure of Standards and Amendments Standards, amendments and interpretations Description Mandatory application for financial years starting on or after: Amendments to IAS 1- Presentation of Financial Statements Clarifications regarding the presentation of liabilities as current and non-current. 1 January 2023 IFRS 17 - Insurance Contracts Replaces IFRS 4 and clarifies the principles of registration, measurement, presentation and disclosure of insurance contracts in order to ensure that the entity provides relevant and reliable information that allows the users of the information to determine the effects of the contracts on their financial statements. 1 January 2023 Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates The amendments will make it easier to distinguish between changes in accounting estimates and changes in accounting policies. 1 January 2023 Amendments to IAS 1- Presentation of Financial Statements. Disclosure of accounting policies The amendments will help improve disclosures on accounting policies to provide more useful information to investors and other primary users of financial statements. 1 January 2023 Amendment to IAS 12 - Deferred tax on leases and decommissioning obligations The amendments will clarify that the exceptions to initial recognition are not applicable when there are taxable and deductible timing differences for the same amount. 1 January 2023 The Group estimates that no standards, amendments and interpretations in the preceding table will have a significant impact on the Consolidated and Combined carve-out financial statements in the initial period of application.	2. BASIS OF PRESENTATION OF THE CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS The accompanying consolidated and combined carve-out financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and pursuant to the interpretations issued by Interpretation Committee of the IASB (“IFRIC”). Note 3 includes a detailed description of the most significant accounting policies used consistently to prepare these consolidated and combined carve-out financial statements. The consolidated and combined carve-out financial statements were approved by the board of directors on April 29, 2022. The financial statements as of and for the year ended December 31, 2021 are consolidated and combined carve-out financial statements. The financial statements as of December 31, 2020 and for the years ended December 31, 2020 and 2019 are combined carve-out financial statements. The consolidated and combined carve-out financial statements are considered “combined” financial statements because they reflect the combined results of Parent, SEJO and the entities that were subject to the Restructuring, until the effectiveness of the Exchange on November 29, 2021. The Restructuring was treated as a reorganization of entities under common control, which is outside of the scope of IFRS 3 (Business Combinations), as such entities were under the common control and managed by the Codere Group. Accordingly, the Codere Group made an accounting policy choice to present business combinations under common control using the “predecessor accounting method” or “pooling of interest method”, which involves the following: ● The assets and liabilities of the entities subject to the Restructuring were reflected at their carrying amounts in Codere Group’s consolidated financial statements. No adjustments were made to reflect fair values or recognize any new assets or liabilities at the Exchange Effective Time (means 10:00 a.m. New York time on November 29, 2021) that would otherwise be done under the acquisition method. ● Any difference between the consideration paid/transferred and the aggregate book value of the assets and liabilities of the entities subject to the Restructuring as of the Exchange Effective Time was reflected as an adjustment to equity. ● Include all revenues, expenses, assets and liabilities attributed to the online business as part of the Restructuring. ● Under the pooling of interest method, each of the entities subject to the Restructuring is accounted for as if it had always been part of the Group. The consolidated and combined carve-out financial statements are considered “carve-out” financial statements because the 2021 income statement includes carved-out results related to the online businesses of certain entities of the Codere Group. In 2021, these entities and/or businesses were transferred to, and became wholly-owned subsidiaries of, SEJO, which became in turn a subsidiary of Parent upon consummation of the Exchange, except as described herein with respect to (i) Colombia, Panama and the City of Buenos Aires (Argentina), where Restructuring Agreements were entered into, and (ii) Mexico, where Codere Online operates under an “Asociación en Participación” or “AenP”. The historical financial information included in these consolidated and combined financial statements does not include any carved-out balances or results from Iberagen, S.A., as operations in Argentina did not begin until 2021. Additionally, as explained in greater detail in Note 1, the Merger was completed on November 30, 2021 and DD3 became a part of Codere Online. The Merger was not considered a business combination under IFRS 3 (Business Combinations), but rather it was accounted for under IFRS 2 (Share-based Payment), as DD3 was not considered to be a business under IFRS 3. Therefore, the accounting of the Merger in the Annual Financial Statements is as follows: ● To reflect the combination, the equity of DD3 was eliminated and the equity of the Company stayed as the accounting acquirer. ● The difference in the fair value of the ordinary shares transferred to holders of DD3 common stock in excess of the fair value of the net assets contributed by DD3’s shareholders represented a service cost for the listing of ordinary shares of the Company, amounting to € 35.8 ● The cost of the service, which is a non-cash expense, was € 35.8 Transaction costs incurred in connection with the consummation of the Business Combination amounted to a total of €16.4 million, of which (i) DD3 incurred €6.8 million, which were accounted for as a reduction in cash and cash equivalents and a corresponding reduction in share premium of Parent in the consolidated and combined carve-out financial statements of Codere Online for the year ended December 31, 2021 and (ii) SEJO incurred €9.6 million, of which €3.0 million were assumed by the Codere Group, and which were reflected as an increase in other operating expenses and as a combination of a reduction in cash and cash equivalents and an increase in share premium of Parent in the consolidated and combined carve-out financial statements of Codere Online for the year ended December 31, 2021. For more information see Note 2 to the Annual Financial Statements.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
ACCOUNTING POLICIES	3. ACCOUNTING POLICIES As stated in Note 2, the Group’s consolidated and combined carve-out financial statements for the periods ended December 31,2021 and 2020 have been prepared in accordance with IFRS as issued by the IASB and pursuant to the interpretations issued by the IFRIC. The following is a description of the most significant accounting policies used in preparing the accompanying consolidated and combined carve-out financial statements: a) Basis of consolidation The consolidated and combined carve-out financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to December 31, 2021. Control over an investee is achieved by a person or entity when such person or entity (i) has power over the investee, (ii) has exposure, or has rights, to variable returns from its involvement with the investee or (iii) has the ability to use its power to affect the investee’s variable returns. Parent holds 100% ownership of its subsidiaries except for (i) the AenP with LIFO, under which Codere Online is entitled to receive 99.99% of any distributed profits and (ii) Codere Online Argentina, S.A., of which SEJO will initially hold 95% and the economic rights over the remaining 5% once it is incorporated and duly registered. Consolidation of a subsidiary begins when Codere Online obtains control over the subsidiary and ceases when Codere Online loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date Codere Online gains control until the date when Codere Online ceases to control the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used inline with Codere Online’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of Codere Online are eliminated on consolidation. Regarding the Restructuring of the entities under common control, was treated as a reorganization of entities under common control, which is outside of the scope of IFRS 3 (Business Combinations). Accordingly, Codere Online made an accounting policy choice to present business combinations under common control using the “predecessor accounting method” or “pooling of interest method”, which means the assets and liabilities of the incorporated businesses were reflected at their carrying amounts. No adjustments were made to reflect fair values or recognize any new assets or liabilities at the date of the Closing of the Business Combination that would otherwise be done under the acquisition method. Additionally, any difference between the consideration paid/transferred and the aggregate book value of the assets and liabilities of the acquired entities as of the date of the relevant transaction was reflected as an adjustment to equity. The consolidated and combined carve-out financial statements were prepared using Codere Group’s historical basis in the assets and liabilities and include all revenues, expenses, assets and liabilities attributed to the Group as part of the Restructuring, including certain general and administrative services provided by Codere Group. These general and administrative services were provided by Codere Group until consummation of the Business Combination on November 30, 2021. The Group believes that by including these costs, the consolidated and combined carve-out income statements include a reasonable estimate of actual costs incurred to operate the business. However, such expenses may not be indicative of the actual level of expense that would have been incurred by the Group if it had operated as an independent, publicly traded company during the precedent periods or of the costs expected to be incurred in the future. The Group entered into an agreement with Codere Group effective from December 1, 2021, the day after the closing date of the Business Combination, whereby Codere Group has agreed to provide the Group with the resources to comply with regulators, authorities and other third parties in general. The purpose of this contract is to ensure that the Group is complying with its obligations and correctly reflecting its costs. The fee for these services as per the agreement is 0.75% of the Group’s income. b) Functional and presentation currency The functional currency of all entities comprising the Group is the currency of the countries in which they operate. The presentation currency of the Group is the Euro and therefore, all balances and transactions denominated in currencies other than the Euro are deemed to be denominated in a foreign currency. Transactions in foreign currencies are translated at their initial valuation at the spot exchange rate in effect at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated at the spot exchange rate prevailing at the balance sheet date. Exchange differences, both positive and negative, arising in this process, as well as those arising on settlement of these assets and liabilities, are recognized in the consolidated and combined carve-out income statement for the year in which they arise. Amounts are presented in these consolidated and combined carve-out financial statements are in thousands of euros, unless otherwise stated. c) Intangible assets Intangible assets are carried at acquisition or production cost, less any accumulated amortization and impairment losses, if any. These assets are tested for impairment when events or circumstances arise that may indicate that their book value may not be recoverable. Intangible assets can have (i) an indefinite useful life when, based on an analysis of all the relevant factors, it is concluded that there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the consolidated entities or (ii) a finite useful life, in all other cases. Intangible assets with indefinite useful lives are not amortized. When intangible assets have an indefinite life, an impairment analysis is required at least annually, regardless of whether there is a triggering event. Management performs an impairment analysis at the end of each reporting period or whenever there is any indication of impairment. As part of this analysis, management also reviews the remaining useful lives of the assets in order to determine whether they continue to be indefinite and, if this is not the case, to take the appropriate steps to amortize the asset. As required, management also performs an analysis on intangible assets with definite useful lives in order to determine whether there are any potential indicators of impairment. Intangible assets with definite useful lives are amortized on a straight-line basis according to the following: ● Licenses for computer programs acquired from third parties are capitalized based on the costs incurred to acquire them and to prepare each specific program for use. These costs are amortized over their estimated useful lives. ● The service concession arrangement of the Group was acquired in Italy which grants it rights to economic benefits for online business and was capitalized based on the costs incurred to acquire it. These costs are amortized over their estimated useful lives. Disclosure of amortized over their estimated useful lives Years of estimated Service concession arrangement 2 Software 4 d) Property, plant and equipment (“PP&E”) Property, plant and equipment is carried at cost less any accumulated depreciation and impairment in value, if any. Cost includes, among others, direct labor costs incurred in the installation and the relevant allocable portion of the indirect costs. The Group depreciates its property, plant and equipment from the time they can be placed in service, amortizing the cost of the assets on a straight-line basis over the assets’ estimated useful lives, which are as follows: Disclosure of estimated useful lives Years of estimated useful life Machinery and equipment 3 10 Other fixtures, fittings and tools 3 15 e) Impairment of non-current assets Non-current assets are assessed at each reporting date for indicators of impairment if there are certain events or changes indicating the possibility that the carrying amount may not be fully recoverable. Whenever such indicators arise, or in the case of assets which are subject to an annual impairment test, the recoverable amount is estimated. An asset’s recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future post-tax cash flows derived from the use of the asset or its cash generating unit, as applicable, are discounted to the asset’s present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset, whenever the result obtained is the same that would be obtained by discounting pre-tax cash flows at a pre-tax discount rate. f) Financial instruments Classification of financial assets Financial assets and financial liabilities are recognized when an entity within the Group becomes a party to the contractual provisions of a financial instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through net income or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through net income or loss are recognized immediately in the consolidated and combined carve-out income statement. Financial assets Financial assets are classified into three main categories: amortized cost, fair value through net income or loss and fair value through OCI, depending on the business model and the characteristics of the contractual cash flows. Loans, accounts receivable and financial assets that the Group expressly intends and is able to hold to maturity are subsequently measured at amortized cost less any related impairment losses. Loans and accounts receivable maturing within no more than 12 months from the reporting date are classified as current items and those maturing within more than 12 months are classified as non-current items. Impairment of financial assets The Group recognizes a loss allowance for expected credit losses on investments in debt instruments which are measured at amortized cost. The amount of expected credit losses is updated on each reporting date to reflect changes in credit risk since the initial recognition of the financial instrument. The Group recognizes lifetime Expected Credit Losses (“ECL”) for receivables, applying the simplified approach established by the IFRS 9 standard. As the Group’s historical credit loss experience between Group’s entities is nil, the expected credit loss is estimated based on external risk parameters, publicly available, such as the probability of default (PD) of Codere Group and a loss given at default (LGD) of 100%. Derecognition of financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received. With respect to the derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received (and which will be received in the future) and the cumulative gain or loss that had been recognized in the consolidated and combined carve-out financial statement of comprehensive income and accumulated in equity is recognized in the consolidated income statement. Financial liabilities Financial liabilities at amortized cost Financial liabilities are subsequently measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the exact rate that discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. Financial liabilities at fair value through profit or loss Financial liabilities are classified as at fair value through profit or loss (“FVTPL”) when the financial liability is (i) contingent consideration of an acquirer in a business combination, (ii) held for trading or (iii) it is designated as at FVTPL. Financial liabilities at fair value through profit or loss are measured at fair value, with any gains or losses arising on changes in fair value recognized in profit or loss to the extent that they are not part of a designated hedging relationship. The net gain or loss recognized in profit or loss incorporates any interest paid on the financial liability and is included in net financial results in profit or loss. For financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognized in other comprehensive income, unless the recognition of the effects of changes in the liability’s credit risk in other comprehensive income would create or enlarge an accounting mismatch in the consolidated and combined carve-out income statements. The remaining amount of change in the fair value of liability is recognized in the consolidated and combined carve-out income statements. Changes in fair value attributable to a financial liability’s credit risk that are recognized in other comprehensive income are not subsequently reclassified to profit or loss; instead, they are transferred to retained earnings upon derecognition of the financial liability. Derecognition of financial liabilities The Group derecognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or expire. The difference between the carrying amount of the derecognized financial liability and the consideration paid and payable is recognized in the consolidated and combined carve-out income statements. Accounting for warrants The warrants meet the definition of a derivative financial instrument as they represent a written put option that gives the holders of the warrants the right to exchange them for the Group’s shares at a fixed price. Although the warrants will be exchanged for the Group’s shares based on the terms of the warrant agreement, the warrants were classified as a derivative financial liability measured at FVTPL, and not as an equity instrument. Changes in the fair value of the financial liability are presented in the consolidated and combined carve-out income statements under the heading “Finance income / (costs)”. g) Cash and cash equivalents Cash and cash equivalents comprise cash in hand and at banks, demand deposits and other short-term highly liquid investments with maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. These items are stated, based on their nature, at historical cost, amortized cost or fair value, which does not differ significantly from realizable value. h) Revenue Revenue from contracts with customers is recognized when service is provided to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the services before providing them to the customer. Online gambling The Group generates its revenues from online gambling (online casino and sports betting). The Group recognizes revenue from online gambling at a point in time when each wager has been made. It is recorded as gambling revenue in the accompanying consolidated and combined carve-out income statement, with liabilities recognized and measured as the aggregate net difference between funds deposited by customers plus winning wagers less losing wagers and less customers withdrawals. We report all the wins as revenue and our provider’s share is reported in other operating expenses. Balances related to revenue A liability is recognized as an obligation to provide the gambling service to a customer for which the Group has received consideration from the customer, at which time a contract liability is recognized under trade payables and other current liabilities. For example, online sports betting involves a player placing a wager on a particular outcome of a sporting event at some fixed odds. i) Gambling and Gaming Regulation by Country Spain The Group operates online gaming in Spain pursuant to the following online licenses granted by the DGOJ, the Spanish gaming regulator, to CDON: (A) three (3) general licenses for a ten (10) year term which were recently extended for ten (10) additional years (until May 31, 2032): (i) Other Games License, (ii) Betting License and (iii) Contests License; and (B) six (6) singular licenses for: (i) slots (granted until July 30, 2025), (ii) roulette (recently extended until June 22, 2025), (iii) black jack (recently extended until June 22, 2025), (iv) sports betting (granted until April 28, 2025), (v) horse betting (granted until April 28, 2024), and (vi) other bets (granted until April 28, 2025) (collectively, the “CDON Licenses”). Online gambling and other gaming activities are regulated along with other forms of gambling by the Spanish Gaming Law. Royal Decree 1614/2011, of November 14, implementing the Spanish Gaming Law, in relation to gambling licenses, permits and registers in order to facilitate access by the various operators to the activities covered by the Law also includes the procedure to obtain the authorization of reserved gambling activities. General licenses are granted after the corresponding public tender process and have a duration of ten (10) years, renewable for an identical period, unless they are specifically limited. The operation of each type of gambling included in the scope of each general license requires the granting of a specific operating license, regulated by Article 11 of the Law. Title IV of the Spanish Gaming Law establishes the minimum technical requirements established by the National Gambling Commission that must be met by the technical equipment in terms of sufficient authentication mechanisms to guarantee, inter alia, the following: ● Confidentiality and integrity in communications. ● The identity of the participants, in the case of gambling using telematic and interactive means, as well as the verification, in the terms established by law, that they are not included in the Register provided for in Article 22.1 .b) of this Law. ● The authenticity and calculation of the bets. ● The control of their correct operation. ● Compliance with the subjective prohibitions regulated by Article 6 of this Law. ● Access to the components of the computer system exclusively by authorized personnel or by the National Gambling Commission itself, under the conditions that it may establish. Royal Decree 1613/2011, of November 14, implementing the Spanish Gaming Law, provides the regulation of gambling in relation to the technical requirements of gambling activities, regulating the requirements of gambling activities carried out through websites. ● In order to market and carry out gambling activities through websites within the scope of the Spanish Gaming Law, operators must create a specific website under the «.es» domain name to which all connections made from Spain or made with a Spanish user account should be directed. ● The operator must establish the systems, mechanisms or agreements that guarantee that all gambling activities carried out from Spain or using a Spanish user account are handled from the operator’s website under the «.es» domain name. In particular, the operator must guarantee that all connections made from Spain or by participants with Spanish user accounts and that were initially directed to websites under a domain other than the “.es,” domain which are owned or controlled by the operator, its parent or its subsidiaries, are redirected to the operator’s specific website under the «.es» domain. ● The operator shall notify the National Gambling Commission of the domain name and the relevant information and data on the website that it uses to carry on its activity, as well as any changes therein. ● Where it deems necessary for the protection of the public interest and of minors, the National Gambling Commission may establish that certain types of gambling be marketed and carried out from an exclusive website created for this purpose by the operator. The Spanish Gaming Law has a decisive impact on sector legislation on advertising, protection of personal data and electronic commerce. These three disciplines include obligations related to the duties of online games, regulated by General Advertising Law 34/1988, of November 11, and Regulation (EU) 2016/679 of the European Parliament and of The Council of April 27, 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data; Organic Law 3/2018, of December 5, of Protection of Personal Data and guarantee of Digital Rights; and Law 34/2002, of July 11, on Services of the Information Society and Electronic Commerce. These measures provide, among others, that betting advertising will only be allowed between 1:00 am and 5:00 a.m. and advertisers using social networks may only broadcast adverts to their followers. The Spanish Cabinet approved Royal Decree-Law 11/2020, of March 31, whereby urgent supplementary social and economic measures were adopted to respond to the coronavirus health crisis that led to the declaration of the state of emergency by Royal Decree 463/2020, of March 14. The new measures introduced by this Royal Decree included the updating of consumer protection measures in the context of the exceptional events caused by the COVID-19 pandemic. It was also essential to establish certain limitations within the framework of gambling regulations. Therefore, to avoid an increase in online gambling consumption (in particular, casino, bingo and poker games), which can lead to compulsive or even pathological consumption behaviors (specially to protect minors, young adults or people with gambling disorders at a time of greater exposure), restrictions were placed on commercial communications made by gambling operators with a nationwide reach, including entities designated for the marketing of lottery games. However, this particular measure was ultimately repealed by final provision 5.2 of Law 2/2021, of March 29. Title VII of the Spanish Gaming Law determines the tax regime applicable to gambling activities in compliance with the provisions of the Additional Provision Twenty of Law 56/2007, of December 28, on measures to promote the information society, the applicable tax rate being: ● State-run lotteries and games: 22% on the tax base. ● Parimutuel sports betting, straight sports betting and sports betting exchange; parimutuel horse betting, straight horse betting and horse betting exchange; and other parimutuel betting, straight betting and betting exchange: 20% on the tax base. ● Raffles: 20% on the tax base, unless they are declared to be of public utility or for charity and are therefore taxed at 5% on the tax base. ● Contests and other games: 20% on the tax base. ● Random number combinations for advertising or promotional purposes: 10% on the tax base. General State Budget Law 6/2018, of July 3, for 2018, introduced a regulatory change in terms of tax benefits by reducing by 50% the tax rates on gambling, included in the Spanish Gaming Law. The objective of this reduction is to transfer tax benefits to the Autonomous Cities of Ceuta and Melilla that are collected in other taxes for them. Since then, both Autonomous Cities have seen a reduction in the tax for online gambling operators, leaving gambling tax at 10%. To qualify for this regime, a company is required to be registered in Ceuta or Melilla and 50% of the employees have to be registered in these territories. Mexico Codere Online operates online gaming in Mexico pursuant to license 2768 granted to LIFO in May 1990, which was renewed for a period of 12 years under Official Letter DGJS/1018/2015, expiring on May 10, 2027, which allows for the operation of 18 retail locations in Mexico and online gaming. By virtue of Official Letter No. DGJS/234/2019, dated March 14, 2019 the Ministry of Interior authorizes Codere Online to operate online gaming through the website: www.codere.mx (the “LIFO License”). Mexico lacks a federal provision for online gambling, and the subsector is regulated under the Federal Law on Games and Drawings, of December 31, 1947 (the “Gaming Law”). The Gaming Law establishes that the Federal Executive, through the Ministry of the Interior, is responsible for the regulation, authorization, control and oversight of gambling and betting of any kind, including draws, with the exception of the National Lottery, which is governed by its own law. On October 23, 2013, the Regulations for the Federal Law of Games and Draws were published in the Mexican Official State Gazette, in which the main technical requirements for the gambling and gaming activities on the internet were determined, among others: ● Article 85 - The establishments shall be able to receive wagers via the internet, by telephone or electronically. For that purpose, they shall establish a system of internal control for the transactions that are made through any of these channels, including a written description of the procedures and regulations to ensure inviolability and prevent the manipulation of wager systems. Said system shall have a record of at least: (i) the number of the account and the identity of the player, and (ii) the date, time, number of transaction, wagered amount and requested selection. The mechanism for receiving wagers shall be previously approved by the Secretariat of Government. ● Article 87 - Permit holders shall fulfill the following procedures for issuing the wager tickets: (i) for each accepted wager, a single and original ticket shall be issued, which shall be given to the player, and it must be printed out with a serial number, bar code and a different number for each ticket machine, apart from the date and time of issue, wagered amount, type of wager and selection; (ii) for the wagers made via the internet, by telephone or electronically, no ticket shall be issued but the information of such wager shall be immediately registered in the central wager system after the wager has been paid. Since these wagers are made via the internet or electronically, the participants shall have access, for consulting or printing, to a voucher of their corresponding number of folio or rights. All wagers by telephone shall be recorded in audio records, with the player’s prior consent; (iii) the ticket machines shall operate connected online, in real time, to the central wager system; (iv) when, at the moment of issuing a voucher, there appears an error in the ticket machine, the voucher shall be cancelled in an administrative way; (v) the vouchers shall only be issued in the time and places appointed or authorized in the permit, and the permit holder can issue early vouchers; and (vi) the wager vouchers shall be paid at the moment that they are requested, whether in cash or through other legally accepted means of payment. Article 20 of the Gaming Law establishes that the Ministry of the Interior may grant permits to operate betting games and prize draws for the following types of business, without making specific reference to online transactions: ● for the opening and operation of betting exchange at racecourses, greyhound tracks and fronton courts, as well as for the installation of remote betting centers and rooms for drawing numbers or symbols, only to business entities that are duly constituted in accordance with the laws of the United Mexican States; ● for the opening and operation of betting exchange at fairs, to Mexican legal persons; ● for the opening and operation of betting exchange at temporarily established horse races or cock fights, to business entities duly constituted in accordance with the laws of the United Mexican States and natural persons; and ● for the organization of prize draws, to natural and legal persons constituted in accordance with the laws of the United Mexican States. The latest reform of the Special Tax on Production and Services Law (the “Special Tax Law”) published by the Mexican Official State Gazette (DOF) 12/09/19 establishes that the operation of betting games and draws, regardless of the name given to them, that require permission in accordance with the provisions of the Gaming Law and its implementing Regulations, are taxed at a rate of 30%. Article 18 of the Special Tax Law establishes that the taxable base will include the total amount of bets made by the players, minus prizes and refunds obtained by the players (refunds prior to the betting event). A 30% tax rate will be applicable on the taxable base. According to the Special Tax Law, the resulting amount may be reduced by: ● the total taxes paid according to the Gaming Law; and ● up to 20% of the amount paid to the Mexican gaming authority in order to undertake a betting activity. Finally, local gaming taxes may apply depending on each municipality and ranging from 6% to 15% tax rate on the gaming revenue of the company, and a 6% withholding on the prizes obtained by the player. In addition, in recent years, many states have established a tax on expenditures to be withheld from all players and ranges from 6% to 16.5% on their recharge (cash in). Colombia Codere Online operates online gaming in Colombia pursuant to license C1470, which allows for the operation of online gaming, granted by the Colombian gaming regulator, Coljuegos, to Codere Colombia, S.A. for a term of five (5) years and which expires on November 15, 2022 (the “Colombia License”). Codere Online intends to apply for a renewal of the Colombia License at least one month prior to its expiration, in accordance with local law. Decree Law 4142 of 2011, amended by Decree number 1451 of 2015, founded the Empresa Industrial y Comercial del Estado Administradora del Monopolio Rentístico de los Juegos de Suerte y Azar (“Coljuegos”), whose role is “[…] the exploitation, administration, operation and issuance of regulations of the games that are part of the state monopoly of gaming that by law are not attributed to another entity [...].” Pursuant to Article 38 of Law 643 of 2001, amended by Article 93 of Law 1753 of 2015, games operated over the internet are understood to be those in which betting and the payment of prizes are carried out by means that do not require the presence of the player, after they have registered on the authorized website or portal, and the mechanics of which are based on the use of a random number generator or the occurrence of real events, the results of which are not controlled by the operator of the game. Additionally, and focusing on the online gambling subsector, pursuant to the law “[…] Novelty games are considered, among others, to be pre-printed lotto, the instant lottery, the online lotto in any of its modalities, sports bets or bets at events and all games operated over the internet, or by any other form of information technology that does not require t

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2021
INTANGIBLE ASSETS	5. INTANGIBLE ASSETS The table below reconciles the carrying amounts of “Intangible assets” at the beginning and end of the reporting periods: Disclosure of Intangible assets Cost Balance at 12/31/2020 Additions Derecognitions Balance at 12/31/2021 Service concession arrangement 200 - - 200 Software 4,392 - - 4,392 Total Cost 4,592 - - 4,592 Accumulated amortization (Note 13) Service concession arrangement (3 ) (100 ) - (103 ) Software (3,461 ) (559 ) - (4,020 ) Total Amortization (3,464 ) (659 ) - (4,123 ) Total Carrying amount 1,128 (659 ) - 469 Cost Balance at 12/31/2019 Additions Derecognitions Balance at 12/31/2020 Service concession arrangement 200 - - 200 Software 4,392 - - 4,392 Total Cost 4,592 - - 4,592 Accumulated amortization (Note 13) Service concession arrangement - (3 ) - (3 ) Software (2,581 ) (880 ) - (3,461 ) Total Amortization (2,581 ) (883 ) - (3,464 ) Total Carrying amount 2,011 (883 ) - 1,128 The service concession arrangement of the Group comprised a service concession arrangement acquired in Italy which grants it rights to economic benefits for online business. The contract provides that the concession may be renewed at the end of the initial term for up to an additional 2-years. The additional contract costs that would be incurred upon renewal is dependent upon the term and the base price in the tender notice. The gross cost, accumulated amortization and impairment losses of intangible assets as of December 31, 2021, 2020 and January 1, 2020 are as follows: Disclosure of accumulated amortization and impairment losses of intangible assets Balance as of 12/31/2021 Useful life (in years) Accumulated amortization Gross cost Accumulated amortization Impairment losses Intangible assets Service concession arrangement 200 (103 ) - 97 Of which: with definite useful life 2 Straight line 200 (103 ) - 97 Software 4 Straight line 4,392 (4,020 ) - 372 Total intangible assets 4,592 (4,123 ) - 469 Balance as of 12/31/2020 Useful life (in years) Accumulated amortization Gross Accumulated amortization Impairment Intangible Service concession arrangement 200 (3 ) - 197 Of which: with definite useful life 10 Straight line 200 (3 ) - 197 Software 4 Straight line 4,392 (3,461 ) - 931 Total intangible assets 4,592 (3,464 ) - 1,128

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2021
PROPERTY, PLANT AND EQUIPMENT	6. PROPERTY, PLANT AND EQUIPMENT The reconciliation of the carrying amounts of the items comprising “Property, plant and equipment” at the beginning and end of the reporting period: Disclosure of Property, plant and equipment Cost Balance at 12/31/2020 Additions Derecognitions Balance at 12/31/2021 Machinery and equipment 167 80 - 247 Other fixtures, fittings and tools 10 - - 10 Total 177 80 - 257 Accumulated depreciation (Note 13) Machinery and equipment (68 ) (53 ) - (121 ) Other fixtures, fittings and tools (2 ) (1 ) - (3 ) Total (70 ) (54 ) - (124 ) Carrying amount 107 26 - 133 Cost Balance at 12/31/2019 Additions Derecognitions Balance at 12/31/2020 Machinery and equipment 113 55 (1 ) 167 Other fixtures, fittings and tools 10 - - 10 Total 123 55 (1 ) 177 Accumulated depreciation (Note 13) Machinery and equipment (30 ) (39 ) 1 (68 ) Other fixtures, fittings and tools (1 ) (1 ) - (2 ) Total (31 ) (40 ) 1 (70 ) Carrying amount 92 15 - 107 Additions in 2021 and 2020 mainly correspond to new machines and equipment in Spain and Mexico.

INCOME TAX MATTERS

INCOME TAX MATTERS	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Income Tax Matters
INCOME TAX MATTERS	9. INCOME TAX Each of the entities included in the Group file income taxes according to the tax regulations in force in each country on an individual basis or under consolidation tax regulations. The consolidated income tax has been calculated as an aggregation of income tax expenses of each individual company. In order to calculate the taxable income of the consolidated entities individually, the accounting profit is adjusted for permanent differences. At each consolidated income statement date, a current tax asset or liability is recorded, representing income taxes currently refundable or payable. Income tax payable is the result of applying the applicable tax rate in force to each tax-paying entity, in accordance with the tax laws in force in the country in which the entity is registered. Reconciliation of book net income/(loss) before taxes to taxable income The reconciliation between book net income/(loss) before tax and the income tax benefit/(expense) from continuing operations as of June 30, 2022 is as follows: Disclosure of income tax benefit/(expense) 06/30/2022 06/30/2021 Current income tax expense (956 ) (222 ) Deferred income tax expense relating to origination and reversal of temporary diferrences (767 ) - Income tax expense recognised in statement of profit or loss (1,723 ) (222 ) Deferred taxes Disclosure of deferred taxes 06/30/2022 06/30/2021 Deferred tax asset 252 - Deferred tax liability 1,019 - The deferred tax asset generated as of June 30, 2022 due to the recognition of the long-term incentive plan impact as described in Note 12, and the deferred tax liability mainly due to the fluctuation of the exchange rates between the euro and the other currencies. As shown in the table below, the Group has generated net losses which can offset against future profits; however, as of December 31, 2021, and June 30, 2022, the Group did not recognize these considering it is not expected that these will be utilized within the foreseeable future. There is no limit on time in either country to utilize these losses against future profits. Disclosure of future profits Entity Previous 2019 2020 12/31/2021 06/30/2022 Total as of SEJO - - - 9,355 3,566 12,921 Codere Online S.A.U. (Spain) 1,792 - - - - 1,792 Codere Online Management Services LTD (Malta) - 5,971 9,592 9,051 5,997 30,611 Codere Online U.S. Corp. - - - - 6,543 6,543 LIFO AenP (Mexico) - - - 343 11,561 11,904 Codere Online Luxembourg, S.A. - - - 2,274 - 2,274 Codere Online Colombia SAS - - - - 4,111 4,111 Codere Online Panama S.A. - - - - 505 505 It is important to mention that the Group belonged to a tax consolidation group in Spain in the first three quarters of the year 2021. In the last quarter of the year, the Group has ceased to belong to the tax consolidation group and has already made all the tax payments.	12. INCOME TAX MATTERS Each of the entities included in the Group file income taxes according to the tax regulations in force in each country on an individual basis or under consolidation tax regulations. The consolidated income tax has been calculated as an aggregation of income tax expenses of each individual company. In order to calculate the taxable income of the consolidated entities individually, the accounting profit is adjusted for permanent differences. At each consolidated income statement date, a current tax asset or liability is recorded, representing income taxes currently refundable or payable. Income tax payable is the result of applying the applicable tax rate in force to each tax-paying entity, in accordance with the tax laws in force in the country in which the entity is registered. Reconciliation of book net income/(loss) before taxes to taxable income The reconciliation between book net income/(loss) before tax and the income tax benefit/(expense) from continuing operations for the fiscal years ended December 31, 2021 and 2020 is as follows: Disclosure of income tax benefit/(expense) 2021 2020 2019 Accounting net loss before tax (67,047 ) (14,769 ) (16,146 ) At Codere Online statutory income tax rate * 11,398 3,692 4,037 Tax effect unrecognized tax losses and permanent differences (17,705 ) (5,395 ) (7,409 ) Utilisation of previously unrecognised tax losses (1,000 ) - - Effect of different rates in different jurisdictions 6,341 3,095 2,987 Adjustment of prior year taxes - 118 437 Income tax benefit/(expense) (966 ) (1,510 ) 53 Effective tax rate 1 % 10.22 % 0.33 % Of which - Current tax expense (966 ) (1,510 ) 53 Deferred tax benefit/(expense) - - - Total income tax benefit/(expense) (966 ) (1,510 ) 53 * The tax rate for the year 2021 was 17% due to Codere Online Luxembourg, S.A. became to the holding company of the Group. The tax rate for the year 2020 and 2019 was 25%. As shown in the table below, the Group has generated net losses which can offset against future profits; however, as of December 31, 2021 and 2020, the Group did not recognize these considering it is not expected that these will be utilized within the foreseeable future. There is no limit on time in either country to utilize these losses against future profits. Disclosure of future profits Entity Previous 2019 2020 2021 Total as of SEJO - - - 9,355 9,355 Codere Online S.A.U. (Spain) 4,181 785 - - 4,966 Codere Online Management Services LTD (Malta) - 5,971 9,592 9,051 24,614 LIFO AenP (Mexico) 343 343 Codere Online Luxembourg, S.A. - - - 5,400 5,400 Entity Previous 2018 2019 2020 Total as of Codere Online S.A.U. (Spain) 2,643 2,538 785 - 5,966 Codere Online Management Services LTD (Malta) - - 5,971 9,592 15,563 It is important to mention that the Group belonged to a tax consolidation group in Spain in the first three quarters of the year 2021. In the last quarter of the year, the Group has ceased to belong to the tax consolidation group and has already made all the tax payments.

RISK MANAGEMENT POLICIES

RISK MANAGEMENT POLICIES	12 Months Ended
	Dec. 31, 2021
RISK MANAGEMENT POLICIES	15. RISK MANAGEMENT POLICIES ● Key Group Risk The key risks to which the Group is exposed are related to the gambling sector. The gambling industry is closely regulated (those regulations extend to the gambling business itself and the gambling formats and channels permitted; management of the risks associated with gambling; gambling advertising; data protection; anti-money laundering; and anti-fraud, among others). Gambling operators are required to fulfil a number of technical and compliance-related obligations in order to operate under licenses that need to be renewed at certain intervals and/or are subject to ongoing oversight. The failure to comply with any of these regulations or requirements or the inability to renew our gambling licenses could have an adverse impact on our business. In addition, new regulations in the future could imply additional restrictions on already-regulated activities that could reduce the Group’s ability to offer products and services to its customers. The industry is also exposed to the formulation of new and interpretation of existing gambling tax regulations in every market. Any increase in the gambling tax burden or changes in tax calculation methodologies could affect the viability of the Group’s business. The gambling industry is often in the spotlight and the public perception of what the Group does can also have an adverse impact on its performance. Moreover, regulatory changes in the various markets could pave the way for the entry of new competitors or new gambling formats that could have an adverse impact on the Group’s business. Lastly, the Group is and will remain exposed to inspections and/ lawsuits related with the above-mentioned tax regulations and compliance rules. Elsewhere, the markets in which the Group does business expose it to political, macroeconomic and monetary risks that affect its international operations. The market conditions and social-economic variables in each of the Group’s markets affect its customers’ purchasing power and, by extension, its business performance. The Group is also affected by political and monetary risks (including exposure to currency devaluations and changes in company law in our operating markets). The Group is exposed to risks deriving from its growth and financing strategies. Indeed, its indebtedness could curtail management of the business, whereas conditions in the capital markets or the undertaking of unprofitable investments could affect the Group’s performance. Moreover, financial market circumstances and the Group’s financial situation could affect the ability to secure the guarantees or sureties needed to operate most of the gambling licenses it manages in its various business markets. In addition, the Group is exposed to the risk that its customers’ tastes and preferences could change, as well as the risk that technology could lead to alternative leisure pursuits options. It also faces risks deriving from supplier or competitor concentration in certain formats or products and the ability or inability of the former to create safe gambling products that are attractive to customers and comply with prevailing legislation in one or more markets. Lastly, the impact of technology developments on how the business and product are managed (digitalization and interconnection) implies risks with respect to the integrity of the Group’s IT systems and platforms which the Group needs to manage proactively in order to avoid potential contingencies. The Group’s financial systems currently rely significantly on human intervention. The Group is making an effort to reduce the level of human intervention in the related processes. The Group is exposed to various financial market risks as a result of its ordinary business activities. The main market risks affecting the Group are the following: ● Liquidity risk ● Exchange rate risk: ● Credit risk Liquidity risk The Group’s general financial policy consists in managing the liquidity to ensure that the funds required for future obligations are available through cash from operations and, at times, financings from related parties or third parties. Exchange rate risk Exchange rate risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s operating activities (when revenue or expense is denominated in a foreign currency). The Group actively manages exchange rate risks to control the exposure of balances to foreign currency in order to minimize the risks associated with exchange rate variations and optimizing the Group’s financial cost. In this way, it attempts to protect its solvency and financial results. The following tables include the outstanding current asset and current liability balances in foreign currencies as of December 31, 2021 and 2020 in thousands of euros: 12/31/2021 Disclosure of foreign currencies Current Current ILS 150 829 COP 1,337 2,427 MXN 1,734 6,699 GBP - 1 ARS 290 1,444 USD 85,763 158 Total 89,274 11,558 12/31/2020 Current Current ILS 351 292 COP 1,187 743 MXN 5,047 2,925 Total 6,585 3,960 The balances exposed to the exchange rate risk from Panama were not significant. Sensitivity analysis Disclosure of sensitivity analysis Thousands of euros Sensitivity -10% Sensitivity +10% Currency Exchange rate Income Equity Income Equity COP/EUR 4,509.0 109 - (109 ) - MXN/EUR 23.0 496 - (496 ) - GBP/EUR 0.8 0 - (0 ) - USD/EUR 1.1 8,592 - (8,592 ) - ARS/EUR 116.0 173 - (173 ) - ILS/EUR 4.0 55 - (55 ) - Thousands of euros Sensitivity -10% Sensitivity +10% Currency Exchange rate Income Equity Income Equity COP/EUR 4,212.0 (44 ) - 44 - MXN/EUR 24.5 (212 ) - 212 - ILS/EUR 3.9 (6 ) - 6 - Thousands of euros Sensitivity -10% Sensitivity +10% Currency Exchange rate Income Equity Income Equity COP/EUR 3,681.5 59 - (59 ) - MXN/EUR 21.2 (11 ) - 11 - GBP/EUR 0.8 21 - (21 ) - ILS/EUR 3.9 (1 ) - 1 - Credit risk The Group’s main financial assets exposed to credit risk are trade receivables, current financial assets and other current assets. Impairment provisions are determined on the basis of lifetime expected credit losses, including those expected at the individual level, using reasonable and supportable forward-looking information, based on the best information available at the date of authorizing the financial statements for issue. They are re-estimated at every reporting date on an individual basis, using the following criteria: - The age of the debt. - The existence of financial difficulties, including bankruptcy proceedings. - An analysis of the debtor’s ability to repay the loan. As described in Note 3, the Group’s historical credit loss experience between Group’s entities is nil. The expected credit loss is estimated based on external risk parameters, publicly available, such as the probability of default (“PD”) of Codere Group and a loss given at default (“LGD”) of 100%.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
Commitments And Contingencies
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES The Group is faced with certain contingencies, from time to time, involving litigation, claims, assessments or compliance. Such proceedings can be costly, time consuming and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings will not materially impact the Group’s financial condition or results of operations. Estimated losses are accrued for these proceedings when the loss is probable and can be estimated. While the Group maintains insurance coverage that the Group believes is adequate to mitigate the risks of such proceedings, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. The current liability for the estimated losses associated with these proceedings is not material to the consolidated and combined financial condition and those estimated losses are not expected to have a material impact on the Group’s results of operations. Masampe Allegations As first reported in the Codere Group’s Earnings Results presentation filed by the Company with the SEC on November 12, 2021, the Group was made aware that Masampe S.L., José Antonio Martínez Sampedro, Luis Javier Martínez Sampedro and Encarnación Martínez Sampedro filed a criminal complaint with the Audiencia Nacional (a Spanish federal court) in July 2021 (as amended in September 2021), which was dismissed by the court due to a lack of jurisdiction. The plaintiffs appealed the decision in November 2021, which appeal was subsequently dismissed by the court. On December 21, 2021, the plaintiffs filed a second appeal against the court’s decision to dismiss the appeal, which second appeal was dismissed by the court on February 3, 2022. Based on the information currently available to the Group, the Group understands that the complaint: (i) makes allegations against certain directors, managers and shareholders of Codere Group, and certain of their respective affiliates and related parties for embezzlement and scheming to alter the price of things, including shares of Codere Group, breach of information rights, passing abusive resolutions, insolvency offences and unfair administration, and (ii) was amended in September 2021 to extend certain allegations of money laundering, payments to and from tax havens, breach of data protection rules and disclosure of secrets in relation to Codere Group’s online business (which may refer to the Group), and certain irregularities in the hiring process of certain of its executives, against Novelly (as defined in Note 14), Moshe Edree, M&G Plc and several other related entities.

BASIS OF PRESENTATION OF THE _2

BASIS OF PRESENTATION OF THE UNAUDITED INTERIM CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS (Policies)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Basis of presentation and comparison of information	a) Basis of presentation and comparison of information The accompanying Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements as of and for the six months ended June 30, 2022 (the “Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements”), were prepared according to International Accounting Standard 34 (“IAS 34”), “Interim Financial Reporting”. According to IAS 34, interim financial reporting is intended to bring the contents of the Group’s last Consolidated and Combined Carve-out Financial Statements up to date, emphasizing any new activities, events or circumstances that occurred during the six months ended June 30, 2022 but without duplicating the information previously published in the Consolidated and Combined Carve-out Financial Statements. Therefore, in order to properly understand the information included in the accompanying Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements, they must be read together with the Group’s Consolidated and Combined Carve-out Financial Statements as of December 31, 2021. The Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements of the Group were prepared and approved on September 30, 2022. The Group has used the same accounting policies throughout all of the periods presented in the Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements, which are compliant with IFRS effective at the end of June 30, 2022.
Going concern	a.1.) Going concern The Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements present positive equity of € 51.7 68.1 54.0 73.0 The Group has a limited operating history and the Group funded its operations primarily through short-term debts with Codere Group. Since its inception, the Group has incurred recurring losses and negative cash flows from operations including net losses of € 13.3 16.8 51.7 84.5 6.6 2.8 As part of its going concern assessment, management developed a business plan with operational and financial projections through 2024. Based on this business plan, management believes the Group currently has sufficient cash available to finance its operations through 2024. This business plan contemplates that the Group will be investing all of its available cash over this three-year period (to fund negative operating cash flow) in order to achieve higher growth and increased market share in its existing core markets throughout Latin America and Europe (primarily Spain), and that the overall business will begin generating positive cash flow at some point in 2024. Also, if the business underperforms in comparison to the business plan targets, the Group may either seek external financing and/or otherwise reduce or delay marketing expenses to mitigate the impact on its cash position. Based on the Group’s current liquidity position, actual operating performance, and its reasonable expectations regarding operating performance over the coming three years, management believes that the Group has adequate resources to continue in operational existence for the next twelve months. As such, the Group continues to adopt the going concern basis of accounting in preparing the Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements.	m) Going concern In the context of the combined carve-out financial statements, the Group had negative equity of € 39.9 68.1 19.7 73.0 The Group has a limited operating history and prior to the Business Combination, the Group funded its operations primarily through short-term debts with Codere Group. Since its inception, the Group has incurred recurring losses and negative cash flows from operations including net losses of € 68.0 16.3 16.1 68.1 94.9 10.9 2.6 As part of its going concern assessment, management developed a business plan with operational and financial projections through 2024. Based on this business plan, management believes the Group currently has sufficient cash available to finance its operations through 2024. This business plan contemplates that the Group will be investing all of its available cash over this three-year period (to fund negative operating cash flow) in order to achieve higher growth and increased market share in its existing core markets throughout Latin America and Europe (primarily Spain), and that the overall business will begin generating positive cash flow at some point in 2024. Also, if the business underperforms in comparison to the business plan targets, the Group may either seek external financing and/or otherwise reduce or delay marketing expenses to mitigate the impact on its cash position. Based on the Group’s current liquidity position, actual operating performance, and its reasonable expectations regarding operating performance over the coming three years, management believes that the Group has adequate resources to continue in operational existence for the next twelve months. As such, the Group continues to adopt the going concern basis of accounting in preparing the consolidated and combined carve-out financial statements.
Changes in perimeter	a.2.) Changes in perimeter The perimeter of the Group consists of 11 operating and supporting entities (Spain, United States, Mexico, Colombia, Panama, Italy, Gibraltar, Israel, Argentina and Malta) and 2 holding companies (Spain and Luxembourg) as described in Note 1 of these Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements and there is no change comparing to the perimeter described in Note 1 of the Group’s Consolidated and Combined Carve-out Financial Statements as of December 31, 2021.
Accounting estimates and judgments	a.3.) Accounting estimates and judgments The preparation of these Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements requires that management make some judgments, estimates and assumptions that affect the application of accounting policies and the balances of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and other factors that are understood as reasonable under the circumstances. b) Accounting policies The accompanying Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements were prepared using Codere Group's historical basis in the assets and liabilities and include all revenues, expenses, assets and liabilities attributed to the Group as part of the Restructuring (“Restructuring” means the reorganization of all the online businesses of Servicios de Juego Online, S.A.U. as described in Note 1 of the Group's Consolidated and Combined Carve-out Financial Statements as of December 31, 2021), including certain general and administrative services provided by Codere Group. The Group entered into an agreement with Codere Group effective from December 1, 2021, the day after the closing date of the Business Combination, whereby Codere Group has agreed to provide the Group with the resources to comply with regulators, authorities and other third parties in general. The purpose of this contract is to ensure that the Group is complying with its obligations and correctly reflecting its costs. The fee for these services as per the agreement is 0.75% of the Group's income. In the opinion of management, the intercompany eliminations and adjustments necessary for a fair presentation of the Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements in accordance with IFRS as issued by IASB have been made. The accounting policies used in the preparation of the accompanying Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements are the same as those applied in the Consolidated and Combined Carve-out Financial Statements as of and for the year ended December 31, 2021, since none of the standards, interpretations or modifications that are applicable have had an impact on the Group’s accounting policies for the six months ended June 30, 2022. New IFRS, IFRIC and amendments to IFRS not effective as of June 30, 2022 As of the approval date of the Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements, the following standards, amendments and interpretations had been published by the IASB, but their application was not mandatory: Disclosure of Standards and Amendments Standards, amendments and interpretations Description Mandatory application for financial years starting on or after: Amendments to IAS 1- Presentation of Financial Statements Clarifications regarding the presentation of liabilities as current and non-current. 1 January 2023 IFRS 17 - Insurance Contracts Replaces IFRS 4 and clarifies the principles of registration, measurement, presentation and disclosure of insurance contracts in order to ensure that the entity provides relevant and reliable information that allows the users of the information to determine the effects of the contracts on their financial statements. 1 January 2023 Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates The amendments will make it easier to distinguish between changes in accounting estimates and changes in accounting policies. 1 January 2023 Amendments to IAS 1- Presentation of Financial Statements. Disclosure of accounting policies The amendments will help improve disclosures on accounting policies to provide more useful information to investors and other primary users of financial statements. 1 January 2023 Amendment to IAS 12 - Deferred tax on leases and decommissioning obligations The amendments will clarify that the exceptions to initial recognition are not applicable when there are taxable and deductible timing differences for the same amount. 1 January 2023 The Group estimates that no standards, amendments and interpretations in the preceding table will have a significant impact on the Consolidated and Combined carve-out financial statements in the initial period of application.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Basis of consolidation		a) Basis of consolidation The consolidated and combined carve-out financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to December 31, 2021. Control over an investee is achieved by a person or entity when such person or entity (i) has power over the investee, (ii) has exposure, or has rights, to variable returns from its involvement with the investee or (iii) has the ability to use its power to affect the investee’s variable returns. Parent holds 100% ownership of its subsidiaries except for (i) the AenP with LIFO, under which Codere Online is entitled to receive 99.99% of any distributed profits and (ii) Codere Online Argentina, S.A., of which SEJO will initially hold 95% and the economic rights over the remaining 5% once it is incorporated and duly registered. Consolidation of a subsidiary begins when Codere Online obtains control over the subsidiary and ceases when Codere Online loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date Codere Online gains control until the date when Codere Online ceases to control the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used inline with Codere Online’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of Codere Online are eliminated on consolidation. Regarding the Restructuring of the entities under common control, was treated as a reorganization of entities under common control, which is outside of the scope of IFRS 3 (Business Combinations). Accordingly, Codere Online made an accounting policy choice to present business combinations under common control using the “predecessor accounting method” or “pooling of interest method”, which means the assets and liabilities of the incorporated businesses were reflected at their carrying amounts. No adjustments were made to reflect fair values or recognize any new assets or liabilities at the date of the Closing of the Business Combination that would otherwise be done under the acquisition method. Additionally, any difference between the consideration paid/transferred and the aggregate book value of the assets and liabilities of the acquired entities as of the date of the relevant transaction was reflected as an adjustment to equity. The consolidated and combined carve-out financial statements were prepared using Codere Group’s historical basis in the assets and liabilities and include all revenues, expenses, assets and liabilities attributed to the Group as part of the Restructuring, including certain general and administrative services provided by Codere Group. These general and administrative services were provided by Codere Group until consummation of the Business Combination on November 30, 2021. The Group believes that by including these costs, the consolidated and combined carve-out income statements include a reasonable estimate of actual costs incurred to operate the business. However, such expenses may not be indicative of the actual level of expense that would have been incurred by the Group if it had operated as an independent, publicly traded company during the precedent periods or of the costs expected to be incurred in the future. The Group entered into an agreement with Codere Group effective from December 1, 2021, the day after the closing date of the Business Combination, whereby Codere Group has agreed to provide the Group with the resources to comply with regulators, authorities and other third parties in general. The purpose of this contract is to ensure that the Group is complying with its obligations and correctly reflecting its costs. The fee for these services as per the agreement is 0.75% of the Group’s income.
Functional and presentation currency		b) Functional and presentation currency The functional currency of all entities comprising the Group is the currency of the countries in which they operate. The presentation currency of the Group is the Euro and therefore, all balances and transactions denominated in currencies other than the Euro are deemed to be denominated in a foreign currency. Transactions in foreign currencies are translated at their initial valuation at the spot exchange rate in effect at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated at the spot exchange rate prevailing at the balance sheet date. Exchange differences, both positive and negative, arising in this process, as well as those arising on settlement of these assets and liabilities, are recognized in the consolidated and combined carve-out income statement for the year in which they arise. Amounts are presented in these consolidated and combined carve-out financial statements are in thousands of euros, unless otherwise stated.
Intangible assets		c) Intangible assets Intangible assets are carried at acquisition or production cost, less any accumulated amortization and impairment losses, if any. These assets are tested for impairment when events or circumstances arise that may indicate that their book value may not be recoverable. Intangible assets can have (i) an indefinite useful life when, based on an analysis of all the relevant factors, it is concluded that there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the consolidated entities or (ii) a finite useful life, in all other cases. Intangible assets with indefinite useful lives are not amortized. When intangible assets have an indefinite life, an impairment analysis is required at least annually, regardless of whether there is a triggering event. Management performs an impairment analysis at the end of each reporting period or whenever there is any indication of impairment. As part of this analysis, management also reviews the remaining useful lives of the assets in order to determine whether they continue to be indefinite and, if this is not the case, to take the appropriate steps to amortize the asset. As required, management also performs an analysis on intangible assets with definite useful lives in order to determine whether there are any potential indicators of impairment. Intangible assets with definite useful lives are amortized on a straight-line basis according to the following: ● Licenses for computer programs acquired from third parties are capitalized based on the costs incurred to acquire them and to prepare each specific program for use. These costs are amortized over their estimated useful lives. ● The service concession arrangement of the Group was acquired in Italy which grants it rights to economic benefits for online business and was capitalized based on the costs incurred to acquire it. These costs are amortized over their estimated useful lives. Disclosure of amortized over their estimated useful lives Years of estimated Service concession arrangement 2 Software 4
Property, plant and equipment (“PP&E”)		d) Property, plant and equipment (“PP&E”) Property, plant and equipment is carried at cost less any accumulated depreciation and impairment in value, if any. Cost includes, among others, direct labor costs incurred in the installation and the relevant allocable portion of the indirect costs. The Group depreciates its property, plant and equipment from the time they can be placed in service, amortizing the cost of the assets on a straight-line basis over the assets’ estimated useful lives, which are as follows: Disclosure of estimated useful lives Years of estimated useful life Machinery and equipment 3 10 Other fixtures, fittings and tools 3 15
Impairment of non-current assets		e) Impairment of non-current assets Non-current assets are assessed at each reporting date for indicators of impairment if there are certain events or changes indicating the possibility that the carrying amount may not be fully recoverable. Whenever such indicators arise, or in the case of assets which are subject to an annual impairment test, the recoverable amount is estimated. An asset’s recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future post-tax cash flows derived from the use of the asset or its cash generating unit, as applicable, are discounted to the asset’s present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset, whenever the result obtained is the same that would be obtained by discounting pre-tax cash flows at a pre-tax discount rate.
Financial instruments		f) Financial instruments Classification of financial assets Financial assets and financial liabilities are recognized when an entity within the Group becomes a party to the contractual provisions of a financial instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through net income or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through net income or loss are recognized immediately in the consolidated and combined carve-out income statement. Financial assets Financial assets are classified into three main categories: amortized cost, fair value through net income or loss and fair value through OCI, depending on the business model and the characteristics of the contractual cash flows. Loans, accounts receivable and financial assets that the Group expressly intends and is able to hold to maturity are subsequently measured at amortized cost less any related impairment losses. Loans and accounts receivable maturing within no more than 12 months from the reporting date are classified as current items and those maturing within more than 12 months are classified as non-current items. Impairment of financial assets The Group recognizes a loss allowance for expected credit losses on investments in debt instruments which are measured at amortized cost. The amount of expected credit losses is updated on each reporting date to reflect changes in credit risk since the initial recognition of the financial instrument. The Group recognizes lifetime Expected Credit Losses (“ECL”) for receivables, applying the simplified approach established by the IFRS 9 standard. As the Group’s historical credit loss experience between Group’s entities is nil, the expected credit loss is estimated based on external risk parameters, publicly available, such as the probability of default (PD) of Codere Group and a loss given at default (LGD) of 100%. Derecognition of financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received. With respect to the derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received (and which will be received in the future) and the cumulative gain or loss that had been recognized in the consolidated and combined carve-out financial statement of comprehensive income and accumulated in equity is recognized in the consolidated income statement. Financial liabilities Financial liabilities at amortized cost Financial liabilities are subsequently measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the exact rate that discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. Financial liabilities at fair value through profit or loss Financial liabilities are classified as at fair value through profit or loss (“FVTPL”) when the financial liability is (i) contingent consideration of an acquirer in a business combination, (ii) held for trading or (iii) it is designated as at FVTPL. Financial liabilities at fair value through profit or loss are measured at fair value, with any gains or losses arising on changes in fair value recognized in profit or loss to the extent that they are not part of a designated hedging relationship. The net gain or loss recognized in profit or loss incorporates any interest paid on the financial liability and is included in net financial results in profit or loss. For financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognized in other comprehensive income, unless the recognition of the effects of changes in the liability’s credit risk in other comprehensive income would create or enlarge an accounting mismatch in the consolidated and combined carve-out income statements. The remaining amount of change in the fair value of liability is recognized in the consolidated and combined carve-out income statements. Changes in fair value attributable to a financial liability’s credit risk that are recognized in other comprehensive income are not subsequently reclassified to profit or loss; instead, they are transferred to retained earnings upon derecognition of the financial liability. Derecognition of financial liabilities The Group derecognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or expire. The difference between the carrying amount of the derecognized financial liability and the consideration paid and payable is recognized in the consolidated and combined carve-out income statements. Accounting for warrants The warrants meet the definition of a derivative financial instrument as they represent a written put option that gives the holders of the warrants the right to exchange them for the Group’s shares at a fixed price. Although the warrants will be exchanged for the Group’s shares based on the terms of the warrant agreement, the warrants were classified as a derivative financial liability measured at FVTPL, and not as an equity instrument. Changes in the fair value of the financial liability are presented in the consolidated and combined carve-out income statements under the heading “Finance income / (costs)”.
Cash and cash equivalents		g) Cash and cash equivalents Cash and cash equivalents comprise cash in hand and at banks, demand deposits and other short-term highly liquid investments with maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. These items are stated, based on their nature, at historical cost, amortized cost or fair value, which does not differ significantly from realizable value.
Revenue		h) Revenue Revenue from contracts with customers is recognized when service is provided to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the services before providing them to the customer. Online gambling The Group generates its revenues from online gambling (online casino and sports betting). The Group recognizes revenue from online gambling at a point in time when each wager has been made. It is recorded as gambling revenue in the accompanying consolidated and combined carve-out income statement, with liabilities recognized and measured as the aggregate net difference between funds deposited by customers plus winning wagers less losing wagers and less customers withdrawals. We report all the wins as revenue and our provider’s share is reported in other operating expenses. Balances related to revenue A liability is recognized as an obligation to provide the gambling service to a customer for which the Group has received consideration from the customer, at which time a contract liability is recognized under trade payables and other current liabilities. For example, online sports betting involves a player placing a wager on a particular outcome of a sporting event at some fixed odds.
Gambling and Gaming Regulation by Country		i) Gambling and Gaming Regulation by Country Spain The Group operates online gaming in Spain pursuant to the following online licenses granted by the DGOJ, the Spanish gaming regulator, to CDON: (A) three (3) general licenses for a ten (10) year term which were recently extended for ten (10) additional years (until May 31, 2032): (i) Other Games License, (ii) Betting License and (iii) Contests License; and (B) six (6) singular licenses for: (i) slots (granted until July 30, 2025), (ii) roulette (recently extended until June 22, 2025), (iii) black jack (recently extended until June 22, 2025), (iv) sports betting (granted until April 28, 2025), (v) horse betting (granted until April 28, 2024), and (vi) other bets (granted until April 28, 2025) (collectively, the “CDON Licenses”). Online gambling and other gaming activities are regulated along with other forms of gambling by the Spanish Gaming Law. Royal Decree 1614/2011, of November 14, implementing the Spanish Gaming Law, in relation to gambling licenses, permits and registers in order to facilitate access by the various operators to the activities covered by the Law also includes the procedure to obtain the authorization of reserved gambling activities. General licenses are granted after the corresponding public tender process and have a duration of ten (10) years, renewable for an identical period, unless they are specifically limited. The operation of each type of gambling included in the scope of each general license requires the granting of a specific operating license, regulated by Article 11 of the Law. Title IV of the Spanish Gaming Law establishes the minimum technical requirements established by the National Gambling Commission that must be met by the technical equipment in terms of sufficient authentication mechanisms to guarantee, inter alia, the following: ● Confidentiality and integrity in communications. ● The identity of the participants, in the case of gambling using telematic and interactive means, as well as the verification, in the terms established by law, that they are not included in the Register provided for in Article 22.1 .b) of this Law. ● The authenticity and calculation of the bets. ● The control of their correct operation. ● Compliance with the subjective prohibitions regulated by Article 6 of this Law. ● Access to the components of the computer system exclusively by authorized personnel or by the National Gambling Commission itself, under the conditions that it may establish. Royal Decree 1613/2011, of November 14, implementing the Spanish Gaming Law, provides the regulation of gambling in relation to the technical requirements of gambling activities, regulating the requirements of gambling activities carried out through websites. ● In order to market and carry out gambling activities through websites within the scope of the Spanish Gaming Law, operators must create a specific website under the «.es» domain name to which all connections made from Spain or made with a Spanish user account should be directed. ● The operator must establish the systems, mechanisms or agreements that guarantee that all gambling activities carried out from Spain or using a Spanish user account are handled from the operator’s website under the «.es» domain name. In particular, the operator must guarantee that all connections made from Spain or by participants with Spanish user accounts and that were initially directed to websites under a domain other than the “.es,” domain which are owned or controlled by the operator, its parent or its subsidiaries, are redirected to the operator’s specific website under the «.es» domain. ● The operator shall notify the National Gambling Commission of the domain name and the relevant information and data on the website that it uses to carry on its activity, as well as any changes therein. ● Where it deems necessary for the protection of the public interest and of minors, the National Gambling Commission may establish that certain types of gambling be marketed and carried out from an exclusive website created for this purpose by the operator. The Spanish Gaming Law has a decisive impact on sector legislation on advertising, protection of personal data and electronic commerce. These three disciplines include obligations related to the duties of online games, regulated by General Advertising Law 34/1988, of November 11, and Regulation (EU) 2016/679 of the European Parliament and of The Council of April 27, 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data; Organic Law 3/2018, of December 5, of Protection of Personal Data and guarantee of Digital Rights; and Law 34/2002, of July 11, on Services of the Information Society and Electronic Commerce. These measures provide, among others, that betting advertising will only be allowed between 1:00 am and 5:00 a.m. and advertisers using social networks may only broadcast adverts to their followers. The Spanish Cabinet approved Royal Decree-Law 11/2020, of March 31, whereby urgent supplementary social and economic measures were adopted to respond to the coronavirus health crisis that led to the declaration of the state of emergency by Royal Decree 463/2020, of March 14. The new measures introduced by this Royal Decree included the updating of consumer protection measures in the context of the exceptional events caused by the COVID-19 pandemic. It was also essential to establish certain limitations within the framework of gambling regulations. Therefore, to avoid an increase in online gambling consumption (in particular, casino, bingo and poker games), which can lead to compulsive or even pathological consumption behaviors (specially to protect minors, young adults or people with gambling disorders at a time of greater exposure), restrictions were placed on commercial communications made by gambling operators with a nationwide reach, including entities designated for the marketing of lottery games. However, this particular measure was ultimately repealed by final provision 5.2 of Law 2/2021, of March 29. Title VII of the Spanish Gaming Law determines the tax regime applicable to gambling activities in compliance with the provisions of the Additional Provision Twenty of Law 56/2007, of December 28, on measures to promote the information society, the applicable tax rate being: ● State-run lotteries and games: 22% on the tax base. ● Parimutuel sports betting, straight sports betting and sports betting exchange; parimutuel horse betting, straight horse betting and horse betting exchange; and other parimutuel betting, straight betting and betting exchange: 20% on the tax base. ● Raffles: 20% on the tax base, unless they are declared to be of public utility or for charity and are therefore taxed at 5% on the tax base. ● Contests and other games: 20% on the tax base. ● Random number combinations for advertising or promotional purposes: 10% on the tax base. General State Budget Law 6/2018, of July 3, for 2018, introduced a regulatory change in terms of tax benefits by reducing by 50% the tax rates on gambling, included in the Spanish Gaming Law. The objective of this reduction is to transfer tax benefits to the Autonomous Cities of Ceuta and Melilla that are collected in other taxes for them. Since then, both Autonomous Cities have seen a reduction in the tax for online gambling operators, leaving gambling tax at 10%. To qualify for this regime, a company is required to be registered in Ceuta or Melilla and 50% of the employees have to be registered in these territories. Mexico Codere Online operates online gaming in Mexico pursuant to license 2768 granted to LIFO in May 1990, which was renewed for a period of 12 years under Official Letter DGJS/1018/2015, expiring on May 10, 2027, which allows for the operation of 18 retail locations in Mexico and online gaming. By virtue of Official Letter No. DGJS/234/2019, dated March 14, 2019 the Ministry of Interior authorizes Codere Online to operate online gaming through the website: www.codere.mx (the “LIFO License”). Mexico lacks a federal provision for online gambling, and the subsector is regulated under the Federal Law on Games and Drawings, of December 31, 1947 (the “Gaming Law”). The Gaming Law establishes that the Federal Executive, through the Ministry of the Interior, is responsible for the regulation, authorization, control and oversight of gambling and betting of any kind, including draws, with the exception of the National Lottery, which is governed by its own law. On October 23, 2013, the Regulations for the Federal Law of Games and Draws were published in the Mexican Official State Gazette, in which the main technical requirements for the gambling and gaming activities on the internet were determined, among others: ● Article 85 - The establishments shall be able to receive wagers via the internet, by telephone or electronically. For that purpose, they shall establish a system of internal control for the transactions that are made through any of these channels, including a written description of the procedures and regulations to ensure inviolability and prevent the manipulation of wager systems. Said system shall have a record of at least: (i) the number of the account and the identity of the player, and (ii) the date, time, number of transaction, wagered amount and requested selection. The mechanism for receiving wagers shall be previously approved by the Secretariat of Government. ● Article 87 - Permit holders shall fulfill the following procedures for issuing the wager tickets: (i) for each accepted wager, a single and original ticket shall be issued, which shall be given to the player, and it must be printed out with a serial number, bar code and a different number for each ticket machine, apart from the date and time of issue, wagered amount, type of wager and selection; (ii) for the wagers made via the internet, by telephone or electronically, no ticket shall be issued but the information of such wager shall be immediately registered in the central wager system after the wager has been paid. Since these wagers are made via the internet or electronically, the participants shall have access, for consulting or printing, to a voucher of their corresponding number of folio or rights. All wagers by telephone shall be recorded in audio records, with the player’s prior consent; (iii) the ticket machines shall operate connected online, in real time, to the central wager system; (iv) when, at the moment of issuing a voucher, there appears an error in the ticket machine, the voucher shall be cancelled in an administrative way; (v) the vouchers shall only be issued in the time and places appointed or authorized in the permit, and the permit holder can issue early vouchers; and (vi) the wager vouchers shall be paid at the moment that they are requested, whether in cash or through other legally accepted means of payment. Article 20 of the Gaming Law establishes that the Ministry of the Interior may grant permits to operate betting games and prize draws for the following types of business, without making specific reference to online transactions: ● for the opening and operation of betting exchange at racecourses, greyhound tracks and fronton courts, as well as for the installation of remote betting centers and rooms for drawing numbers or symbols, only to business entities that are duly constituted in accordance with the laws of the United Mexican States; ● for the opening and operation of betting exchange at fairs, to Mexican legal persons; ● for the opening and operation of betting exchange at temporarily established horse races or cock fights, to business entities duly constituted in accordance with the laws of the United Mexican States and natural persons; and ● for the organization of prize draws, to natural and legal persons constituted in accordance with the laws of the United Mexican States. The latest reform of the Special Tax on Production and Services Law (the “Special Tax Law”) published by the Mexican Official State Gazette (DOF) 12/09/19 establishes that the operation of betting games and draws, regardless of the name given to them, that require permission in accordance with the provisions of the Gaming Law and its implementing Regulations, are taxed at a rate of 30%. Article 18 of the Special Tax Law establishes that the taxable base will include the total amount of bets made by the players, minus prizes and refunds obtained by the players (refunds prior to the betting event). A 30% tax rate will be applicable on the taxable base. According to the Special Tax Law, the resulting amount may be reduced by: ● the total taxes paid according to the Gaming Law; and ● up to 20% of the amount paid to the Mexican gaming authority in order to undertake a betting activity. Finally, local gaming taxes may apply depending on each municipality and ranging from 6% to 15% tax rate on the gaming revenue of the company, and a 6% withholding on the prizes obtained by the player. In addition, in recent years, many states have established a tax on expenditures to be withheld from all players and ranges from 6% to 16.5% on their recharge (cash in). Colombia Codere Online operates online gaming in Colombia pursuant to license C1470, which allows for the operation of online gaming, granted by the Colombian gaming regulator, Coljuegos, to Codere Colombia, S.A. for a term of five (5) years and which expires on November 15, 2022 (the “Colombia License”). Codere Online intends to apply for a renewal of the Colombia License at least one month prior to its expiration, in accordance with local law. Decree Law 4142 of 2011, amended by Decree number 1451 of 2015, founded the Empresa Industrial y Comercial del Estado Administradora del Monopolio Rentístico de los Juegos de Suerte y Azar (“Coljuegos”), whose role is “[…] the exploitation, administration, operation and issuance of regulations of the games that are part of the state monopoly of gaming that by law are not attributed to another entity [...].” Pursuant to Article 38 of Law 643 of 2001, amended by Article 93 of Law 1753 of 2015, games operated over the internet are understood to be those in which betting and the payment of prizes are carried out by means that do not require the presence of the player, after they have registered on the authorized website or portal, and the mechanics of which are based on the use of a random number generator or the occurrence of real events, the results of which are not controlled by the operator of the game. Additionally, and focusing on the online gambling subsector, pursuant to the law “[…] Novelty games are considered, among others, to be pre-printed lotto, the instant lottery, the online lotto in any of its modalities, sports bets or bets at events and all games operated over the internet, or by any other form of information technology that does not require the presence of the bettor.” Through resolution number 04 of 2016 and subsequently through resolution number 08 of 2020, Coljuegos approved gaming regulations in relation to novelty games operated over the internet. Those legal persons that are awarded a concession may operate online gaming once they execute the corresponding concession contract and following verification of compliance with the requirements under the gambling regulations and any other parameters as determined by Coljuegos. The operation of other novelty games require authorization from Coljuegos and compliance with the selection processes established in the public procurement general statute. Article 38 of Law 643 of 2001 provides that the operator must pay an operating fee of 17% of its gross gaming revenue to Coljuegos. When the operator operates novelty games that give the player a return in accordance with the gaming regulations of 83% or more, the minimum rate for the operating rights will be 15% of the gross gaming revenue minus the prizes paid. Notwithstanding, those who operate online games will additionally pay 811 legal monthly minimum wages, which will be settled during the first 20 business days of each operating year. Article 93 of Law 1753 of 2015, establishes that internet gambling operators, in addition to paying an operating fee of 17% of gross gaming revenue, must pay COP 559,147,194 (legal tender) in tax at the beginning of each operating year. In addition to this tax, Coljuegos will demand payment by the operator of the so-called “Administration Expenses,” which will be 1% of the operating fee. Italy Codere Online operates online gaming in Italy pursuant to Remote Gaming License no. 15411 granted to Codere Scommese S.r.l. on October 7, 2019, which expires on December 31, 2022 (the “Italy License”) and which grants Codere Scommese S.r.l. the right to operate the following online gaming activities: ● fixed odds and ‘totalizator’ bets on sports events, including simulated ones, including those relating to horse racing, as well as on other events; ● sports and horse racing betting; ● national horse racing games; ● skill games, including card games in tournament and different modes, as well as games of chance at fixed odds; ● fixed odds bets with direct interaction between players; and ● bingo Since the Italy License cannot be renewed or extended, Codere Scommese S.r.l. intends to participate in the next call for tender for a new Remote Gaming License, which is expected to take place during 2022. According to Italian criminal law, gambling that is not subject to State control is illegal under Article 718 of the Italian Criminal Code, whether organized in a public establishment or a private club. Italian law distinguishes between games of luck and games where the outcome depends on the player’s skill. Sports betting, lotteries, and some other activities fall into the category of legal and regulated gambling activities. Only the State has the right to authorize gaming and gambling activities pursuant to article 1 of the Italian Legislative Decree of April 14, 1948 no. 496. The Autonomous Administration of State Monopolies (Agenzia delle Dogane e dei Monopoli) (the “ADM”), the entity responsible for regulating gambling activities on a state level, has the power to grant gaming licenses to legal persons through tender processes provided they comply with all requirements and parameters included in the tender offer, as well as with any other applicable laws or regulations. The call for tenders for the online business in Italy was announced in March 2018. The main reason why the Italian government has adhered to strict rules has been the desire to avoid the possible negative effects associated with the industry. The following amendments liberalized the market in 2006: ● Legalization of interactive peer-to-peer remote betting on fixed odds (betting exchange); ● Legalization of real-money remote skill games; ● Possibility for operators based in any EU and EFTA country and even in an offshore jurisdiction, to apply for an Italian gambling license provided they comply with certain suitability requirements and re-locate their gaming servers to Italy; and ● New license tender aimed at redesigning and reorganizing the offline network of betting shops and betting corners as well as legalizing online gaming yet strictly under the scope of a remote gaming license to be granted by ADM subject to payment of a one-off license fee of €300,000. Law No. 77 dated as of June 24, 2009 deals with measures concerning the gaming sector following the Abruzzo Decree. The most relevant provision in the tax scheme is the introduction of an unprecedented profit-based tax regime with a flat 20% rate applying to all new games listed above other than the video lotteries. This provision is of paramount importance as it paves the way to the launch of games that otherwise could have never been offered in Italy given its penalizing turnover-based tax regime which however will continue to apply to sports and horse races betting, bingo, lotteries and skill games (including online poker tournaments that will thus continue to be taxed at 3% of the total tournament buy-ins sold by the operator). Panama Codere Online operates online gaming in Panama pursuant to Resolution No. 921 of September 21, 2017 which authorizes HIPA to operate online sports betting by virtue of Contract No. 1 of April 16, 2018 (under which it was awarded 5 licenses for a five (5) year term, renewable for another five (5) years) and Contract No. 193 of October 4, 2005 (under which it was awarded 51 licenses for a twenty (20) year term) (the “HIPA License”). In addition, ALTA was awarded a standalone online gaming license, under which ALTA is authorized to conduct online gaming operations in Panama for a twenty (20) year term starting on December 1, 2021, subject to compliance with certain requirements pursuant to the Regulation (the “ALTA License”). As described under Item 7.B. “Related Party Transactions—Material Agreements—Panama Restructuring Agreements”, Codere Online may request the transfer of the ALTA License from ALTA to Codere Online, but such transfer is subject to the authorization from the Panama Gambling Control Board. While the ALTA License is held by ALTA, Codere Online will operate the ALTA License under the agreement that Codere Online Panama and ALTA entered into on December 1, 2021. Law Decree No. 2 of February 10, 1998 (the “Law Decree”), is the legal framework which regulates gaming and gambling activities in Panama. The Gaming Control Board, in representation of the Panama State, assumes the operation of gambling activities and betting activities, for the exclusive benefit of the Panama State. This operation may be exercised directly or through third parties. Hence, gambling and betting activities that take place in Panama must be authorized, regulated and supervised according to the dispositions of the Law Decree, including gaming and gambling activities and betting activities which take place abroad, by electronic means or other means of remote communication. In 2002, The Gambling Control Board Plenary, in exercise of its legal powers, issued the regulations governing the licenses of electronic gambling activities which was recently modified by Resolution No. 11 of March 6, 2020 (the “Resolution”). The Resolution regulates the operation of gambling activities through internet and establishes the procedures and requirements to be fulfilled by all individuals and corporations interested in obtaining a license to operate online gaming platforms. This Resolution expressly excludes from the definition of gambling activities racehorses, lottery, and amateur matches in which Panamanian nationals participate. Under national law, and individual or corporation may be awarded a maximum of five (5) licenses. Licenses may be granted for a maximum term of twenty (20) years. This license award is always at the discretion of the Gaming Control Board. If the Gaming Control Board authorizes a concession agreement, a one-time fee of fifty thousand balboas (50,000 PAB) must be paid to the Panama State for each gaming license that is awarded, upon the ratification by the National General Controller. Furthermore, during the period established in the concession agreement, the licensee must: (i) pay to Gambling Control Board ten percent (10%) of its gross gaming revenue (to be paid monthly), (ii) grant a compliance guarantee and a prize payment guarantee, and (iii) comply with the terms and conditions of the concession agreement, the Resolution, the Law Decree and any applicable Panamanian legislation, such as: - Law No. 27 of March 24, 2015 and the Executive Decree No. 264 of June 17, 2015, that establish a 5.5% gambling tax, which the licensee, as collector agent, should charge to each payment ticket or coupon, tokens and other documents that have a payment obligation due to gambling activities, betting activities and any other gaming and gambling activity authorized by the Panama State; - Law No. 23 of April 27, 2015 on prevention of money laundering and the funding of terrorism and the financing of the proliferation of weapons of mass destruction. Therefore, a licensee operating gambling activities, betting activities and any other gaming activity authorized by the Panama State is also regulated and supervised by the Superintendence of Supervision and Regulation of Non-Financial Subjects; and - Law No. 81 of March 26, on data privacy. Before standalone online licenses, such as the ALTA License, were authorized pursuant to the Resolution, some operators, such as HIPA, were authorized to operate online sports betting pursuant to a license that allowed the licensee to operate land-based betting agencies under Resolution No. 43 of October 24, 2016 which modified the Resolution No. 77 of September 4, 1999, provided that (i) the client previously registered through land-based betting agency, and (ii) the operator obtained prior authorization from the Gaming Control Board. A sports betting operator must pay the Gaming Control Board the following monthly fees: (i) 2% on prizes paid, (ii) 0.25% on amounts wagered of international sport betting, and (iii) 0.5% on amounts wagered of international greyhound racings. Argentina In Argentina, gaming is mainly regulated at the provincial level. Each province has the exclusive power to exploit, organize, manage, operate, control, monitor, and regulate all forms of gaming, and to establish the conditions to operate in the gaming sector. The power to grant licenses and authorizations for gaming activities is vested on each province. However, gaming activities may be subject to both provincial and federal taxes. Article 50 of the Constitution of the City of Buenos Aires, provides that the City of Buenos Aires has the exclusive right to exploit and commercialize gambling. The City of Buenos Aires cannot delegate its power to exploit online gaming to third parties. It can only grant permits to authorize private companies to distribute and commercialize online gaming. Law N°538 authorizes the Executive Power of the City of Buenos Aires to create and regulate games approved by the City of Buenos Aires Legislature. In May 2019, the City of Buenos Aires issued resolution RESDI-2018-321-LOTBA (the “Regulation”) approving setting forth the regulatory framework applying to online gaming activities within the City of Buenos Aires. The Regulation was later approved by the City of Buenos Aires Legislature. The regulator of the gambling activity in the City of Buenos Aires is the state owned company Lotería de la Ciudad de Buenos Aires S.E. (“LOTBA”). The Regulation provides that LOTBA may grant permits to third parties for the commercialization and distribution of online gambling. Such permits may be granted for a term of up to five (5) years, renewable for another five (5) years. The holder of such permit shall pay 10% of the gross gaming revenue (“GGR”) to the City of Buenos Aires through LOTBA. The process to award permits was launched in February 2020 following the approval of resolution RESDI 15/LOTBA/20 (subsequently amended by RESDI/71/LOTBA/20) that provides the legal requirements that must be fulfilled by the applicants in order to obtain a permit. In 2020, Iberargen S.A. submitted an application for a permit and complied with all the requirements requested by LOTBA. On March 12, 2021, LOTBA granted the permit to Iberargen S.A. under code DI-2021-238-GCABA-LOTBA (the “Buenos Aires License”) for a period of five (5) years and, in December 2021, authorized Iberargen, S.A. to operate in the City of Buenos Aires thereunder. In addition, gambling in the City of Buenos Aires is subject to a tax on the gross revenue (defined as GGR minus the 10% tax payable to LOTBA) of 6.0%. Law 27.591, as amended on 2021, created a new federal tax applying to online gambling. The tax rate is 2.5% and up to 15% of the net customer deposits, depending on whether the operator is a local company having investments in the gaming sector in Argentina or not. Enforcement of Law 27.591 is subject the issuance of implementing regulations by the federal tax authorities. Malta Codere Online holds business-to-consumer (“B2C”) and business-to-business (“B2B”) Maltese gaming licenses, but it does not currently offer online casino and sports betting to customers located in Malta. Codere Online Operator Limited’s (“ONOL”) B2C license was issued on April 15, 2019 and is valid for a period of ten (10) years (the “B2C License”). ONOL requested a voluntary suspension of the B2C License and is in the process of requesting a definitive surrender of such license. Codere Online Management Services Limited (“OMSE”) was issued a B2B gaming license on April 15, 2019 for a ten (10) year term (the “B2B License”). Codere Online is authorized to provide Type 1 (Casino) and Type 2 (Fixed Odds Betting) B2B gaming services via OMSE’s B2B License. Regulation 3 of the Gaming Authorisations Regulations (Subsidiary Legislation 583.05 of the Laws of Malta), provides that “no person shall provide or carry out a gaming service or provide a critical gaming supply from Malta or to any person in Malta, or through a Maltese legal entity, except when in possession of a valid licence […]”, without prejudice to any exemptions provided in applicable law. Regulation 3 (2) of the Gaming Authorisations Regulations provides that “no person shall offer a licensable game, whether as part of a gaming service, critical gaming supply or otherwise, unless such game is approved or otherwise recognised” by the Maltese Gaming Authority’s (“MGA”). A licensable game is “a game which is not an exempt game”. Generally, without prejudice to ad hoc exemptions as may be applicable, games which are licensable are games of chance and controlled skill games. The authority responsible for, inter alia, the regulation, supervision and enforcement of the Gaming Act and all subsidiary legislation falling under the remit of the same is the MGA. The MGA is considered to be the primary point of contact for regulatory reporting by licensees, with the latter obliged, in terms of numerous Regulations and Directives (such as Directive 3 of 2018), to notify, seek prior approval and inform the MGA of events and changes across multiple aspects of each licensed business, including but not limited to, a change in delivery channel of a gaming service and changes to approved technical set up. Any person in possession of a license issued by the MGA shall pay the MGA the appropriate fees in relation to the type of license awarded. As operator of the B2C License, ONOL is due to pay (a) a license fee composed of a fixed annual license fee and a variable component known as the compliance contribution and (b) gaming tax. The variable component within the compliance contribution and the calculation method has been established by the MGA in Directive 4 of 2018 – Directive on the Calculation of Compliance Contribution. The compliance contribution is a variable percentage charged on tranches of gaming revenue generated in a particular game type. As operator of the B2B License, OMSE is due to pay a variable annual license fee. The variable annual fee for the B2B License ranges from € 25,000 35,000 Gaming tax is set at 5% on gaming revenue generated from Malta based players. Accordingly, taxability is determined by whether the player is established, has his permanent address and/or usually resides in Malta. In light of ONOL’s voluntary suspension of the B2C License, ONOL’s obligation to pay the compliance contribution and gaming tax, as applicable, was suspended from the date the suspension was approved by the MGA.
Taxation		j) Taxation Income tax expense represents the sum of the tax currently payable and deferred tax, if any. Current tax The tax currently payable is based on taxable income for the year. Taxable income differs from income before tax as reported in the consolidated and combined income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group’s current tax is calculated using rates applicable for the tax period that have been enacted or substantively enacted by the end of the reporting period. Tax impacts of the Business Combination As a result of the Business Combination explained in Note 1, the following steps were followed: - Carve-out process in different countries: The financial information related to Codere Group’s online business was carved-out from the traditional retail business. See considerations for each country below. Spain: Mexico: Italy: Argentina: Panama: Colombia: - Incorporation of Parent in Luxembourg and Merger Sub in Delaware: CNEW incorporated Parent in Luxembourg on June 4, 2021. In addition, Parent incorporated a subsidiary corporation in Delaware, Merger Sub. No adverse tax implications arose in Luxembourg or the United States for the incorporation of these entities. As per IAS 12, no deferred tax assets or liabilities were recorded on this transaction. - Share for share Exchange: Following the Restructuring CNEW contributed SEJO to Parent pursuant to the Exchange. In Spain, based on the valid economic grounds of the transaction, the Group has applied the tax neutrality regime that provides roll over relief for Spanish CIT purposes. The Group complied with the formal obligations to apply this regime (formally opt for the regime and communication to the tax authorities). In Luxembourg, no adverse tax impact arose, as the transfer of the shares in SEJO in exchange for new shares in the Company was performed at fair market value and the Company issued shares for the same value. As per IAS 12, no deferred taxes were recorded as: (i) no tax losses or other tax credits were transferred on this transaction and (ii) the shares transferred were transferred at the value it had in the transferor for accounting and tax purposes. - Reverse merger for the SPAC (DD3) The Merger was effective on November 30, 2021 (i.e., one business day after effectiveness of the Exchange. In Luxembourg, no adverse tax impact arose. In the United States, no adverse tax impact arose as the adverse consequences of the inversion rules were not applicable (see “U.S. Anti-Inversion Rules” section below). - Parent Capital Increase The Company increased its share capital in connection with the Merger. This share capital increase was subscribed by DD3’s shareholders by means of the contribution of their Class A common stock (following the Class B Conversion) of DD3. That is, DD3’s shareholders exchanged their DD3 common stock for ordinary shares of Parent. Following the consummation of the Merger, the Company became the sole shareholder of DD3 and the former shareholders of DD3 became shareholders of Parent, together with Codere Newco. In Luxembourg, no adverse tax impact arose, as the Company issued new instruments with a value which corresponds to the fair market value of the DD3’s Class A common stock. United States (“U.S.”) Anti-Inversion Rules Under the U.S. “anti-inversion” rules, adverse consequences may apply to certain acquisitions of domestic corporations and domestic partnerships (or their assets) by foreign corporations. These consequences generally depend, among other things, on the degree of ownership continuity by former shareholders of the domestic acquired corporation or partnership. A U.S. inversion transaction generally is a transaction in which a U.S. parented group changes the jurisdiction of its parent corporation to a foreign jurisdiction. Generally, an inversion transaction is subject to Section 7874 and has adverse tax consequences when: (i) a foreign corporation acquires a U.S. corporation (or substantially all of its assets), (ii) the shareholders of the U.S. corporation receive 60% or more of the stock of the foreign corporation and (iii) following the acquisition the foreign corporation does not have 25% or more of its worldwide operations in its country of organization. The Group and its U.S. tax advisors have reviewed the requirements of the application of the U.S. inversion rules to the reverse merger of Merger Sub into DD3 and concluded that the U.S. inversion rules stated in Section 7874 should not apply because the shareholders of DD3 received for purposes of Section 7874 less than 60% of the ordinary shares of Parent. However, the rules for determining ownership under Section 7874 are complex, unclear in some respects, and the subject of ongoing and recent legislative and regulatory review.
Non-current and current assets and liabilities		k) Non-current and current assets and liabilities Presentation in the consolidated statement of financial position differentiates between current and non-current assets and liabilities. Assets and liabilities are regarded as current if they mature within one year or within the normal business cycle of the Group or are held-for-sale. Non-current assets and liabilities include all other types of assets and liabilities.
Critical judgments and use of estimates		l) Critical judgments and use of estimates Below is a discussion regarding the key assumptions made by the Group in preparing its estimates concerning future performance and other relevant sources of uncertainty at the reporting date that could have a significant impact on the consolidated and combined carve-out financial statements within the next financial year. Measurement of assets and liabilities The measurement of assets and liabilities was based on the carrying amounts that would be included in the Codere Group’s consolidated financial statements, based on Codere, Group’s date of transition to IFRS, if no adjustments were made for consolidation procedures and for the effects of the Business Combination in which the parent acquired the subsidiary. Thus, any goodwill recorded at Codere Group related to the reorganization of any of the companies/business was not pushed down to any of the entities in the Group perimeter. For the purposes of preparing the consolidated and combined carve-out financial statements, 100% of the individual balance sheets and income statements of seven entities, including SEJO, were transferred to the online perimeter. For the remaining three entities that are included in the online perimeter, the individual income statement and balance sheet accounts were reviewed by management to determine which accounts related solely to the online business and therefore transferred to the online perimeter. These balances were easily identifiable, as the accounting system separately tracked transactions related to the retail and online businesses; therefore, management was able to identify those accounts which were solely related to the online business. Cost of doing business During the years presented in these consolidated and combined carve-out financial statements, there were certain costs that were incurred by the Codere Group, which were considered to be common expenses. Therefore, an allocation of these common expenses was performed in order to reflect the portion of these expenses related to the Group in the consolidated and combined carve-out financial statements in 2020 and until November 30, 2021. These common expenses included general corporate expenses, such as, management, audit fees, legal expenses, systems and communication, and office rental expenses. The general corporate expenses that were allocated to the online business were allocated based on the actual expenses related to time spent supporting the entities included in the online perimeter. Office rental expenses were allocated on a per square meter basis used by the entities included in the consolidated and combined carve-out financial statements of the Group. The Group entered into an agreement with Codere Group effective from December 1, 2021, the day after the closing date of the Business Combination, whereby Codere Group has agreed to provide the Group with the resources to comply with regulators, authorities and other third parties in general. The purpose of this contract is to ensure that the Group is complying with its obligations and correctly reflecting its costs. The fee for these services as per the agreement is 0.75% of the Group’s income.
Going concern	a.1.) Going concern The Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements present positive equity of € 51.7 68.1 54.0 73.0 The Group has a limited operating history and the Group funded its operations primarily through short-term debts with Codere Group. Since its inception, the Group has incurred recurring losses and negative cash flows from operations including net losses of € 13.3 16.8 51.7 84.5 6.6 2.8 As part of its going concern assessment, management developed a business plan with operational and financial projections through 2024. Based on this business plan, management believes the Group currently has sufficient cash available to finance its operations through 2024. This business plan contemplates that the Group will be investing all of its available cash over this three-year period (to fund negative operating cash flow) in order to achieve higher growth and increased market share in its existing core markets throughout Latin America and Europe (primarily Spain), and that the overall business will begin generating positive cash flow at some point in 2024. Also, if the business underperforms in comparison to the business plan targets, the Group may either seek external financing and/or otherwise reduce or delay marketing expenses to mitigate the impact on its cash position. Based on the Group’s current liquidity position, actual operating performance, and its reasonable expectations regarding operating performance over the coming three years, management believes that the Group has adequate resources to continue in operational existence for the next twelve months. As such, the Group continues to adopt the going concern basis of accounting in preparing the Unaudited Interim Condensed Consolidated and Combined Carve-out Financial Statements.	m) Going concern In the context of the combined carve-out financial statements, the Group had negative equity of € 39.9 68.1 19.7 73.0 The Group has a limited operating history and prior to the Business Combination, the Group funded its operations primarily through short-term debts with Codere Group. Since its inception, the Group has incurred recurring losses and negative cash flows from operations including net losses of € 68.0 16.3 16.1 68.1 94.9 10.9 2.6 As part of its going concern assessment, management developed a business plan with operational and financial projections through 2024. Based on this business plan, management believes the Group currently has sufficient cash available to finance its operations through 2024. This business plan contemplates that the Group will be investing all of its available cash over this three-year period (to fund negative operating cash flow) in order to achieve higher growth and increased market share in its existing core markets throughout Latin America and Europe (primarily Spain), and that the overall business will begin generating positive cash flow at some point in 2024. Also, if the business underperforms in comparison to the business plan targets, the Group may either seek external financing and/or otherwise reduce or delay marketing expenses to mitigate the impact on its cash position. Based on the Group’s current liquidity position, actual operating performance, and its reasonable expectations regarding operating performance over the coming three years, management believes that the Group has adequate resources to continue in operational existence for the next twelve months. As such, the Group continues to adopt the going concern basis of accounting in preparing the consolidated and combined carve-out financial statements.
New IFRS and interpretations of the IFRS Interpretations Committee (“IFRIC”)		n) New IFRS and interpretations of the IFRS Interpretations Committee (“IFRIC”) The Group has applied all of the applicable IFRS-IASB standards and amendments that were effective for periods ending December 31, 2021 and prior to such date. The Group has used the same accounting policies in its opening IFRS consolidated statement of financial position and through all of the periods presented in these consolidated and combined carve-out financial statements. As of December 31, 2021, the following standards, amendments and interpretations have been published by the IASB, but their application is not yet mandatory for the Group, and the Group has not elected to early adopt the policies once allowed to do so. Disclosure of Standards and Amendments Standards and Amendments Mandatory application: annual periods beginning on or after Amendment to IFRS 3 - Reference to the Conceptual Framework IFRS 3 is updated to align the definitions of assets and liabilities in a business combination with those in the Conceptual Framework. 1 January 2022 Amendment to IAS 16 - Proceeds Before Intended Use The amendment prohibits deducting any proceeds from the sale of items produced while the company is preparing an asset for its intended use from the cost of an item of property, plant and equipment. 1 January 2022 Amendment to IAS 37 - Onerous Contracts - Cost of Fulfilling a Contract The amendment explains that the direct cost of fulfilling a contract includes the incremental costs of fulfilling that contract and an allocation of other costs directly related to the performance of the contract. 1 January 2022 Annual Improvements to IFRS 2018–2020. Minor Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41. 1 January 2022 Amendments to IAS 1- Presentation of Financial Statements Clarifications regarding the presentation of liabilities as current and non-current. 1 January 2023 IFRS 17 - Insurance Contracts Replaces IFRS 4 and clarifies the principles of registration, measurement, presentation and disclosure of insurance contracts in order to ensure that the entity provides relevant and reliable information that allows the users of the information to determine the effects of the contracts on their financial statements. 1 January 2023 Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates The amendments will make it easier to distinguish between changes in accounting estimates and changes in accounting policies. 1 January 2023 Amendments to IAS 1- Presentation of Financial Statements. Disclosure of accounting policies The amendments will help improve disclosures on accounting policies to provide more useful information to investors and other primary users of financial statements. 1 January 2023 Amendment to IAS 12 - Deferred tax on leases and decommissioning obligations The amendments will clarify that the exceptions to initial recognition are not applicable when there are taxable and deductible timing differences for the same amount. 1 January 2023 With regard to IFRS 9, IAS 39 and IFRS 7, IFRS 4 and IFRS 16, the IASB continues to develop guidance and amendments to address the various accounting considerations that may arise when the various Interbank Offered Rates (“IBORs”) are amended or replaced by others. In this second phase, certain practical solutions, clarifications and exceptions are proposed in order for undertakings to better reflect financial assets, financial liabilities and lease liabilities on their financial statements as a result of the IBOR reform. The Group estimates that no standards, amendments and interpretations in the preceding table will have a significant impact on the consolidated and combined carve-out financial statements in the initial period of application.

BACKGROUND (Tables)

BACKGROUND (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Background
Schedule of Entity	Schedule of Entity Entity Entity Type Ownership Location Codere Online Luxembourg S.A. Holding Company 100 Luxembourg Codere Online U.S. Corp. Supporting Entity 100 United States Servicios de Juego Online S.A.U. Holding Company 100 Spain Codere Online S.A.U. Operating Entity 100 Spain Codere Online Colombia SAS Operating Entity 100 Colombia Codere Online Panama S.A. Operating Entity 100 Panama LIFO AenP Operating Entity 99.99 Mexico Codere Scommese S.R.L. Operating Entity 100 Italy Codere Online Operator LTD Operating Entity 100 Malta Iberargen, S.A.(online business) * Operating Entity 95 Argentina Codere Online Management Services LTD Supporting Entity 100 Malta Codere Israel Marketing Support Services LTD Supporting Entity 100 Israel Codere (Gibraltar) Marketing Services LTD Supporting Entity 100 Gibraltar	Schedule of Entity Entity Entity Type Ownership Location Codere Online Luxembourg S.A. Holding Company 100 Luxembourg Codere Online U.S. Corp. Supporting Entity 100 United States Servicios de Juego Online S.A.U. Holding Company 100 Spain Codere Online S.A.U. Operating Entity 100 Spain Codere Online Colombia SAS* Operating Entity 100 Colombia Codere Online Panama S.A.* Operating Entity 100 Panama LIFO AenP* Operating Entity 99.99 Mexico Codere Scommese S.R.L. Operating Entity 100 Italy Codere Online Operator LTD Operating Entity 100 Malta Iberargen, S.A.(online business)** Operating Entity 95 Argentina Codere Online Management Services LTD Supporting Entity 100 Malta Codere Israel Marketing Support Services LTD Supporting Entity 100 Israel Codere (Gibraltar) Marketing Services LTD Supporting Entity 100 Gibraltar

BASIS OF PRESENTATION OF THE _3

BASIS OF PRESENTATION OF THE UNAUDITED INTERIM CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disclosure of Standards and Amendments	Disclosure of Standards and Amendments Standards, amendments and interpretations Description Mandatory application for financial years starting on or after: Amendments to IAS 1- Presentation of Financial Statements Clarifications regarding the presentation of liabilities as current and non-current. 1 January 2023 IFRS 17 - Insurance Contracts Replaces IFRS 4 and clarifies the principles of registration, measurement, presentation and disclosure of insurance contracts in order to ensure that the entity provides relevant and reliable information that allows the users of the information to determine the effects of the contracts on their financial statements. 1 January 2023 Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates The amendments will make it easier to distinguish between changes in accounting estimates and changes in accounting policies. 1 January 2023 Amendments to IAS 1- Presentation of Financial Statements. Disclosure of accounting policies The amendments will help improve disclosures on accounting policies to provide more useful information to investors and other primary users of financial statements. 1 January 2023 Amendment to IAS 12 - Deferred tax on leases and decommissioning obligations The amendments will clarify that the exceptions to initial recognition are not applicable when there are taxable and deductible timing differences for the same amount. 1 January 2023	Disclosure of Standards and Amendments Standards and Amendments Mandatory application: annual periods beginning on or after Amendment to IFRS 3 - Reference to the Conceptual Framework IFRS 3 is updated to align the definitions of assets and liabilities in a business combination with those in the Conceptual Framework. 1 January 2022 Amendment to IAS 16 - Proceeds Before Intended Use The amendment prohibits deducting any proceeds from the sale of items produced while the company is preparing an asset for its intended use from the cost of an item of property, plant and equipment. 1 January 2022 Amendment to IAS 37 - Onerous Contracts - Cost of Fulfilling a Contract The amendment explains that the direct cost of fulfilling a contract includes the incremental costs of fulfilling that contract and an allocation of other costs directly related to the performance of the contract. 1 January 2022 Annual Improvements to IFRS 2018–2020. Minor Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41. 1 January 2022 Amendments to IAS 1- Presentation of Financial Statements Clarifications regarding the presentation of liabilities as current and non-current. 1 January 2023 IFRS 17 - Insurance Contracts Replaces IFRS 4 and clarifies the principles of registration, measurement, presentation and disclosure of insurance contracts in order to ensure that the entity provides relevant and reliable information that allows the users of the information to determine the effects of the contracts on their financial statements. 1 January 2023 Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates The amendments will make it easier to distinguish between changes in accounting estimates and changes in accounting policies. 1 January 2023 Amendments to IAS 1- Presentation of Financial Statements. Disclosure of accounting policies The amendments will help improve disclosures on accounting policies to provide more useful information to investors and other primary users of financial statements. 1 January 2023 Amendment to IAS 12 - Deferred tax on leases and decommissioning obligations The amendments will clarify that the exceptions to initial recognition are not applicable when there are taxable and deductible timing differences for the same amount. 1 January 2023

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Schedule of Condensed Income Statements	Schedule of Condensed Income Statements 06/30/2022 Spain Mexico Colombia Other Operations Supporting Eliminations Total Group Revenue 27,281 19,570 2,785 1,626 24,122 (24,122 ) 51,262 Personnel expenses (255 ) (423 ) (73 ) (488 ) (5,204 ) - (6,443 ) Depreciation and amortization (41 ) (6 ) (2 ) (66 ) (230 ) (1 ) (346 ) Other operating expenses (23,912 ) (31,272 ) (6,393 ) (3,569 ) (28,714 ) 24,122 (69,738 ) Operating expenses (24,208 ) (31,701 ) (6,468 ) (4,123 ) (34,148 ) 24,121 (76,527 ) OPERATING INCOME/(LOSS) 3,073 (12,131 ) (3,683 ) (2,497 ) (10,026 ) (1 ) (25,265 ) Finance income 101 1,672 119 176 14,438 (1,836 ) 14,670 Finance costs - (1,102 ) (547 ) 233 (4,727 ) 1,700 (4,443 ) Net financial results 101 570 (428 ) 409 9,711 (136 ) 10,227 NET INCOME/(LOSS) BEFORE TAX 3,174 (11,561 ) (4,111 ) (2,088 ) (315 ) (137 ) (15,038 ) Income tax benefit/(expense) (272 ) 3 - 7 (1,462 ) 1 (1,723 ) NET INCOME/(LOSS) FOR THE PERIOD 2,902 (11,558 ) (4,111 ) (2,081 ) (1,777 ) (136 ) (16,761 ) Attributable to equity holders of the Parent 2,902 (11,558 ) (4,111 ) (2,081 ) (1,777 ) (136 ) (16,761 ) Attributable to non-controlling interests - - - - - - - 06/30/2021 Spain Mexico Colombia Other Supporting Eliminations Total Revenue 25,641 11,549 2,048 483 19,019 (18,796 ) 39,944 Personnel expenses (155 ) (3 ) (52 ) (91 ) (2,684 ) - (2,985 ) Depreciation and amortization (93 ) (2 ) (1 ) (50 ) (231 ) - (377 ) Other operating expenses (27,543 ) (16,391 ) (3,750 ) (674 ) (20,116 ) 18,779 (49,695 ) Operating expenses (27,791 ) (16,396 ) (3,803 ) (815 ) (23,031 ) 18,779 (53,057 ) OPERATING INCOME/(LOSS) (2,150 ) (4,847 ) (1,755 ) (332 ) (4,012 ) (17 ) (13,113 ) Finance income (2 ) 192 3 3 188 (251 ) 133 Finance costs - (9 ) (3 ) (39 ) (255 ) 241 (65 ) Net financial results (2 ) 183 - (36 ) (67 ) (10 ) 68 NET INCOME/(LOSS) BEFORE TAX (2,152 ) (4,664 ) (1,755 ) (368 ) (4,079 ) (27 ) (13,045 ) Income tax benefit/(expense) 181 - - - (403 ) - (222 ) NET INCOME/(LOSS) FOR THE PERIOD (1,971 ) (4,664 ) (1,755 ) (368 ) (4,482 ) (27 ) (13,267 ) Attributable to equity holders of the Parent (1,971 ) (4,664 ) (1,755 ) (401 ) (4,482 ) (27 ) (13,300 ) Attributable to non-controlling interests - - - 33 - - 33	Schedule of Condensed Income Statements 12/31/2021 Spain Mexico Colombia Other Operations Supporting Eliminations Total Group Revenue 49,753 24,908 3,976 989 39,547 (38,920 ) 80,253 Personnel expenses (359 ) (407 ) (95 ) (283 ) (5,934 ) (2 ) (7,080 ) Depreciation and amortization (150 ) (7 ) (3 ) (100 ) (462 ) 1 (721 ) Other operating expenses (*) (47,947 ) (36,812 ) (7,853 ) (2,314 ) (51,615 ) 3,060 (143,481 ) Operating expenses (48,456 ) (37,226 ) (7,951 ) (2,697 ) (58,011 ) 3,059 (151,282 ) OPERATING INCOME/(LOSS) 1,297 (12,318 ) (3,975 ) (1,708 ) (18,464 ) (35,861 ) (71,029 ) Finance income (5 ) 242 4 32 14,437 (10,167 ) 4,543 Finance costs - (7 ) (28 ) (2 ) (10,649 ) 10,125 (561 ) Net financial results (5 ) 235 (24 ) 30 3,788 (42 ) 3,982 NET INCOME/(LOSS) BEFORE TAX 1,292 (12,083 ) (3,999 ) (1,678 ) (14,676 ) (35,903 ) (67,047 ) Income tax benefit/(expense) (68 ) - - (7 ) (891 ) - (966 ) NET INCOME/(LOSS) FOR THE YEAR 1,224 (12,083 ) (3,999 ) (1,685 ) (15,567 ) (35,903 ) (68,013 ) Attributable to equity holders of the Parent 1,224 (12,083 ) (3,999 ) (1,685 ) (15,567 ) (35,957 ) (68,067 ) Attributable to non-controlling interests - - - - - 54 54 * Include the transaction costs of the Business Combination as described in Note 2. 12/31/2020 Spain Mexico Colombia Other Operations Supporting Eliminations Total Group Revenue 48,279 18,422 2,355 329 31,046 (29,934 ) 70,497 Personnel expenses (275 ) (18 ) (108 ) (174 ) (4,582 ) - (5,157 ) Depreciation and amortization (470 ) (1 ) (2 ) (3 ) (456 ) - (932 ) Other operating expenses (43,230 ) (26,277 ) (3,497 ) (289 ) (35,298 ) 29,934 (78,657 ) Operating expenses (43,975 ) (26,296 ) (3,607 ) (466 ) (40,336 ) 29,934 (84,746 ) OPERATING INCOME/(LOSS) 4,304 (7,874 ) (1,252 ) (137 ) (9,290 ) - (14,249 ) Finance income - - - - 602 (434 ) 168 Finance costs (332 ) 7 - (101 ) (696 ) 434 (688 ) Net financial results (332 ) 7 - (101 ) (94 ) - (520 ) NET INCOME/(LOSS) BEFORE TAX 3,972 (7,867 ) (1,252 ) (238 ) (9,384 ) - (14,769 ) Income tax benefit/(expense) (1,077 ) - - 118 (551 ) - (1,510 ) NET INCOME/(LOSS) FOR THE YEAR 2,895 (7,867 ) (1,252 ) (120 ) (9,935 ) - (16,279 ) Attributable to equity holders of the Parent 2,895 (7,867 ) (1,252 ) (115 ) (9,935 ) - (16,274 ) Attributable to non-controlling interests - - - (5 ) - - (5 ) 12/31/2019 Spain Mexico Colombia Other Operations Supporting Eliminations Total Group Revenue 44,058 15,222 1,505 731 27,743 (27,676 ) 61,583 Personnel expenses (234 ) (6 ) (79 ) - (4,783 ) - (5,102 ) Depreciation and amortization (746 ) (1 ) - - (446 ) - (1,193 ) Other operating expenses (44,125 ) (21,754 ) (3,909 ) (550 ) (28,503 ) 27,676 (71,165 ) Operating expenses (45,105 ) (21,761 ) (3,988 ) (550 ) (33,732 ) 27,676 (77,460 ) OPERATING INCOME/(LOSS) (1,047 ) (6,539 ) (2,483 ) 181 (5,989 ) - (15,877 ) Finance income - - - - 232 (232 ) - Finance costs (3 ) - - (126 ) (372 ) 232 (269 ) Net financial results (3 ) - - (126 ) (140 ) - (269 ) NET INCOME/(LOSS) BEFORE TAX (1,050 ) (6,539 ) (2,483 ) 55 (6,129 ) - (16,146 ) Income tax benefit/(expense) 400 - - 38 (385 ) - 53 NET INCOME/(LOSS) FOR THE YEAR (650 ) (6,539 ) (2,483 ) 93 (6,514 ) - (16,093 ) Attributable to equity holders of the Parent (650 ) (6,539 ) (2,483 ) (5 ) (6,514 ) - (16,191 ) Attributable to non-controlling interests - - - 98 - - 98
Schedule of Financial Position	Schedule of Financial Position 06/30/2022 Spain Mexico Colombia Other Supporting Eliminations Total Non-current assets 34 36 8 77 104,033 (103,612 ) 576 Current assets 26,476 7,631 6,296 2,822 171,503 (118,258 ) 96,470 Trade receivables and other current assets 13,743 811 3,302 629 14,048 (25,368 ) 7,165 Current financial assets 7,108 1,230 1,231 903 87,154 (92,842 ) 4,784 Cash and cash equivalents 5,625 5,590 1,763 1,290 70,301 (48 ) 84,521 Total Assets 26,510 7,667 6,304 2,899 275,536 (221,870 ) 97,046 EQUITY 17,184 (29,437 ) (8,278 ) (2,547 ) 179,445 (104,686 ) 51,681 NON-CURRENT LIABILITIES - - - - 2,939 - 2,939 Borrowings - 1,920 1,920 Deferred Tax Liability - - - - 1,019 - 1,019 CURRENT LIABILITIES 9,326 37,104 14,582 5,446 93,152 (117,184 ) 42,426 Borrowings 476 25,144 9,945 2,089 76,126 (109,790 ) 3,990 Trade payables and other current liabilities 8,850 11,960 4,637 3,357 17,026 (7,394 ) 38,436 Total EQUITY AND LIABILITIES 26,510 7,667 6,304 2,899 275,536 (221,870 ) 97,046 12/31/2021 Spain Mexico Colombia Other Supporting Eliminations Total Non-current assets 73 29 9 107 97,854 (97,466 ) 606 Current assets 23,831 5,392 3,715 1,919 161,851 (92,039 ) 104,669 Trade receivables and other current assets 13,353 1,734 1,337 559 37,720 (48,841 ) 5,862 Current financial assets 7,022 1,084 798 329 37,833 (43,167 ) 3,899 Cash and cash equivalents 3,456 2,574 1,580 1,031 86,298 (31 ) 94,908 Total Assets 23,904 5,421 3,724 2,026 259,705 (189,505 ) 105,275 EQUITY 14,259 (15,494 ) (3,990 ) (799 ) 172,734 (98,556 ) 68,154 NON-CURRENT LIABILITIES - - - - 5,513 - 5,513 CURRENT LIABILITIES 9,645 20,915 7,714 2,825 81,458 (90,949 ) 31,608 Lease obligations - - - - - - - Provisions - - - - - - - Borrowings 1,776 1,209 2,077 577 62,647 (65,302 ) 2,984 Trade payables and other current liabilities 7,869 19,706 5,637 2,248 18,811 (25,647 ) 28,624 Total EQUITY AND LIABILITIES 23,904 5,421 3,724 2,026 259,705 (189,505 ) 105,275	Schedule of Financial Position 12/31/2021 Spain Mexico Colombia Other Operations Supporting Eliminations Total Group Non-current assets 73 29 9 107 97,854 (97,466 ) 606 Current assets 23,831 5,392 3,715 1,919 161,851 (92,039 ) 104,669 Trade receivables and other current assets 13,353 1,734 1,337 559 37,720 (48,841 ) 5,862 Current financial assets 7,022 1,084 798 329 37,833 (43,167 ) 3,899 Cash and cash equivalents 3,456 2,574 1,580 1,031 86,298 (31 ) 94,908 Total Assets 23,904 5,421 3,724 2,026 259,705 (189,505 ) 105,275 EQUITY 14,259 (15,494 ) (3,990 ) (799 ) 172,734 (98,556 ) 68,154 NON-CURRENT LIABILITIES - - - - 5,513 - 5,513 CURRENT LIABILITIES 9,645 20,915 7,714 2,825 81,458 (90,949 ) 31,608 Lease obligations - - - - - - - Provisions - - - - - - - Borrowings 1,776 1,209 2,077 577 62,647 (65,302 ) 2,984 Trade payables and other current liabilities 7,869 19,706 5,637 2,248 18,811 (25,647 ) 28,624 Total EQUITY AND LIABILITIES 23,904 5,421 3,724 2,026 259,705 (189,505 ) 105,275 12/31/2020 Spain Mexico Colombia Other Operations Supporting Eliminations Total Group Non-current assets 213 3 6 197 9,159 (8,334 ) 1,244 Current assets 21,734 5,047 1,186 651 14,891 (26,205 ) 17,304 Trade receivables and other current assets 13,605 - - 486 12,885 (25,330 ) 1,646 Current financial assets 3,020 1,025 408 129 1,050 (875 ) 4,757 Cash and cash equivalents 5,109 4,022 778 36 956 - 10,901 Total Assets 21,947 5,050 1,192 848 24,050 (34,539 ) 18,548 EQUITY (15,232 ) (5,462 ) (1,001 ) (1,164 ) (16,823 ) (243 ) (39,925 ) NON-CURRENT LIABILITIES 21,191 - - - 250 - 21,441 CURRENT LIABILITIES 15,988 10,512 2,193 2,012 40,623 (34,296 ) 37,032 Lease obligations 9 - - - - - 9 Provisions - - - - 15 - 15 Borrowings 7,391 - - 1,238 31,286 (22,138 ) 17,777 Trade payables and other current liabilities 8,588 10,512 2,193 774 9,322 (12,158 ) 19,231 Total EQUITY AND LIABILITIES 21,947 5,050 1,192 848 24,050 (34,539 ) 18,548

FINANCIAL ASSETS (Tables)

FINANCIAL ASSETS (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Schedule of Cash and cash equivalents	Disclosure of financial assets Amortized Cost 06/30/2022 Debt Instruments Carrying Amount Fair Value Current financial assets: 96,470 96,470 96,470 Trade receivables and other current assets (Note 5) 7,165 7,165 7,165 Current financial assets 4,784 4,784 4,784 Of which: with related parties (Note 11) 89 89 89 Cash and cash equivalents 84,521 84,521 84,521 Amortized Cost 12/31/2021 Debt Instruments Carrying Amount Fair Value Current financial assets: 104,669 104,669 104,669 Trade receivables and other current assets (Note 5) 5,862 5,862 5,862 Current financial assets 3,899 3,899 3,899 Of which: with related parties (Note 11) 76 76 76 Cash and cash equivalents 94,908 94,908 94,908	Schedule of Cash and cash equivalents Amortized Cost 12/31/2021 Debt Instruments Carrying Amount Fair Value Current financial assets: 104,669 104,513 104,513 Trade receivables and other current assets (Note 8) 5,862 5,706 5,706 Current financial assets 3,899 3,899 3,899 Of which: with related parties (Note 14) 76 76 76 Cash and cash equivalents 94,908 94,908 94,908 Amortized Cost 12/31/2020 Debt Instruments Carrying Amount Fair Value Current financial assets: 17,304 17,304 17,304 Trade receivables and other current assets (Note 8) 1,646 1,646 1,646 Current financial assets 4,757 4,757 4,757 Of which: with related parties (Note 14) - - - Cash and cash equivalents 10,901 10,901 10,901

TRADE RECEIVABLES AND OTHER C_2

TRADE RECEIVABLES AND OTHER CURRENT ASSETS (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Trade Receivables and Other Current assets	Trade Receivables and Other Current assets 06/30/2022 12/31/2021 Trade receivables: Other receivables from the Codere Group companies (Note 11) 3,816 3,318 Impairment of trade receivables (102 ) (34 ) Other current assets: Current tax asset (VAT) 2,244 1,523 Prepayments 1,068 739 Other receivables 139 316 Total 7,165 5,862	Trade Receivables and Other Current assets 12/31/2021 12/31/2020 Trade receivables: Other receivables from the Codere Group companies (Note 14) 3,318 936 Impairment of trade receivables (34 ) (101 ) Other current assets: Current tax asset (VAT) 1,523 319 Prepayments 739 254 Other receivables 316 238 Total 5,862 1,646
Disclosure of Groups trade receivables	Disclosure of Groups trade receivables Currency 06/30/2022 12/31/2021 COP 3,303 1,337 EUR 2,096 2,139 MXN 810 1,734 GIP 206 - PAN 297 - ILS 242 150 ARS 211 290 USD - 212 Total 7,165 5,862	Disclosure of Groups trade receivables Currency 12/31/2021 12/31/2020 EUR 2,139 1,584 GIP - 3 ILS 150 59 ARS 290 - USD 212 - MXN 1,734 - COP 1,337 - Total 5,862 1,646
Disclosure of pimpairment of accounts receivable	Disclosure of pimpairment of accounts receivable Expected credit loss as of 12/31/2020 101 Additions - Reversal (95 ) Expected credit loss as of 06/30/2021 6 Expected credit loss as of 12/31/2021 34 Additions 68 Reversal - Expected credit loss as of 06/30/2022 102	Disclosure of pimpairment of accounts receivable Expected credit loss as of 01/01/2019 53 Additions - Reversal (23 ) Expected credit loss as of 12/31/2019 30 Additions 71 Reversal - Expected credit loss as of 12/31/2020 101 Additions - Reversal (67 ) Expected credit loss as of 12/31/2021 34

BORROWINGS AND NON-CURRENT FI_2

BORROWINGS AND NON-CURRENT FINANCIAL LIABILITIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disclosure of financial liabilities	Disclosure of financial liabilities Amortized Cost 06/30/2022 Debt Instruments Carrying Amount Fair Value Current financial liabilities 3,990 3,990 3,990 Other borrowings 3,990 3,990 3,990 Of which: with related parties (Note 11) 3,990 3,990 3,990	Disclosure of financial liabilities Amortized 12/31/2021 Debt Instruments Carrying Amount Fair Value Current financial liabilities 2,984 2,984 2,984 Other borrowings 2,984 2,984 2,984 Of which: with related parties (Note 14) 2,919 2,919 2,919 Amortized 12/31/2020 Debt Instruments Carrying Amount Fair Value Current financial liabilities 17,777 17,777 17,777 Other borrowings 17,777 17,777 17,777 Of which: with related parties (Note 14) 17,777 17,777 17,777 Other borrowings correspond to short-term loans, mainly composed of debt with entities from the Codere Group and amounted to € 2,919 17,777 Non-current borrowings at amortized cost There were no non-current borrowings accounted for at amortized cost as of December 31, 2021 as result of the liability conversion into equity during 2021. As of December 31, 2020, the breakdown of non-current borrowings accounted for at amortized cost is as follows: Amortized 12/31/2020 Debt Instruments Carrying Amount Fair Value Non-Current financial liabilities 21,441 21,441 21,441 Loans 21,441 21,441 21,441 Of which: with related parties (Note 14) 21,441 21,441 21,441
Disclosure of loans by entities	Disclosure of loans by entities Balance at Drawdown of Related party non-cash payable Related party Foreign exchange movement Changes in Balance at Loans - - - - - - - Other borrowings 2,984 - 1,006 - - - 3,990 Total 2,984 - 1,006 - - - 3,990 12/31/2021 Balance at Drawdown of Related party Related party Foreign exchange movement Changes in Balance at Loans 21,441 - - (21,441 ) - - - Other borrowings 17,777 450 1,845 (17,088 ) - - 2,984 Total 39,218 450 1,845 (38,529 ) - - 2,984	Disclosure of loans by entities Non-current December 31, 2021 Current 2023 2024 2025 2026 Subsequent Non-current Total Loans - - - - - - - - Other borrowings 2,984 - - - - - - 2,984 Of which: to related parties (Note 14) 2,919 - - - - - - 2,919 Total 2,984 - - - - - - 2,984 Non-current December 31, 2020 Current 2022 2023 2024 2025 Subsequent Non-current Total Loans - 6,000 426 11,515 3,500 - 21,441 21,441 Other borrowings 17,777 - - - - - - 17,777 Of which: to related parties (Note 14) 17,777 6,000 426 11,515 3,500 - 21,441 39,218 Total 17,777 6,000 426 11,515 3,500 - 21,441 39,218 Other borrowings associated with financing activities The following charts present details regarding the changes in other borrowings in 2021 and 2020 that arose from financial activities: 2021 Balance at Drawdown of Related party Related party Foreign exchange movement Changes in Balance at Loans 21,441 - - (21,441 ) - - - Other borrowings 17,777 450 1,845 (17,088 ) - - 2,984 Total 39,218 450 1,845 (38,529 ) - - 2,984 2020 Balance at Drawdown of Related party Related party Foreign exchange movement Changes in Balance at Loans 21,441 - - - - 21,441 Other borrowings 30,236 245 - (12,704 ) - - 17,777 Total 51,677 245 - (12,704 ) - - 39,218
Disclosure of Financial liabilities associated with financing activities		Disclosure of Financial liabilities associated with financing activities Lender Debtor Loan Date Expire Date Principal Amount (in thousand Euros) Interest Rate Codere España, S.A. Codere Online S.A.U. 12/30/2011 12/30/2023 75.50 6% Codere España, S.A. Codere Online S.A.U. 12/30/2014 12/30/2023 50.00 6% Codere España, S.A. Codere Online S.A.U. 03/01/2015 03/01/2024 15.00 6% Codere España, S.A. Codere Online S.A.U. 06/01/2015 05/31/2024 3,000.00 6% Codere España, S.A. Codere Online S.A.U. 12/30/2015 12/30/2024 600.00 6% Codere España, S.A. Codere Online S.A.U. 12/30/2016 12/30/2025 3,500.00 6% Codere España, S.A. Codere Online S.A.U. 12/30/2017 12/30/2022 6,000.00 6% Codere España, S.A. Codere Online S.A.U. 12/30/2018 12/30/2023 300.00 6% Codere España, S.A. Codere Online S.A.U. 01/23/2019 01/16/2024 2,650.00 6% Codere Newco, S.A.U. SEJO 03/01/2019 03/01/2024 250.00 6% Codere España, S.A. Codere Online S.A.U. 12/31/2019 12/31/2024 5,000.00 6% Total 21,441

TRADE PAYABLES AND OTHER CURR_2

TRADE PAYABLES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disclosure of trade payables and other current liabilities	Disclosure of trade payables and other current liabilities 06/30/2022 12/31/2021 Trade payables 27,992 19,687 Customer online wallets 6,157 4,900 Other current liabilities 3,543 3,211 Accruals 744 826 Total 38,436 28,624 Of which: with related parties (Note 11) 7,829 3,729	Disclosure of trade payables and other current liabilities 12/31/2021 12/31/2020 Trade payables 19,687 13,017 Customer online wallets 4,900 4,103 Other current liabilities 3,211 2,014 Accruals 826 97 Total 28,624 19,231 Of which: with related parties (Note 14) 3,729 1,479
Disclosure of other current liabilities	Disclosure of other current liabilities 06/30/2022 12/31/2021 Accrued salaries 261 640 Current tax liabilities 1,723 966 Others 1,559 1,605 Total 3,543 3,211	Disclosure of other current liabilities 12/31/2021 12/31/2020 Accrued salaries 640 232 Current tax liabilities 966 1,510 Others 1,605 272 Total 3,211 2,014

INCOME TAX (Tables)

INCOME TAX (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Income Tax
Disclosure of deferred taxes	Disclosure of income tax benefit/(expense) 06/30/2022 06/30/2021 Current income tax expense (956 ) (222 ) Deferred income tax expense relating to origination and reversal of temporary diferrences (767 ) - Income tax expense recognised in statement of profit or loss (1,723 ) (222 ) Deferred taxes Disclosure of deferred taxes 06/30/2022 06/30/2021 Deferred tax asset 252 - Deferred tax liability 1,019 -	Disclosure of income tax benefit/(expense) 2021 2020 2019 Accounting net loss before tax (67,047 ) (14,769 ) (16,146 ) At Codere Online statutory income tax rate * 11,398 3,692 4,037 Tax effect unrecognized tax losses and permanent differences (17,705 ) (5,395 ) (7,409 ) Utilisation of previously unrecognised tax losses (1,000 ) - - Effect of different rates in different jurisdictions 6,341 3,095 2,987 Adjustment of prior year taxes - 118 437 Income tax benefit/(expense) (966 ) (1,510 ) 53 Effective tax rate 1 % 10.22 % 0.33 % Of which - Current tax expense (966 ) (1,510 ) 53 Deferred tax benefit/(expense) - - - Total income tax benefit/(expense) (966 ) (1,510 ) 53 * The tax rate for the year 2021 was 17% due to Codere Online Luxembourg, S.A. became to the holding company of the Group. The tax rate for the year 2020 and 2019 was 25%.
Disclosure of deferred taxes	Disclosure of deferred taxes 06/30/2022 06/30/2021 Deferred tax asset 252 - Deferred tax liability 1,019 -
Disclosure of future profits	Disclosure of future profits Entity Previous 2019 2020 12/31/2021 06/30/2022 Total as of SEJO - - - 9,355 3,566 12,921 Codere Online S.A.U. (Spain) 1,792 - - - - 1,792 Codere Online Management Services LTD (Malta) - 5,971 9,592 9,051 5,997 30,611 Codere Online U.S. Corp. - - - - 6,543 6,543 LIFO AenP (Mexico) - - - 343 11,561 11,904 Codere Online Luxembourg, S.A. - - - 2,274 - 2,274 Codere Online Colombia SAS - - - - 4,111 4,111 Codere Online Panama S.A. - - - - 505 505	Disclosure of future profits Entity Previous 2019 2020 2021 Total as of SEJO - - - 9,355 9,355 Codere Online S.A.U. (Spain) 4,181 785 - - 4,966 Codere Online Management Services LTD (Malta) - 5,971 9,592 9,051 24,614 LIFO AenP (Mexico) 343 343 Codere Online Luxembourg, S.A. - - - 5,400 5,400 Entity Previous 2018 2019 2020 Total as of Codere Online S.A.U. (Spain) 2,643 2,538 785 - 5,966 Codere Online Management Services LTD (Malta) - - 5,971 9,592 15,563

REVENUE AND EXPENSES (Tables)

REVENUE AND EXPENSES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disclosure of Groups revenues	Disclosure of Groups revenues 06/30/2022 06/30/2021 Online sports betting 28,386 23,470 Online casino wagering 22,876 16,474 Total 51,262 39,944	Disclosure of Groups revenues 2021 2020 2019 Online sports betting 45,875 39,719 42,678 Online casino wagering 34,178 30,778 18,905 Others 200 - - Total 80,253 70,497 61,583
Disclosure of geographical revenue	Disclosure of geographical revenue 06/30/2022 06/30/2021 Spain 27,281 25,641 Mexico 19,571 11,549 Colombia 2,785 2,048 Others 1,625 706 Total 51,262 39,944	Disclosure of geographical revenue 2021 2020 2019 Spain 49,753 48,279 44,058 Mexico 24,908 18,422 15,222 Colombia 3,976 2,355 1,489 Others 1,616 1,441 814 Total 80,253 70,497 61,583
Disclosure personnel expenses	Disclosure personnel expenses 06/30/2022 06/30/2021 Wages, salaries and similar 4,747 2,546 LTIP provision 1,004 439 Social security contributions payable by the Group 692 - Total 6,443 2,985	Disclosure personnel expenses 2021 2020 2019 Wages, salaries and similar 6,248 4,483 4,308 Social security contributions payable by the Group 425 280 417 Other social contributions 407 394 377 Total 7,080 5,157 5,102
Disclosure of depreciation and amortization	Disclosure of depreciation and amortization 06/30/2022 06/30/2021 Depreciation of property, plant and equipment 33 25 Amortization of intangible assets 313 346 Amortization of right-of-use assets - 6 Total 346 377	Disclosure of depreciation and amortization 2021 2020 2019 Depreciation of property, plant and equipment (Note 6) 54 40 27 Amortization of intangible assets (Note 5) 659 883 1,166 Amortization of right-of-use assets 8 9 - Total 721 932 1,193
Disclosure of other operating expenses	Disclosure of other operating expenses 06/30/2022 06/30/2021 Gambling taxes 4,701 4,437 Leases 263 287 Utilities, repairs and maintenance 450 410 Professional services and other expenses 24,127 19,426 Business e-Mail Compromise Incident (*) 744 - Casino license royalties 1,968 1,977 Marketing expenses 37,485 23,158 Total 69,738 49,695 * As explained in Note 12, the Business e-Mail Compromise Incident corresponds to the expense related to the cyber fraud activity amounted to 744 thousand euros, recorded as other operating expenses for the six months ended June 30, 2022.	Disclosure of other operating expenses 2021 2020 2019 Gambling taxes 8,440 8,867 7,402 Leases 596 575 488 Utilities, repairs and maintenance 793 1,258 285 Professional services and other expenses 35,905 28,639 26,320 Listing and transaction costs 45,509 - - Casino license royalties 4,024 4,255 2,241 Marketing expenses 48,214 35,063 34,429 Total 143,481 78,657 71,165
Disclosure of basic and diluted earnings per share	Disclosure of basic and diluted earnings per share 06/30/2022 06/30/2021 Net income/(loss) attributable to the equity holders of the Parent (thousand euros) (16,761 ) (13,300 ) Weight average number of shares outstanding: Basic 45,121,956 30,016,151 Diluted 45,121,956 30,016,151 Basic earnings per share (euros) (0.371 ) (0.443 ) Diluted earnings per share (euros) (0.371 ) (0.443 )	Disclosure of basic and diluted earnings per share 12/31/2021 12/31/2020 12/31/2019 Net income/(loss) attributable to the equity holders of the Parent (thousand euros) (68,067 ) (16,274 ) (16,191 ) Weight average number of shares outstanding: Basic 6,686,432 4,463,482 4,463,482 Diluted 6,686,432 4,463,482 4,463,482 Basic earnings per share (euros) (10.18 ) (3.64 ) (3.63 ) Diluted earnings per share (euros) (10.18 ) (3.64 ) (3.63 )

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disclosure of transactions related companies	Disclosure of transactions related companies Related Companies Relation to the Group Finance costs and exchange differences Operating expenses Revenue Codere Apuestas España S.L. Subsidiary of Codere Group - 2,114 195 CNEW Subsidiary of Codere Group 13 4,790 - Other retail companies Subsidiary of Codere Group - 1,157 6 Other Latam retail companies Subsidiary of Codere Group - 3,723 3,343 Balance at 06/30/2022 Related companies Current Trade receivables Borrowings Trade payables and Codere Apuestas España S.L. Subsidiary of Codere Group - 99 - 1,057 CNEW Subsidiary of Codere Group (2 ) 438 215 3,660 Other retail companies Subsidiary of Codere Group 89 101 339 544 Other Latam retail companies Subsidiary of Codere Group 2 3,178 3,436 2,568 89 3,816 3,990 7,829 Balance at 12/31/2021 Related companies Trade Borrowings Borrowings (Note 7) Trade payables and Codere Newco S.A.U. Parent of the Group - 937 - 1,165 Codere Operadora de Apuestas S.L. Subsidiary of Codere Group - - - 468 Codere Apuestas España S.L. Subsidiary of Codere Group - - - 749 King Bingo S.R.L. Subsidiary of Codere Group - 1 - 3 OBIN Subsidiary of Codere Group 26 (18 ) - - CTEC Subsidiary of Codere Group 50 - - - CITATI Subsidiary of Codere Group - (7 ) - - Other retail companies Subsidiary of Codere Group - - 1,776 520 Other Latam retail companies Subsidiary of Codere Group - 2,405 1,143 824 Total 76 3,318 2,919 3,729	Disclosure of transactions related companies Related Companies Relation to the Group Finance Operating expenses Total Costs Codere España S.A. Subsidiary of Codere Group - (4,847 ) (4,847 ) Codere Newco S.A.U. Parent of the Group (81 ) (7,418 ) (7,499 ) Codere Operadora de Apuestas S.L. Subsidiary of Codere Group - (848 ) (848 ) Codere Italia S.P.A. Subsidiary of Codere Group (29 ) - (29 ) Other retail companies Subsidiary of Codere Group - (2,084 ) (2,084 ) Balance at 12/31/2021 Related Companies Relation to the Group Current financial assets Trade receivables Current borrowings Trade payables Codere Newco S.A.U. Parent of the Group - 937 - 1,165 Codere Operadora de Apuestas S.L. Subsidiary of Codere Group - - - 468 Codere Apuestas España S.L. Subsidiary of Codere Group - - - 749 King Bingo S.R.L. Subsidiary of Codere Group - 1 - 3 OBIN Subsidiary of Codere Group 26 (18 ) - - CTEC Subsidiary of Codere Group 50 - - - CITATI Subsidiary of Codere Group - (7 ) - - Other retail companies Subsidiary of Codere Group - - 1,776 520 Other Latam retail companies Subsidiary of Codere Group - 2,405 1,143 824 Total 76 3,318 2,919 3,729 2020 Related Companies Relation to the Group Finance Operating expenses Total Costs Codere España S.A. Subsidiary of Codere Group (281 ) - (281 ) Codere Newco S.A.U. Parent of the Group (12 ) (3,220 ) (3,232 ) Codere Apuestas España S.L. Subsidiary of Codere Group - (7,066 ) (7,066 ) Codere Apuestas Galicia S.L. Subsidiary of Codere Group - (1,287 ) (1,287 ) Codere Operadora de Apuestas S.L. Subsidiary of Codere Group - (919 ) (919 ) Codere Apuestas S.A.U. Subsidiary of Codere Group - (79 ) (79 ) Codere Italia S.P.A. Subsidiary of Codere Group (101 ) (918 ) (1,019 ) Administradora Mexicana del Hipódromo Subsidiary of Codere Group - (4,164 ) (4,164 ) Other retail companies Subsidiary of Codere Group - (534 ) (534 ) Balance at 12/31/2020 Related Companies Relation to the Group Trade receivables Non-current borrowings Current borrowings Trade payables Codere Apuestas Galicia S.L. Subsidiary of Codere Group 463 - - - Codere Italia S.P.A. Subsidiary of Codere Group 435 - 1,339 101 King Bingo S.R.L. Subsidiary of Codere Group 2 - - - Codere España S.A. Subsidiary of Codere Group - 21,191 6,644 281 Codere Newco S.A.U. Subsidiary of Codere Group - 250 9,048 152 Administradora Mexicana del Hipódromo Subsidiary of Codere Group - - - - Other retail companies Subsidiary of Codere Group 36 - 746 945 Other Latam retail companies Subsidiary of Codere Group - - - - Total 936 21,441 17,777 1,479 2019 Related Companies Relation to the Group Finance Operating expenses Total Costs Codere Newco S.A.U. Parent of the Group (9 ) (589 ) (598 ) Codere Apuestas España S.L. Subsidiary of Codere Group - (6,956 ) (6,956 ) Codere Apuestas Galicia S.L. Subsidiary of Codere Group - (1,374 ) (1,374 ) Codere Apuestas S.A.U. Subsidiary of Codere Group - (1,235 ) (1,235 ) Codere Italia S.P.A. Subsidiary of Codere Group (127 ) - (127 ) Administradora Mexicana del Hipódromo Subsidiary of Codere Group - (3,467 ) (3,467 ) Other retail companies Subsidiary of Codere Group (57 ) (287 ) (344 )

OTHER INFORMATION (Tables)

OTHER INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
Other Information
Disclosure of share options, restricted shares and deferred payments	Disclosure of share options, restricted shares and deferred payments Share Restricted Deferred Total Rights assigned to the beneficiaries 893,495 894,562 - Fair value of the LTIP in USD 1,096,108 3,658,832 4,098,179 Weighted average price in USD 1.42 4.31 - Options granted during the period 89,350 89,456 37,616 Options exercised during the period - - - Options outstanding as of June 30, 2022 89,350 89,456 37,616 Exercisable as of June 30, 2022 - - -
Schedule of assumptions	Schedule of assumptions Forecast share price volatility (annualized) 50.13 % Plan duration (years) 5.00 Expected dividend yield 0.00 % Risk-free interest rate U.S. Sovereign Bond yield

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disclosure of amortized over their estimated useful lives		Disclosure of amortized over their estimated useful lives Years of estimated Service concession arrangement 2 Software 4
Disclosure of estimated useful lives		Disclosure of estimated useful lives Years of estimated useful life Machinery and equipment 3 10 Other fixtures, fittings and tools 3 15
Disclosure of Standards and Amendments	Disclosure of Standards and Amendments Standards, amendments and interpretations Description Mandatory application for financial years starting on or after: Amendments to IAS 1- Presentation of Financial Statements Clarifications regarding the presentation of liabilities as current and non-current. 1 January 2023 IFRS 17 - Insurance Contracts Replaces IFRS 4 and clarifies the principles of registration, measurement, presentation and disclosure of insurance contracts in order to ensure that the entity provides relevant and reliable information that allows the users of the information to determine the effects of the contracts on their financial statements. 1 January 2023 Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates The amendments will make it easier to distinguish between changes in accounting estimates and changes in accounting policies. 1 January 2023 Amendments to IAS 1- Presentation of Financial Statements. Disclosure of accounting policies The amendments will help improve disclosures on accounting policies to provide more useful information to investors and other primary users of financial statements. 1 January 2023 Amendment to IAS 12 - Deferred tax on leases and decommissioning obligations The amendments will clarify that the exceptions to initial recognition are not applicable when there are taxable and deductible timing differences for the same amount. 1 January 2023	Disclosure of Standards and Amendments Standards and Amendments Mandatory application: annual periods beginning on or after Amendment to IFRS 3 - Reference to the Conceptual Framework IFRS 3 is updated to align the definitions of assets and liabilities in a business combination with those in the Conceptual Framework. 1 January 2022 Amendment to IAS 16 - Proceeds Before Intended Use The amendment prohibits deducting any proceeds from the sale of items produced while the company is preparing an asset for its intended use from the cost of an item of property, plant and equipment. 1 January 2022 Amendment to IAS 37 - Onerous Contracts - Cost of Fulfilling a Contract The amendment explains that the direct cost of fulfilling a contract includes the incremental costs of fulfilling that contract and an allocation of other costs directly related to the performance of the contract. 1 January 2022 Annual Improvements to IFRS 2018–2020. Minor Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41. 1 January 2022 Amendments to IAS 1- Presentation of Financial Statements Clarifications regarding the presentation of liabilities as current and non-current. 1 January 2023 IFRS 17 - Insurance Contracts Replaces IFRS 4 and clarifies the principles of registration, measurement, presentation and disclosure of insurance contracts in order to ensure that the entity provides relevant and reliable information that allows the users of the information to determine the effects of the contracts on their financial statements. 1 January 2023 Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates The amendments will make it easier to distinguish between changes in accounting estimates and changes in accounting policies. 1 January 2023 Amendments to IAS 1- Presentation of Financial Statements. Disclosure of accounting policies The amendments will help improve disclosures on accounting policies to provide more useful information to investors and other primary users of financial statements. 1 January 2023 Amendment to IAS 12 - Deferred tax on leases and decommissioning obligations The amendments will clarify that the exceptions to initial recognition are not applicable when there are taxable and deductible timing differences for the same amount. 1 January 2023

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of Intangible assets	Disclosure of Intangible assets Cost Balance at 12/31/2020 Additions Derecognitions Balance at 12/31/2021 Service concession arrangement 200 - - 200 Software 4,392 - - 4,392 Total Cost 4,592 - - 4,592 Accumulated amortization (Note 13) Service concession arrangement (3 ) (100 ) - (103 ) Software (3,461 ) (559 ) - (4,020 ) Total Amortization (3,464 ) (659 ) - (4,123 ) Total Carrying amount 1,128 (659 ) - 469 Cost Balance at 12/31/2019 Additions Derecognitions Balance at 12/31/2020 Service concession arrangement 200 - - 200 Software 4,392 - - 4,392 Total Cost 4,592 - - 4,592 Accumulated amortization (Note 13) Service concession arrangement - (3 ) - (3 ) Software (2,581 ) (880 ) - (3,461 ) Total Amortization (2,581 ) (883 ) - (3,464 ) Total Carrying amount 2,011 (883 ) - 1,128
Disclosure of accumulated amortization and impairment losses of intangible assets	Disclosure of accumulated amortization and impairment losses of intangible assets Balance as of 12/31/2021 Useful life (in years) Accumulated amortization Gross cost Accumulated amortization Impairment losses Intangible assets Service concession arrangement 200 (103 ) - 97 Of which: with definite useful life 2 Straight line 200 (103 ) - 97 Software 4 Straight line 4,392 (4,020 ) - 372 Total intangible assets 4,592 (4,123 ) - 469 Balance as of 12/31/2020 Useful life (in years) Accumulated amortization Gross Accumulated amortization Impairment Intangible Service concession arrangement 200 (3 ) - 197 Of which: with definite useful life 10 Straight line 200 (3 ) - 197 Software 4 Straight line 4,392 (3,461 ) - 931 Total intangible assets 4,592 (3,464 ) - 1,128

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of Property, plant and equipment	Disclosure of Property, plant and equipment Cost Balance at 12/31/2020 Additions Derecognitions Balance at 12/31/2021 Machinery and equipment 167 80 - 247 Other fixtures, fittings and tools 10 - - 10 Total 177 80 - 257 Accumulated depreciation (Note 13) Machinery and equipment (68 ) (53 ) - (121 ) Other fixtures, fittings and tools (2 ) (1 ) - (3 ) Total (70 ) (54 ) - (124 ) Carrying amount 107 26 - 133 Cost Balance at 12/31/2019 Additions Derecognitions Balance at 12/31/2020 Machinery and equipment 113 55 (1 ) 167 Other fixtures, fittings and tools 10 - - 10 Total 123 55 (1 ) 177 Accumulated depreciation (Note 13) Machinery and equipment (30 ) (39 ) 1 (68 ) Other fixtures, fittings and tools (1 ) (1 ) - (2 ) Total (31 ) (40 ) 1 (70 ) Carrying amount 92 15 - 107
Schedule of shareholder ownership	Schedule of shareholder ownership Shares Percentage Ordinary shares held by public stockholders 3,915,956 8.7 % Ordinary shares issued to the sponsor and its permitted transferees 3,421,000 7.6 % Ordinary shares issued to forward purchasers and permitted transferees 6,074,000 13.5 % Ordinary shares issued to the subscribers and their permitted transferees 1,711,000 3.8 % Ordinary shares held by CNEW 30,000,000 66.5 % Parent ordinary shares outstanding 45,121,956 100 %
Schedule of income statement of fair value	Schedule of income statement of fair value Per Share Per Share Assuming Real Redemption Value Value Shares Fair Value Fair Value Class A common shares $ 9.42 € 8.29 8,407,025 $ 79,194 € 69,695 Warrants $ 1.66 € 1.46 6,435,000 $ 10,682 € 9,450 14,842,025 $ 89,876 € 79,145 Fair Value € 43,300 Excess of fair value (listing costs) € 35,845
Schedule of warrant liabilities	Schedule of warrant liabilities Shares Cash USD Cash Euro Issued Capital Share Premium Total Equity Total shares after redemptions 8,407,025 $ 49,177 € 43,300 € 8,407 € 61,288 € 69,695 Additional shares issued to PIPE investors 6,714,931 $ 67,149 € 59,124 € 6,715 € 52,410 € 59,124 Total shares issued to DD3 shareholders 15,121,956 $ 116,327 € 102,425 € 15,122 € 113,697 € 128,819
Schedule of Share Premium	Schedule of Share Premium Thousands of Transaction costs supported by CNEW 4,648 % equity interest held by DD3 (33%) 1,557 Attributable transaction costs to share premium 1,557

INCOME TAX MATTERS (Tables)

INCOME TAX MATTERS (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Income Tax Matters
Disclosure of income tax benefit/(expense)	Disclosure of income tax benefit/(expense) 06/30/2022 06/30/2021 Current income tax expense (956 ) (222 ) Deferred income tax expense relating to origination and reversal of temporary diferrences (767 ) - Income tax expense recognised in statement of profit or loss (1,723 ) (222 ) Deferred taxes Disclosure of deferred taxes 06/30/2022 06/30/2021 Deferred tax asset 252 - Deferred tax liability 1,019 -	Disclosure of income tax benefit/(expense) 2021 2020 2019 Accounting net loss before tax (67,047 ) (14,769 ) (16,146 ) At Codere Online statutory income tax rate * 11,398 3,692 4,037 Tax effect unrecognized tax losses and permanent differences (17,705 ) (5,395 ) (7,409 ) Utilisation of previously unrecognised tax losses (1,000 ) - - Effect of different rates in different jurisdictions 6,341 3,095 2,987 Adjustment of prior year taxes - 118 437 Income tax benefit/(expense) (966 ) (1,510 ) 53 Effective tax rate 1 % 10.22 % 0.33 % Of which - Current tax expense (966 ) (1,510 ) 53 Deferred tax benefit/(expense) - - - Total income tax benefit/(expense) (966 ) (1,510 ) 53 * The tax rate for the year 2021 was 17% due to Codere Online Luxembourg, S.A. became to the holding company of the Group. The tax rate for the year 2020 and 2019 was 25%.
Disclosure of future profits	Disclosure of future profits Entity Previous 2019 2020 12/31/2021 06/30/2022 Total as of SEJO - - - 9,355 3,566 12,921 Codere Online S.A.U. (Spain) 1,792 - - - - 1,792 Codere Online Management Services LTD (Malta) - 5,971 9,592 9,051 5,997 30,611 Codere Online U.S. Corp. - - - - 6,543 6,543 LIFO AenP (Mexico) - - - 343 11,561 11,904 Codere Online Luxembourg, S.A. - - - 2,274 - 2,274 Codere Online Colombia SAS - - - - 4,111 4,111 Codere Online Panama S.A. - - - - 505 505	Disclosure of future profits Entity Previous 2019 2020 2021 Total as of SEJO - - - 9,355 9,355 Codere Online S.A.U. (Spain) 4,181 785 - - 4,966 Codere Online Management Services LTD (Malta) - 5,971 9,592 9,051 24,614 LIFO AenP (Mexico) 343 343 Codere Online Luxembourg, S.A. - - - 5,400 5,400 Entity Previous 2018 2019 2020 Total as of Codere Online S.A.U. (Spain) 2,643 2,538 785 - 5,966 Codere Online Management Services LTD (Malta) - - 5,971 9,592 15,563

RISK MANAGEMENT POLICIES (Table

RISK MANAGEMENT POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of foreign currencies	Disclosure of foreign currencies Current Current ILS 150 829 COP 1,337 2,427 MXN 1,734 6,699 GBP - 1 ARS 290 1,444 USD 85,763 158 Total 89,274 11,558 12/31/2020 Current Current ILS 351 292 COP 1,187 743 MXN 5,047 2,925 Total 6,585 3,960
Disclosure of sensitivity analysis	Disclosure of sensitivity analysis Thousands of euros Sensitivity -10% Sensitivity +10% Currency Exchange rate Income Equity Income Equity COP/EUR 4,509.0 109 - (109 ) - MXN/EUR 23.0 496 - (496 ) - GBP/EUR 0.8 0 - (0 ) - USD/EUR 1.1 8,592 - (8,592 ) - ARS/EUR 116.0 173 - (173 ) - ILS/EUR 4.0 55 - (55 ) - Thousands of euros Sensitivity -10% Sensitivity +10% Currency Exchange rate Income Equity Income Equity COP/EUR 4,212.0 (44 ) - 44 - MXN/EUR 24.5 (212 ) - 212 - ILS/EUR 3.9 (6 ) - 6 - Thousands of euros Sensitivity -10% Sensitivity +10% Currency Exchange rate Income Equity Income Equity COP/EUR 3,681.5 59 - (59 ) - MXN/EUR 21.2 (11 ) - 11 - GBP/EUR 0.8 21 - (21 ) - ILS/EUR 3.9 (1 ) - 1 -

BACKGROUND (Details)

BACKGROUND (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Codere Online Luxembourg S A [Member]
IfrsStatementLineItems [Line Items]
Entity Type	Holding Company	Holding Company
Ownership percentage	100%	100%
Location	Luxembourg	Luxembourg
Codere Online U S Corp [Member]
IfrsStatementLineItems [Line Items]
Entity Type	Supporting Entity	Supporting Entity
Ownership percentage	100%	100%
Location	United States	United States
Serviciosde Juego Online S A [Member]
IfrsStatementLineItems [Line Items]
Entity Type	Holding Company	Holding Company
Ownership percentage	100%	100%
Location	Spain	Spain
Codere Online S A U [Member]
IfrsStatementLineItems [Line Items]
Entity Type	Operating Entity	Operating Entity
Ownership percentage	100%	100%
Location	Spain	Spain
Codere Online Colombia S A S [Member]
IfrsStatementLineItems [Line Items]
Entity Type	Operating Entity	Operating Entity
Ownership percentage	100%	100%
Location	Colombia	Colombia
Codere Online Panama S A [Member]
IfrsStatementLineItems [Line Items]
Entity Type	Operating Entity	Operating Entity
Ownership percentage	100%	100%
Location	Panama	Panama
L I F O Aen P [Member]
IfrsStatementLineItems [Line Items]
Entity Type	Operating Entity	Operating Entity
Ownership percentage	99.99%	99.99%
Location	Mexico	Mexico
Codere Scommese S R L [Member]
IfrsStatementLineItems [Line Items]
Entity Type	Operating Entity	Operating Entity
Ownership percentage	100%	100%
Location	Italy	Italy
Codere Online Operator L T D [Member]
IfrsStatementLineItems [Line Items]
Entity Type	Operating Entity	Operating Entity
Ownership percentage	100%	100%
Location	Malta	Malta
Iberargen S A [Member]
IfrsStatementLineItems [Line Items]
Entity Type	Operating Entity	Operating Entity
Ownership percentage	95%	95%
Location	Argentina	Argentina
Codere Online Management Services L T D [Member]
IfrsStatementLineItems [Line Items]
Entity Type	Supporting Entity	Supporting Entity
Ownership percentage	100%	100%
Location	Malta	Malta
Codere Israel Marketing Support Services L T D [Member]
IfrsStatementLineItems [Line Items]
Entity Type	Supporting Entity	Supporting Entity
Ownership percentage	100%	100%
Location	Israel	Israel
Codere Gibraltar Marketing Services L T D [Member]
IfrsStatementLineItems [Line Items]
Entity Type	Supporting Entity	Supporting Entity
Ownership percentage	100%	100%
Location	Gibraltar	Gibraltar

BASIS OF PRESENTATION OF THE _4

BASIS OF PRESENTATION OF THE UNAUDITED INTERIM CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Amendments One [Member]
IfrsStatementLineItems [Line Items]
Standards and Amendments, description	Clarifications regarding the presentation of liabilities as current and non-current.	IFRS 3 is updated to align the definitions of assets and liabilities in a business combination with those in the Conceptual Framework.
Annual periods dates	1 January 2023	1 January 2022
Amendments Two [Member]
IfrsStatementLineItems [Line Items]
Standards and Amendments, description	Replaces IFRS 4 and clarifies the principles of registration, measurement, presentation and disclosure of insurance contracts in order to ensure that the entity provides relevant and reliable information that allows the users of the information to determine the effects of the contracts on their financial statements.	The amendment prohibits deducting any proceeds from the sale of items produced while the company is preparing an asset for its intended use from the cost of an item of property, plant and equipment.
Annual periods dates	1 January 2023	1 January 2022
Amendments Three [Member]
IfrsStatementLineItems [Line Items]
Standards and Amendments, description	The amendments will make it easier to distinguish between changes in accounting estimates and changes in accounting policies.	The amendment explains that the direct cost of fulfilling a contract includes the incremental costs of fulfilling that contract and an allocation of other costs directly related to the performance of the contract.
Annual periods dates	1 January 2023	1 January 2022
Amendments Four [Member]
IfrsStatementLineItems [Line Items]
Standards and Amendments, description	The amendments will help improve disclosures on accounting policies to provide more useful information to investors and other primary users of financial statements.	Minor Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41.
Annual periods dates	1 January 2023	1 January 2022
Amendments Five [Member]
IfrsStatementLineItems [Line Items]
Standards and Amendments, description	The amendments will clarify that the exceptions to initial recognition are not applicable when there are taxable and deductible timing differences for the same amount.	Clarifications regarding the presentation of liabilities as current and non-current.
Annual periods dates	1 January 2023	1 January 2023

BASIS OF PRESENTATION OF THE _5

BASIS OF PRESENTATION OF THE UNAUDITED INTERIM CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS (Details Narrative) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity	€ 51,700		€ 68,100	€ 39,900
Working capital	54,000		73,000	19,700
Cash flows from operations	16,800	€ 13,300	68,000	16,300	€ 16,100
Cash	51,700	6,600	68,100	10,900
Cash and cash equivalents	€ 84,500	€ 2,800	€ 94,900	€ 2,600

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
IfrsStatementLineItems [Line Items]
Revenue	€ 51,262	€ 39,944	€ 80,253	€ 70,497	€ 61,583
Depreciation and amortization	(346)	(377)	(721)	(932)	(1,193)
Operating expenses	(76,527)	(53,057)	(151,282)	(84,746)	(77,460)
NET INCOME/(LOSS) BEFORE TAX	(15,038)	(13,045)	(67,047)	(14,769)	(16,146)
Income tax benefit/(expense)	1,723	222	966	1,510	(53)
NET INCOME/(LOSS) FOR THE YEAR			68,013	16,279	16,093
Attributable to equity holders of the Parent	(16,761)	(13,300)	(68,067)	(16,274)	(16,191)
Spain [Member]
IfrsStatementLineItems [Line Items]
Revenue	27,281	25,641	49,753	48,279	44,058
Personnel expenses	(255)	(155)	(359)	(275)	(234)
Depreciation and amortization	41	(93)	(150)	(470)	(746)
Other operating expenses	23,912	(27,543)	(47,947)	(43,230)	(44,125)
Operating expenses	24,208	(27,791)	(48,456)	(43,975)	(45,105)
OPERATING INCOME/(LOSS)	(3,073)	(2,150)	1,297	4,304	(1,047)
Finance income	101	(2)	(5)
Finance costs				(332)	(3)
Net financial results	(101)	(2)	(5)	(332)	(3)
NET INCOME/(LOSS) BEFORE TAX	(3,174)	(2,152)	1,292	3,972	(1,050)
Income tax benefit/(expense)	272	181	(68)	(1,077)	400
NET INCOME/(LOSS) FOR THE YEAR	(2,902)	(1,971)	1,224	2,895	(650)
Attributable to equity holders of the Parent	(2,902)	(1,971)	1,224	2,895	(650)
Attributable to non-controlling interests
Mexico [Member]
IfrsStatementLineItems [Line Items]
Revenue	19,570	11,549	24,908	18,422	15,222
Personnel expenses	(423)	(3)	(407)	(18)	(6)
Depreciation and amortization	6	(2)	(7)	(1)	(1)
Other operating expenses	31,272	(16,391)	(36,812)	(26,277)	(21,754)
Operating expenses	31,701	(16,396)	(37,226)	(26,296)	(21,761)
OPERATING INCOME/(LOSS)	12,131	(4,847)	(12,318)	(7,874)	(6,539)
Finance income	1,672	192	242
Finance costs	1,102	(9)	(7)	7
Net financial results	(570)	183	235	7
NET INCOME/(LOSS) BEFORE TAX	11,561	(4,664)	(12,083)	(7,867)	(6,539)
Income tax benefit/(expense)	(3)
NET INCOME/(LOSS) FOR THE YEAR	11,558	(4,664)	(12,083)	(7,867)	(6,539)
Attributable to equity holders of the Parent	11,558	(4,664)	(12,083)	(7,867)	(6,539)
Attributable to non-controlling interests
Colombia [Member]
IfrsStatementLineItems [Line Items]
Revenue	2,785	2,048	3,976	2,355	1,505
Personnel expenses	(73)	(52)	(95)	(108)	(79)
Depreciation and amortization	2	(1)	(3)	(2)
Other operating expenses	6,393	(3,750)	(7,853)	(3,497)	(3,909)
Operating expenses	6,468	(3,803)	(7,951)	(3,607)	(3,988)
OPERATING INCOME/(LOSS)	3,683	(1,755)	(3,975)	(1,252)	(2,483)
Finance income	119	3	4
Finance costs	547	(3)	(28)
Net financial results	428		(24)
NET INCOME/(LOSS) BEFORE TAX	4,111	(1,755)	(3,999)	(1,252)	(2,483)
Income tax benefit/(expense)
NET INCOME/(LOSS) FOR THE YEAR	4,111	(1,755)	(3,999)	(1,252)	(2,483)
Attributable to equity holders of the Parent	4,111	(1,755)	(3,999)	(1,252)	(2,483)
Attributable to non-controlling interests
Other Operations [Member]
IfrsStatementLineItems [Line Items]
Revenue	1,626	483	989	329	731
Personnel expenses	(488)	(91)	(283)	(174)
Depreciation and amortization	66	(50)	(100)	(3)
Other operating expenses	3,569	(674)	(2,314)	(289)	(550)
Operating expenses	4,123	(815)	(2,697)	(466)	(550)
OPERATING INCOME/(LOSS)	2,497	(332)	(1,708)	(137)	181
Finance income	176	3	32
Finance costs	(233)	(39)	(2)	(101)	(126)
Net financial results	(409)	(36)	30	(101)	(126)
NET INCOME/(LOSS) BEFORE TAX	2,088	(368)	(1,678)	(238)	55
Income tax benefit/(expense)	(7)		(7)	118	38
NET INCOME/(LOSS) FOR THE YEAR	2,081	(368)	(1,685)	(120)	93
Attributable to equity holders of the Parent	2,081	(401)	(1,685)	(115)	(5)
Attributable to non-controlling interests		33		(5)	98
Supporting [Member]
IfrsStatementLineItems [Line Items]
Revenue	24,122	19,019	39,547	31,046	27,743
Personnel expenses	(5,204)	(2,684)	(5,934)	(4,582)	(4,783)
Depreciation and amortization	230	(231)	(462)	(456)	(446)
Other operating expenses	28,714	(20,116)	(51,615)	(35,298)	(28,503)
Operating expenses	34,148	(23,031)	(58,011)	(40,336)	(33,732)
OPERATING INCOME/(LOSS)	10,026	(4,012)	(18,464)	(9,290)	(5,989)
Finance income	14,438	188	14,437	602	232
Finance costs	4,727	(255)	(10,649)	(696)	(372)
Net financial results	(9,711)	(67)	3,788	(94)	(140)
NET INCOME/(LOSS) BEFORE TAX	315	(4,079)	(14,676)	(9,384)	(6,129)
Income tax benefit/(expense)	1,462	(403)	(891)	(551)	(385)
NET INCOME/(LOSS) FOR THE YEAR	1,777	(4,482)	(15,567)	(9,935)	(6,514)
Attributable to equity holders of the Parent	1,777	(4,482)	(15,567)	(9,935)	(6,514)
Attributable to non-controlling interests
Eliminations [Member]
IfrsStatementLineItems [Line Items]
Revenue	(24,122)	(18,796)	(38,920)	(29,934)	(27,676)
Personnel expenses			(2)
Depreciation and amortization	1		1
Other operating expenses	(24,122)	18,779	3,060	29,934	27,676
Operating expenses	(24,121)	18,779	3,059	29,934	27,676
OPERATING INCOME/(LOSS)	1	(17)	(35,861)
Finance income	(1,836)	(251)	(10,167)	(434)	(232)
Finance costs	(1,700)	241	10,125	434	232
Net financial results	136	(10)	(42)
NET INCOME/(LOSS) BEFORE TAX	137	(27)	(35,903)
Income tax benefit/(expense)	(1)
NET INCOME/(LOSS) FOR THE YEAR	136	(27)	(35,903)
Attributable to equity holders of the Parent	136	(27)	(35,957)
Attributable to non-controlling interests			54
Total Group [Member]
IfrsStatementLineItems [Line Items]
Revenue	51,262	39,944	80,253	70,497	61,583
Personnel expenses	(6,443)	(2,985)	(7,080)	(5,157)	(5,102)
Depreciation and amortization	346	(377)	(721)	(932)	(1,193)
Other operating expenses	69,738	(49,695)	(143,481)	(78,657)	(71,165)
Operating expenses	76,527	(53,057)	(151,282)	(84,746)	(77,460)
OPERATING INCOME/(LOSS)	25,265	(13,113)	(71,029)	(14,249)	(15,877)
Finance income	14,670	133	4,543	168
Finance costs	4,443	(65)	(561)	(688)	(269)
Net financial results	(10,227)	68	3,982	(520)	(269)
NET INCOME/(LOSS) BEFORE TAX	15,038	(13,045)	(67,047)	(14,769)	(16,146)
Income tax benefit/(expense)	1,723	(222)	(966)	(1,510)	53
NET INCOME/(LOSS) FOR THE YEAR	16,761	(13,267)	(68,013)	(16,279)	(16,093)
Attributable to equity holders of the Parent	16,761	(13,300)	(68,067)	(16,274)	(16,191)
Attributable to non-controlling interests		€ 33	€ 54	€ (5)	€ 98

SEGMENT INFORMATION (Details 1)

SEGMENT INFORMATION (Details 1) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
IfrsStatementLineItems [Line Items]
Non-current assets	€ 576	€ 606		€ 1,244
Current assets	96,470	104,669		17,304
Trade receivables and other current assets	3,816	3,318		936
Current financial assets	4,784	3,899		4,757
Cash and cash equivalents	84,500	94,900	€ 2,800	2,600
Total Assets	97,046	105,275		18,548
EQUITY	51,681	68,154		(39,925)	€ (31,333)	€ (19,350)
NON-CURRENT LIABILITIES	2,939	5,513		21,441
Borrowings	3,990			21,441
Deferred Tax Liability	1,019
CURRENT LIABILITIES	42,426	31,608		37,032
Trade payables and other current liabilities	7,829	3,729
Total EQUITY AND LIABILITIES	97,046	105,275		18,548
Spain [Member]
IfrsStatementLineItems [Line Items]
Non-current assets	34	73		213
Current assets	26,476	23,831		21,734
Trade receivables and other current assets	13,743	13,353		13,605
Current financial assets	7,108	7,022		3,020
Cash and cash equivalents	5,625	3,456		5,109
Total Assets	26,510	23,904		21,947
EQUITY	17,184	14,259		(15,232)
NON-CURRENT LIABILITIES				21,191
Borrowings
Deferred Tax Liability
CURRENT LIABILITIES	9,326	9,645		15,988
Borrowings	476	1,776		7,391
Trade payables and other current liabilities	8,850	7,869		8,588
Total EQUITY AND LIABILITIES	26,510	23,904		21,947
Lease obligations				9
Provisions
Mexico [Member]
IfrsStatementLineItems [Line Items]
Non-current assets	36	29		3
Current assets	7,631	5,392		5,047
Trade receivables and other current assets	811	1,734
Current financial assets	1,230	1,084		1,025
Cash and cash equivalents	5,590	2,574		4,022
Total Assets	7,667	5,421		5,050
EQUITY	(29,437)	(15,494)		(5,462)
NON-CURRENT LIABILITIES
Deferred Tax Liability
CURRENT LIABILITIES	37,104	20,915		10,512
Borrowings	25,144	1,209
Trade payables and other current liabilities	11,960	19,706		10,512
Total EQUITY AND LIABILITIES	7,667	5,421		5,050
Lease obligations
Provisions
Colombia [Member]
IfrsStatementLineItems [Line Items]
Non-current assets	8	9		6
Current assets	6,296	3,715		1,186
Trade receivables and other current assets	3,302	1,337
Current financial assets	1,231	798		408
Cash and cash equivalents	1,763	1,580		778
Total Assets	6,304	3,724		1,192
EQUITY	(8,278)	(3,990)		(1,001)
NON-CURRENT LIABILITIES
Deferred Tax Liability
CURRENT LIABILITIES	14,582	7,714		2,193
Borrowings	9,945	2,077
Trade payables and other current liabilities	4,637	5,637		2,193
Total EQUITY AND LIABILITIES	6,304	3,724		1,192
Lease obligations
Provisions
Other Operations [Member]
IfrsStatementLineItems [Line Items]
Non-current assets	77	107		197
Current assets	2,822	1,919		651
Trade receivables and other current assets	629	559		486
Current financial assets	903	329		129
Cash and cash equivalents	1,290	1,031		36
Total Assets	2,899	2,026		848
EQUITY	(2,547)	(799)		(1,164)
NON-CURRENT LIABILITIES
Deferred Tax Liability
CURRENT LIABILITIES	5,446	2,825		2,012
Borrowings	2,089	577		1,238
Trade payables and other current liabilities	3,357	2,248		774
Total EQUITY AND LIABILITIES	2,899	2,026		848
Lease obligations
Provisions
Supporting [Member]
IfrsStatementLineItems [Line Items]
Non-current assets	104,033	97,854		9,159
Current assets	171,503	161,851		14,891
Trade receivables and other current assets	14,048	37,720		12,885
Current financial assets	87,154	37,833		1,050
Cash and cash equivalents	70,301	86,298		956
Total Assets	275,536	259,705		24,050
EQUITY	179,445	172,734		(16,823)
NON-CURRENT LIABILITIES	2,939	5,513		250
Borrowings	1,920
Deferred Tax Liability	1,019
CURRENT LIABILITIES	93,152	81,458		40,623
Borrowings	76,126	62,647		31,286
Trade payables and other current liabilities	17,026	18,811		9,322
Total EQUITY AND LIABILITIES	275,536	259,705		24,050
Lease obligations
Provisions				15
Eliminations [Member]
IfrsStatementLineItems [Line Items]
Non-current assets	(103,612)	(97,466)		(8,334)
Current assets	(118,258)	(92,039)		(26,205)
Trade receivables and other current assets	(25,368)	(48,841)		(25,330)
Current financial assets	(92,842)	(43,167)		(875)
Cash and cash equivalents	(48)	(31)
Total Assets	(221,870)	(189,505)		(34,539)
EQUITY	(104,686)	(98,556)		(243)
NON-CURRENT LIABILITIES
Deferred Tax Liability
CURRENT LIABILITIES	(117,184)	(90,949)		(34,296)
Borrowings	(109,790)	(65,302)		(22,138)
Trade payables and other current liabilities	(7,394)	(25,647)		(12,158)
Total EQUITY AND LIABILITIES	(221,870)	(189,505)		(34,539)
Lease obligations
Provisions
Total Group [Member]
IfrsStatementLineItems [Line Items]
Non-current assets	576	606		1,244
Current assets	96,470	104,669		17,304
Trade receivables and other current assets	7,165	5,862		1,646
Current financial assets	4,784	3,899		4,757
Cash and cash equivalents	84,521	94,908		10,901
Total Assets	97,046	105,275		18,548
EQUITY	51,681	68,154		(39,925)
NON-CURRENT LIABILITIES	2,939	5,513		21,441
Borrowings	1,920
Deferred Tax Liability	1,019
CURRENT LIABILITIES	42,426	31,608		37,032
Borrowings	3,990	2,984		17,777
Trade payables and other current liabilities	38,436	28,624		19,231
Total EQUITY AND LIABILITIES	€ 97,046	105,275		18,548
Lease obligations				9
Provisions				€ 15

FINANCIAL ASSETS (Details)

FINANCIAL ASSETS (Details) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Current financial assets	€ 4,784	€ 3,899		€ 4,757
Current financial assets	3,816	3,318		936
Cash and cash equivalents	84,500	94,900	€ 2,800	2,600
Amortized Cost Debt Instruments [Member]
IfrsStatementLineItems [Line Items]
Current financial assets	96,470	104,669		17,304
Trade receivables and other current assets (Note 5)	7,165	5,862		1,646
Current financial assets	4,784	3,899		4,757
Current Financial Assets With Related Parties	89	76
Cash and cash equivalents	84,521	94,908		10,901
Carrying amount [member]
IfrsStatementLineItems [Line Items]
Current financial assets	96,470	104,513		17,304
Trade receivables and other current assets (Note 5)	7,165	5,706		1,646
Current financial assets	4,784	3,899		4,757
Current Financial Assets With Related Parties	89	76
Cash and cash equivalents	84,521	94,908		10,901
Fair Value [Member]
IfrsStatementLineItems [Line Items]
Current financial assets	96,470	104,513		17,304
Trade receivables and other current assets (Note 5)	7,165	5,706		1,646
Current financial assets	4,784	3,899		4,757
Current Financial Assets With Related Parties	89	76
Cash and cash equivalents	€ 84,521	€ 94,908		€ 10,901

FINANCIAL ASSETS (Details Narra

FINANCIAL ASSETS (Details Narrative) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Cash and cash equivalents, description	the Company to maintain 1 euro as restricted cash for each euro the customer has in the virtual wallet		the Group to maintain 1 euro as restricted cash for each euro the customer has in the virtual wallet.
Cash and cash equivalents	€ 4,761		€ 3,548	€ 2,647
Trade receivables and other current assets	3,816		3,318	936
Current financial assets	3,995		3,728	4,412
Current financial assets from related parties	89		76	0
Credit losses on current financial assets	103	€ 55	55	49
Codere Group [Member]
IfrsStatementLineItems [Line Items]
Trade receivables and other current assets	€ 3,687		€ 1,926	€ 498

TRADE RECEIVABLES AND OTHER C_3

TRADE RECEIVABLES AND OTHER CURRENT ASSETS (Details) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Trade receivables:
Other receivables from the Codere Group companies (Note 14)	€ 3,816	€ 3,318	€ 936
Impairment of trade receivables	(102)	(34)	(101)
Current tax asset (VAT)	2,244	1,523	319
Prepayments	1,068	739	254
Other receivables	139	316	238
Total	€ 7,165	€ 5,862	€ 1,646

TRADE RECEIVABLES AND OTHER C_4

TRADE RECEIVABLES AND OTHER CURRENT ASSETS (Details 1) - EUR (€)	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Total	€ 7,165,000	€ 5,862,000	€ 1,646,000
Colombia, Pesos
IfrsStatementLineItems [Line Items]
Total	3,303	1,337,000
Euro Member Countries, Euro
IfrsStatementLineItems [Line Items]
Total	2,096,000	2,139,000	1,584,000
Mexico, Pesos
IfrsStatementLineItems [Line Items]
Total	810,000	1,734,000
Gibraltar, Pounds
IfrsStatementLineItems [Line Items]
Total	206,000		3,000
P A N [Member]
IfrsStatementLineItems [Line Items]
Total	297,000
Israel, New Shekels
IfrsStatementLineItems [Line Items]
Total	242,000	150,000	59,000
Argentina, Pesos
IfrsStatementLineItems [Line Items]
Total	211,000	290,000
United States of America, Dollars
IfrsStatementLineItems [Line Items]
Total		€ 212,000

TRADE RECEIVABLES AND OTHER C_5

TRADE RECEIVABLES AND OTHER CURRENT ASSETS (Details 2) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance For impairment of accounts receivable	€ 34	€ 101	€ 101	€ 30	€ 53
Allowance For impairment of accounts receivable Additions	68			71
Allowance For impairment of accounts receivable		(95)	(67)		(23)
Allowance For impairment of accounts receivable	€ 102	€ 6	€ 34	€ 101	€ 30

TRADE RECEIVABLES AND OTHER C_6

TRADE RECEIVABLES AND OTHER CURRENT ASSETS (Details Narrative) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021
Trade receivable	€ 3,178	€ 2,405

EQUITY (Details Narrative)

EQUITY (Details Narrative) - EUR (€)	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2022
IfrsStatementLineItems [Line Items]
Share capital	€ 45,121,956	€ 45,121,956
Divided shares	45,121,956	45,121,956
Other reserves		€ 999,000
SEJO contribution description	the impact is only a reclassification from other reserves to issued capital amounting to €29,970 thousand related to the 29,970,000 new shares issued to Codere Newco at €1 nominal value.
Business Combination Description	the market price of each warrant was approximately €1.46 per warrant or €9,450 thousand in the aggregate. As of December 31, 2021, the market price decreased to approximately €0.86 per warrant; therefore, as of December 31, 2021, the fair value of the warrant liabilities amounted to €5,513 thousand. The change in fair value of the warrants was recorded in the consolidated and combined carve-out income statement as finance income amounting to €3,937 thousand for the year ended December 31, 2021.
Additional transaction costs	€ 5,220,000
Equity attributable to non-controlling interest description	as of December 31, 2021 and December 31, 2020 amounted to €147 and €92 thousand, respectively, which represents 25% of minority shareholder’s interest in the historical online business activity the Group has carried out through Hipica de Panama S.A. until October 1, 2021.
D D 3 [Member]
IfrsStatementLineItems [Line Items]
Business Combination Description	as of November 30, 2021 implied an exchange of additional 15,121,956 shares issued to DD3 shareholders at €1 nominal value in exchange for the same number of shares outstanding from DD3, immediately before the merge with Codere Online U.S. Corp. The total 15,121,956 shares of DD3 included 8,407,025 shares remaining after redemptions, and additional 6,435,000 shares issued just before the business combination to PIPE investors, as part of the commitments included in the Business Combination.
P I P E [Member]
IfrsStatementLineItems [Line Items]
Business Combination Description	The transaction with DD3 has been, partly, treated as a shared-based payment transaction that falls under IFRS 2, with the difference between the fair value of DD3 shares issued prior to the PIPE additional contribution, (was derived from quoted prices (Level 1)), which amounted to €79,145 thousand, and the fair value of the identifiable net assets of DD3 at that time, amounting to €43,300 thousand, being recorded as an expense of €35,845 thousand in the consolidated and combined carve-out income statement, representing the costs associated with the listing process. See the table with the calculations below:

BORROWINGS AND NON-CURRENT FI_3

BORROWINGS AND NON-CURRENT FINANCIAL LIABILITIES (Details) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Current financial liabilities		€ 2,919
Other borrowings	€ 3,990	2,984	€ 17,777
Non-Current financial liabilities	1,920	5,513
Amortized Cost [Member]
IfrsStatementLineItems [Line Items]
Current financial liabilities	3,990	2,984	17,777
Other borrowings	3,990	2,984	17,777
with related parties (Note 14)	3,990	2,919	17,777
Non-Current financial liabilities			21,441
Loans			21,441
with related parties (Note 14)			21,441
Carrying Amounts [Member]
IfrsStatementLineItems [Line Items]
Current financial liabilities	3,990	2,984	17,777
Other borrowings	3,990	2,984	17,777
with related parties (Note 14)	3,990	2,919	17,777
Non-Current financial liabilities			21,441
Loans			21,441
with related parties (Note 14)			21,441
Fair Value [Member]
IfrsStatementLineItems [Line Items]
Current financial liabilities	3,990	2,984	17,777
Other borrowings	3,990	2,984	17,777
with related parties (Note 14)	€ 3,990	€ 2,919	17,777
Non-Current financial liabilities			21,441
Loans			21,441
with related parties (Note 14)			€ 21,441

BORROWINGS AND NON-CURRENT FI_4

BORROWINGS AND NON-CURRENT FINANCIAL LIABILITIES (Details 1) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Financial liabilities at beginning	€ 2,984	€ 39,218	€ 51,677
Drawdown of related party debt		450	245
Related party non- cash receivable	1,006	1,845
Related party non- cash settlement		(38,529)	(12,704)
Foreign exchange movement
Changes in fair value
Financial liabilities at ending	3,990	2,984	39,218
Debt instruments held		€ 21,441
Lendor [Member] | Debtor [Member]
IfrsStatementLineItems [Line Items]
Loan date		12/30/2011
Expire date		12/30/2023
Borrowings, interest rate		6%
Lendor One [Member] | Debtor One [Member]
IfrsStatementLineItems [Line Items]
Loan date		12/30/2014
Expire date		12/30/2023
Borrowings, interest rate		6%
Lendor Two [Member] | Debtor Two [Member]
IfrsStatementLineItems [Line Items]
Loan date		03/01/2015
Expire date		03/01/2024
Borrowings, interest rate		6%
Debt instruments held		€ 15
Lendor Three [Member] | Debtor Three [Member]
IfrsStatementLineItems [Line Items]
Loan date		06/01/2015
Expire date		05/31/2024
Borrowings, interest rate		6%
Debt instruments held		€ 3,000
Lendor Four [Member] | Debtor Four [Member]
IfrsStatementLineItems [Line Items]
Loan date		12/30/2015
Expire date		12/30/2024
Borrowings, interest rate		6%
Debt instruments held		€ 600
Lendor Five [Member] | Debtor Five [Member]
IfrsStatementLineItems [Line Items]
Loan date		12/30/2016
Expire date		12/30/2025
Borrowings, interest rate		6%
Debt instruments held		€ 3,500
Lendor Six [Member] | Debtor Six [Member]
IfrsStatementLineItems [Line Items]
Loan date		12/30/2017
Expire date		12/30/2022
Borrowings, interest rate		6%
Debt instruments held		€ 6,000
Lendor Seven [Member] | Debtor Seven [Member]
IfrsStatementLineItems [Line Items]
Loan date		12/30/2018
Expire date		12/30/2023
Borrowings, interest rate		6%
Debt instruments held		€ 300
Lendor Eight [Member] | Debtor Eight [Member]
IfrsStatementLineItems [Line Items]
Loan date		01/23/2019
Expire date		01/16/2024
Borrowings, interest rate		6%
Debt instruments held		€ 2,650
Lendor Nine [Member] | Debtor Nine [Member]
IfrsStatementLineItems [Line Items]
Loan date		03/01/2019
Expire date		03/01/2024
Borrowings, interest rate		6%
Debt instruments held		€ 250
Lendor Ten [Member] | Debtor Ten [Member]
IfrsStatementLineItems [Line Items]
Loan date		12/31/2019
Expire date		12/31/2024
Borrowings, interest rate		6%
Debt instruments held		€ 5,000
Loan [Member]
IfrsStatementLineItems [Line Items]
Financial liabilities at beginning		21,441	21,441
Drawdown of related party debt
Related party non- cash receivable
Related party non- cash settlement		(21,441)
Foreign exchange movement
Changes in fair value
Financial liabilities at ending			21,441
Other Borrowings [Member]
IfrsStatementLineItems [Line Items]
Financial liabilities at beginning	2,984	17,777	30,236
Drawdown of related party debt		450	245
Related party non- cash receivable	1,006	1,845
Related party non- cash settlement		(17,088)	(12,704)
Foreign exchange movement
Changes in fair value
Financial liabilities at ending	€ 3,990	€ 2,984	€ 17,777

TRADE PAYABLES AND OTHER CURR_3

TRADE PAYABLES AND OTHER CURRENT LIABILITIES (Details) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Trade payables	€ 27,992	€ 19,687	€ 13,017
Customer online wallets	6,157	4,900	4,103
Other current liabilities	3,543	3,211	2,014
Accruals	744	826	97
Total	38,436	28,624	19,231
Of which: with related parties (Note 14)	€ 7,829	€ 3,729	€ 1,479

TRADE PAYABLES AND OTHER CURR_4

TRADE PAYABLES AND OTHER CURRENT LIABILITIES (Details 1) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Accrued salaries	€ 261	€ 640	€ 232
Current tax liabilities	1,723	966	1,510
Others	1,559	1,605	272
Total	€ 3,543	€ 3,211	€ 2,014

BORROWINGS AND NON-CURRENT FI_5

BORROWINGS AND NON-CURRENT FINANCIAL LIABILITIES (Details Narrative) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2022	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Short-term loans	€ 2,919	€ 3,990
Warrant liabilitie	€ 5,513	€ 1,920
Business combination description	the market price of each warrant was approximately €1.46 per warrant or €9,450 thousand in the aggregate. As of December 31, 2021, the market price decreased to approximately €0.86 per warrant; therefore, as of December 31, 2021, the fair value of the warrant liabilities amounted to €5,513 thousand. The change in fair value of the warrants was recorded in the consolidated and combined carve-out income statement as finance income amounting to €3,937 thousand for the year ended December 31, 2021.
Codere Espana S A [Member]
IfrsStatementLineItems [Line Items]
Short-term loans	€ 2,919		€ 17,777
Reduction in other borrowings	€ 38,500

INCOME TAX (Details)

INCOME TAX (Details) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax
Current income tax expense	€ (956)	€ (222)	€ (966)	€ (1,510)	€ 53
Deferred income tax expense relating to origination and reversal of temporary diferrences	(767)
Income tax expense recognised in statement of profit or loss	€ (1,723)	€ (222)	€ (966)	€ (1,510)	€ 53

INCOME TAX (Details 1)

INCOME TAX (Details 1) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Income Tax
Deferred tax asset	€ 252
Deferred tax liability	€ 1,019

INCOME TAX (Details 2)

INCOME TAX (Details 2) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
S E J O [Member]
IfrsStatementLineItems [Line Items]
Previous
2019
2020
2021	9,355	9,355
2022	3,566
Total	12,921	9,355
Codere Online S A U Spain [Member]
IfrsStatementLineItems [Line Items]
Previous	1,792	4,181	€ 2,643
2019		785	785
2020
2021
2022
Total	1,792	4,966	5,966
Codere Online Management Services L T D Malta [Member]
IfrsStatementLineItems [Line Items]
Previous
2019	5,971	5,971	5,971
2020	9,592	9,592	9,592
2021	9,051	9,051
2022	5,997
Total	30,611	24,614	€ 15,563
Codere Online U S Corp [Member]
IfrsStatementLineItems [Line Items]
Previous
2019
2020
2021
2022	6,543
Total	6,543
LIFO AenP (Mexico) [Member]
IfrsStatementLineItems [Line Items]
Previous
2019
2020
2021	343	343
2022	11,561
Total	11,904	343
Codere Online Luxembourg S A [Member]
IfrsStatementLineItems [Line Items]
Previous
2019
2020
2021	2,274	5,400
2022
Total	2,274	€ 5,400
Codere Online Colombia S A S [Member]
IfrsStatementLineItems [Line Items]
Previous
2019
2020
2021
2022	4,111
Total	4,111
Codere Online Panama S A [Member]
IfrsStatementLineItems [Line Items]
Previous
2019
2020
2021
2022	505
Total	€ 505

REVENUE AND EXPENSES (Details)

REVENUE AND EXPENSES (Details) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
IfrsStatementLineItems [Line Items]
Total	€ 51,262	€ 39,944	€ 80,253	€ 70,497	€ 61,583
Online Sports Betting [Member]
IfrsStatementLineItems [Line Items]
Total	28,386	23,470	45,875	39,719	42,678
Online Casino Wagering [Member]
IfrsStatementLineItems [Line Items]
Total	€ 22,876	€ 16,474	34,178	30,778	18,905
Others [Member]
IfrsStatementLineItems [Line Items]
Total			€ 200

REVENUE AND EXPENSES (Details 1

REVENUE AND EXPENSES (Details 1) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
IfrsStatementLineItems [Line Items]
Total	€ 51,262	€ 39,944	€ 80,253	€ 70,497	€ 61,583
Spain [Member]
IfrsStatementLineItems [Line Items]
Total	27,281	25,641	49,753	48,279	44,058
Mexico [Member]
IfrsStatementLineItems [Line Items]
Total	19,571	11,549	24,908	18,422	15,222
Colombia [Member]
IfrsStatementLineItems [Line Items]
Total	2,785	2,048	3,976	2,355	1,489
Others [Member]
IfrsStatementLineItems [Line Items]
Total	€ 1,625	€ 706	€ 1,616	€ 1,441	€ 814

REVENUE AND EXPENSES (Details 2

REVENUE AND EXPENSES (Details 2) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Wages, salaries and similar	€ 4,747	€ 2,546	€ 6,248	€ 4,483	€ 4,308
LTIP provision	1,004	439
Social security contributions payable by the Group	692		425	280	417
Total	€ 6,443	€ 2,985	7,080	5,157	5,102
Other social contributions			€ 407	€ 394	€ 377

REVENUE AND EXPENSES (Details 3

REVENUE AND EXPENSES (Details 3) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Depreciation of property, plant and equipment (Note 6)	€ 33	€ 25	€ 54	€ 40	€ 27
Amortization of intangible assets (Note 5)	313	346	659	883	1,166
Amortization of right-of-use assets		6	8	9
Total	€ 346	€ 377	€ 721	€ 932	€ 1,193

REVENUE AND EXPENSES (Details 4

REVENUE AND EXPENSES (Details 4) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gambling taxes	€ 4,701	€ 4,437	€ 8,440	€ 8,867	€ 7,402
Leases	263	287	596	575	488
Utilities, repairs and maintenance	450	410	793	1,258	285
Professional services and other expenses	24,127	19,426	35,905	28,639	26,320
Listing and transaction costs			45,509
Business e-Mail Compromise Incident (*)	744
Casino license royalties	1,968	1,977	4,024	4,255	2,241
Marketing expenses	37,485	23,158	48,214	35,063	34,429
Total	€ 69,738	€ 49,695	€ 143,481	€ 78,657	€ 71,165

REVENUE AND EXPENSES (Details 5

REVENUE AND EXPENSES (Details 5) - EUR (€) € / shares in Units, € in Thousands, shares in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income/(loss) attributable to the equity holders of the Parent (thousand euros)	€ (16,761)	€ (13,300)	€ (68,067)	€ (16,274)	€ (16,191)
Basic	45,121,956	30,016,151	6,686,432	4,463,482	4,463,482
Diluted	45,121,956	30,016,151	6,686,432	4,463,482	4,463,482
Basic earnings per share (euros)	€ (0.371)	€ (0.443)	€ (10.18)	€ (3.64)	€ (3.63)
Diluted earnings per share (euros)	€ (0.371)	€ (0.443)	€ (10.18)	€ (3.64)	€ (3.63)

RELATED PARTIES (Details)

RELATED PARTIES (Details) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 30, 2019
IfrsStatementLineItems [Line Items]
Operating expenses	€ (76,527)	€ (53,057)	€ (151,282)	€ (84,746)	€ (77,460)
Total Costs	51,262	€ 39,944	80,253	70,497	61,583
Current financial assets	89		76
Trade receivables	3,816		76
Borrowings	3,990			21,441
Trade payables and other current liabilities	7,829		3,729
Borrowings			2,984	39,218
Current financial assets	4,784		3,899	4,757
Current financial liabilities			2,919
Non-current financial liabilities	1,920		5,513
Codere Apuestas Espana S L [Member]
IfrsStatementLineItems [Line Items]
Finance costs and exchange differences
Operating expenses	2,114		(848)	(7,066)	(6,956)
Total Costs	195				(6,956)
Total Costs			(848)	(7,066)
C N E W [Member]
IfrsStatementLineItems [Line Items]
Finance costs and exchange differences	13
Operating expenses	4,790
Total Costs
Current financial assets	(2)
Trade receivables	438
Borrowings	215
Trade payables and other current liabilities	3,660
Other Retail Companies [Member]
IfrsStatementLineItems [Line Items]
Finance costs and exchange differences					(57)
Operating expenses	1,157		(2,084)	(534)	(287)
Total Costs	6				(344)
Trade receivables				36
Borrowings
Trade payables and other current liabilities			520	945
Borrowings			1,776
Total Costs			(2,084)	(534)
Current financial liabilities			1,776	746
Non-current financial liabilities
Other Latam Retail Companies [Member]
IfrsStatementLineItems [Line Items]
Finance costs and exchange differences
Operating expenses					3,723
Total Costs					3,343
Current financial assets	2
Trade receivables	3,178		2,405
Borrowings	3,436		2,405
Trade payables and other current liabilities	2,568		824
Borrowings			1,143
Current financial liabilities			1,143
Non-current financial liabilities
Codere Apuesta Espana [Member]
IfrsStatementLineItems [Line Items]
Current financial assets
Trade receivables	99
Borrowings
Trade payables and other current liabilities	1,057		749
Other Retail Companie [Member]
IfrsStatementLineItems [Line Items]
Current financial assets	89
Trade receivables	101
Borrowings	339
Trade payables and other current liabilities	€ 544
Codere Newco S A U [Member]
IfrsStatementLineItems [Line Items]
Finance costs and exchange differences			(81)	(12)	(9)
Operating expenses			(7,418)	(3,220)	(589)
Total Costs			(7,499)		(598)
Trade receivables
Borrowings			937
Trade payables and other current liabilities			1,165	152
Borrowings
Total Costs				(3,232)
Current financial liabilities				9,048
Non-current financial liabilities				250
Coder Operadorade Apuestas S L [Member]
IfrsStatementLineItems [Line Items]
Trade receivables
Borrowings
Trade payables and other current liabilities			468
Borrowings
Codere Apuestas Galicia S L [Member]
IfrsStatementLineItems [Line Items]
Finance costs and exchange differences
Operating expenses				(1,287)	(1,374)
Total Costs					(1,374)
Trade receivables				463
Borrowings
Trade payables and other current liabilities			749
Borrowings
Total Costs				(1,287)
Current financial liabilities
Non-current financial liabilities
King Bingo S R L [Member]
IfrsStatementLineItems [Line Items]
Trade receivables				2
Borrowings			1
Trade payables and other current liabilities			3
Borrowings
Current financial liabilities
Non-current financial liabilities
O B I N [Member]
IfrsStatementLineItems [Line Items]
Trade receivables			26
Borrowings			(18)
Trade payables and other current liabilities
Borrowings
C T E C [Member]
IfrsStatementLineItems [Line Items]
Trade receivables			50
Borrowings
Trade payables and other current liabilities
Borrowings
Current financial assets			50
C I T A T I [Member]
IfrsStatementLineItems [Line Items]
Trade receivables
Borrowings			(7)
Trade payables and other current liabilities
Borrowings
Codere Espana S A [Member]
IfrsStatementLineItems [Line Items]
Finance costs and exchange differences				(281)
Operating expenses			(4,847)
Trade receivables
Trade payables and other current liabilities				281
Total Costs			(4,847)	(281)
Current financial liabilities				6,644
Non-current financial liabilities				21,191
Codere Italia S P A [Member]
IfrsStatementLineItems [Line Items]
Finance costs and exchange differences			(29)	(101)	(127)
Operating expenses				(918)
Total Costs					(127)
Total Costs			(29)	(1,019)
Codere Newcos S A U [Member]
IfrsStatementLineItems [Line Items]
Trade receivables			937
Trade payables and other current liabilities			1,165
King Bingos S R L [Member]
IfrsStatementLineItems [Line Items]
Trade receivables			1
Trade payables and other current liabilities			3
O B I Ns [Member]
IfrsStatementLineItems [Line Items]
Trade receivables			(18)
Current financial assets			26
C I T A T Is [Member]
IfrsStatementLineItems [Line Items]
Trade receivables			€ (7)
Codere Operadorade Apuestas S L [Member]
IfrsStatementLineItems [Line Items]
Finance costs and exchange differences
Operating expenses				(919)
Total Costs				(919)
Codere Apuestas S A U [Member]
IfrsStatementLineItems [Line Items]
Finance costs and exchange differences
Operating expenses				(79)		€ (1,235)
Total Costs					(1,235)
Total Costs				(79)
Administradora Mexicana Del Hipodromo [Member]
IfrsStatementLineItems [Line Items]
Finance costs and exchange differences
Operating expenses				(4,164)	(3,467)
Total Costs					€ (3,467)
Trade receivables
Trade payables and other current liabilities
Total Costs				(4,164)
Current financial liabilities
Non-current financial liabilities
Codere Itali S P A [Member]
IfrsStatementLineItems [Line Items]
Trade receivables				435
Trade payables and other current liabilities				101
Current financial liabilities				1,339
Non-current financial liabilities
Total [Member]
IfrsStatementLineItems [Line Items]
Trade receivables				936
Trade payables and other current liabilities				1,479
Current financial liabilities				17,777
Non-current financial liabilities				€ 21,441

OTHER INFORMATION (Details)

OTHER INFORMATION (Details) - EUR (€) € / shares in Units, € in Thousands, shares in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
IfrsStatementLineItems [Line Items]
Total Rights assigned to the beneficiaries
Fair value		€ 4,098,179
Weighted average price
Options granted		37,616
Options exercised
Options outstanding		37,616
Option exercisable
Share Options [Member]
IfrsStatementLineItems [Line Items]
Total Rights assigned to the beneficiaries	893,495
Restricted Shares [Member]
IfrsStatementLineItems [Line Items]
Total Rights assigned to the beneficiaries	894,562
Fair value		€ 3,658,832
Weighted average price		€ 4.31
Options granted		89,456
Options exercised
Options outstanding		89,456
Option exercisable
Shares Options [Member]
IfrsStatementLineItems [Line Items]
Fair value		€ 1,096,108
Weighted average price		€ 1.42
Options granted		89,350
Options exercised
Options outstanding		89,350
Option exercisable

OTHER INFORMATION (Details 1)

OTHER INFORMATION (Details 1)	6 Months Ended
	Jun. 30, 2022
Other Information
Forecast share price volatility (annualized)	50.13%
Plan duration (years)	5 years
Expected dividend yield	0%
Risk-free interest rate	U.S. Sovereign Bond yield

BASIS OF PRESENTATION OF THE _6

BASIS OF PRESENTATION OF THE CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS (Details Narrative) € in Thousands	12 Months Ended
	Dec. 31, 2021 EUR (€)
Share-based payment	€ 35,800
Non-cash expense	€ 35,800

ACCOUNTING POLICIES (Details)

ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2021
Service Concession Arrangement [Member]
IfrsStatementLineItems [Line Items]
Estimated useful lives	2 years
Computer software [member]
IfrsStatementLineItems [Line Items]
Estimated useful lives	4 years

ACCOUNTING POLICIES (Details 1)

ACCOUNTING POLICIES (Details 1)	12 Months Ended
	Dec. 31, 2021
Machinery [member] | Bottom of range [member]
IfrsStatementLineItems [Line Items]
Property, plant and equipment	3 years
Machinery [member] | Top of range [member]
IfrsStatementLineItems [Line Items]
Property, plant and equipment	10 years
Fixtures and fittings [member] | Bottom of range [member]
IfrsStatementLineItems [Line Items]
Property, plant and equipment	3 years
Fixtures and fittings [member] | Top of range [member]
IfrsStatementLineItems [Line Items]
Property, plant and equipment	15 years

ACCOUNTING POLICIES (Details 2)

ACCOUNTING POLICIES (Details 2)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Amendments One [Member]
IfrsStatementLineItems [Line Items]
Standards and Amendments, description	Clarifications regarding the presentation of liabilities as current and non-current.	IFRS 3 is updated to align the definitions of assets and liabilities in a business combination with those in the Conceptual Framework.
Annual periods dates	1 January 2023	1 January 2022
Amendments Two [Member]
IfrsStatementLineItems [Line Items]
Standards and Amendments, description	Replaces IFRS 4 and clarifies the principles of registration, measurement, presentation and disclosure of insurance contracts in order to ensure that the entity provides relevant and reliable information that allows the users of the information to determine the effects of the contracts on their financial statements.	The amendment prohibits deducting any proceeds from the sale of items produced while the company is preparing an asset for its intended use from the cost of an item of property, plant and equipment.
Annual periods dates	1 January 2023	1 January 2022
Amendments Three [Member]
IfrsStatementLineItems [Line Items]
Standards and Amendments, description	The amendments will make it easier to distinguish between changes in accounting estimates and changes in accounting policies.	The amendment explains that the direct cost of fulfilling a contract includes the incremental costs of fulfilling that contract and an allocation of other costs directly related to the performance of the contract.
Annual periods dates	1 January 2023	1 January 2022
Amendments Four [Member]
IfrsStatementLineItems [Line Items]
Standards and Amendments, description	The amendments will help improve disclosures on accounting policies to provide more useful information to investors and other primary users of financial statements.	Minor Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41.
Annual periods dates	1 January 2023	1 January 2022
Amendments Five [Member]
IfrsStatementLineItems [Line Items]
Standards and Amendments, description	The amendments will clarify that the exceptions to initial recognition are not applicable when there are taxable and deductible timing differences for the same amount.	Clarifications regarding the presentation of liabilities as current and non-current.
Annual periods dates	1 January 2023	1 January 2023
Amendments Six [Member]
IfrsStatementLineItems [Line Items]
Standards and Amendments, description		Replaces IFRS 4 and clarifies the principles of registration, measurement, presentation and disclosure of insurance contracts in order to ensure that the entity provides relevant and reliable information that allows the users of the information to determine the effects of the contracts on their financial statements.
Annual periods dates		1 January 2023
Amendments Seven [Member]
IfrsStatementLineItems [Line Items]
Standards and Amendments, description		The amendments will make it easier to distinguish between changes in accounting estimates and changes in accounting policies.
Annual periods dates		1 January 2023
Amendments Eight [Member]
IfrsStatementLineItems [Line Items]
Standards and Amendments, description		The amendments will help improve disclosures on accounting policies to provide more useful information to investors and other primary users of financial statements.
Annual periods dates		1 January 2023
Amendments Nine [Member]
IfrsStatementLineItems [Line Items]
Standards and Amendments, description		The amendments will clarify that the exceptions to initial recognition are not applicable when there are taxable and deductible timing differences for the same amount.
Annual periods dates		1 January 2023

ACCOUNTING POLICIES (Details Na

ACCOUNTING POLICIES (Details Narrative) - EUR (€)	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
IfrsStatementLineItems [Line Items]
Equity	€ 51,700,000		€ 68,100,000	€ 39,900,000
Working capital	54,000,000		73,000,000	19,700,000
Cash flows from operations	16,800,000	€ 13,300,000	68,000,000	16,300,000	€ 16,100,000
Cash	51,700,000	6,600,000	68,100,000	10,900,000
Cash and cash equivalents	€ 84,500,000	€ 2,800,000	94,900,000	€ 2,600,000
Bottom of range [member]
IfrsStatementLineItems [Line Items]
Annual fee			25,000,000
Top of range [member]
IfrsStatementLineItems [Line Items]
Annual fee			€ 35,000

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Intangible assets and goodwill at beginning of period	€ 1,128	€ 2,011
Additions	(659)	(883)
Derecognitions
Carrying amount at ending	469	1,128
Intangible assets derecognitions
Accumulated [Member]
IfrsStatementLineItems [Line Items]
Additions	(659)	(883)
Derecognitions
Accumulated amortization	(3,464)	(2,581)
Intangible assets derecognitions
Accumulated Amortization	(4,123)	(3,464)
At cost [member]
IfrsStatementLineItems [Line Items]
Intangible assets and goodwill at beginning of period	4,592	4,592
Additions
Derecognitions
Carrying amount at ending		4,592
Intangible assets derecognitions
Service Concession Arrangement [Member]
IfrsStatementLineItems [Line Items]
Intangible assets and goodwill at beginning of period	200	200
Additions
Derecognitions
Carrying amount at ending	200	200
Intangible assets derecognitions
Service Concession Arrangement [Member] | Accumulated [Member]
IfrsStatementLineItems [Line Items]
Additions	(100)	(3)
Derecognitions
Accumulated amortization	(3)
Intangible assets derecognitions
Accumulated Amortization	(103)	(3)
Service Concession Arrangement [Member] | At cost [member]
IfrsStatementLineItems [Line Items]
Intangible assets and goodwill at beginning of period	4,592
Additions
Carrying amount at ending	4,592	4,592
Computer software [member]
IfrsStatementLineItems [Line Items]
Intangible assets and goodwill at beginning of period	4,392	4,392
Additions
Derecognitions
Carrying amount at ending	4,392	4,392
Intangible assets derecognitions
Computer software [member] | Accumulated [Member]
IfrsStatementLineItems [Line Items]
Additions	(559)	(880)
Derecognitions
Accumulated amortization	(3,461)	(2,581)
Intangible assets derecognitions
Accumulated Amortization	€ (4,020)	€ (3,461)

INTANGIBLE ASSETS (Details 1)

INTANGIBLE ASSETS (Details 1) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets [Member]
IfrsStatementLineItems [Line Items]
Gross cost	€ 4,592	€ 4,592
Accumulated amortization	(4,123)	(3,464)
Impairment losses
Intangible assets	469	1,128
Intangible Assets With Indefinite Useful Lifes [Member]
IfrsStatementLineItems [Line Items]
Gross cost	200	200
Accumulated amortization	(103)	(3)
Impairment losses
Intangible assets	97	197
Service Concessions Arrangements [Member]
IfrsStatementLineItems [Line Items]
Gross cost	200
Accumulated amortization	(103)
Impairment losses
Intangible assets	97
Computer software [member]
IfrsStatementLineItems [Line Items]
Gross cost	4,392	4,392
Accumulated amortization	(4,020)	(3,461)
Impairment losses
Intangible assets	€ 372	931
Service Concession Arrangement [Member]
IfrsStatementLineItems [Line Items]
Gross cost		200
Accumulated amortization		(3)
Impairment losses
Intangible assets		€ 197

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Property, plant and equipment at beginning of period	€ 107
Property, plant and equipment at end of period	133	€ 107
At cost [member]
IfrsStatementLineItems [Line Items]
Property, plant and equipment at beginning of period	177	123
Additions Property Plant And Equipment	80	55
Derecognitions Property Plant And Equipment
Property, plant and equipment at end of period	257	177
Derecognitions Property Plant And Equipment
Cost Derecognitions Property Plant And Equipment		(1)
At cost [member] | Accumulated [Member]
IfrsStatementLineItems [Line Items]
Derecognitions Property Plant And Equipment		1
Accumulated Depreciation Property Plant And Equipment	(70)	(31)
Accumulated Depreciation Additions Property Plant And Equipment	(54)	(40)
Derecognitions Property Plant And Equipment		(1)
Accumulated Depreciation Property Plant And Equipment	(124)	(70)
Carrying [Member]
IfrsStatementLineItems [Line Items]
Property, plant and equipment at beginning of period	107	92
Additions Property Plant And Equipment	26	15
Derecognitions Property Plant And Equipment
Property, plant and equipment at end of period	133	107
Derecognitions Property Plant And Equipment
Machinery [member]
IfrsStatementLineItems [Line Items]
Property, plant and equipment at beginning of period	167	113
Additions Property Plant And Equipment	80	55
Derecognitions Property Plant And Equipment
Property, plant and equipment at end of period	247	167
Derecognitions Property Plant And Equipment
Cost Derecognitions Property Plant And Equipment		(1)
Machinery [member] | Accumulated [Member]
IfrsStatementLineItems [Line Items]
Derecognitions Property Plant And Equipment		1
Accumulated Depreciation Property Plant And Equipment	(68)	(30)
Accumulated Depreciation Additions Property Plant And Equipment	(53)	(39)
Derecognitions Property Plant And Equipment		(1)
Accumulated Depreciation Property Plant And Equipment	(121)	(68)
Other assets [member]
IfrsStatementLineItems [Line Items]
Property, plant and equipment at beginning of period	10	10
Additions Property Plant And Equipment
Derecognitions Property Plant And Equipment
Property, plant and equipment at end of period	10	10
Derecognitions Property Plant And Equipment
Cost Derecognitions Property Plant And Equipment
Other assets [member] | Accumulated [Member]
IfrsStatementLineItems [Line Items]
Derecognitions Property Plant And Equipment
Accumulated Depreciation Property Plant And Equipment	(2)	(1)
Accumulated Depreciation Additions Property Plant And Equipment	(1)	(1)
Derecognitions Property Plant And Equipment
Accumulated Depreciation Property Plant And Equipment	€ (3)	€ (2)

EQUITY (Details)

EQUITY (Details)	12 Months Ended
	Dec. 31, 2021 shares
Ordinary shares held by public stockholderss	3,915,956
Ordinary shares held by public stockholders Percentage	8.70%
Ordinary shares issued to the sponsor and its permitted transferees	3,421,000
Ordinary shares issued to the sponsor and its permitted transferees Percentage	7.60%
Ordinary shares issued to forward purchasers and permitted transferees	6,074,000
Ordinary shares issued to forward purchasers and permitted transferees Percentage	13.50%
Ordinary shares issued to the subscribers and their permitted transferees	1,711,000
Ordinary shares issued to the subscribers and their permitted transferees Percentage	3.80%
Ordinary shares held by Codere Newco	30,000,000
Ordinary shares held by Codere Newco Percentage	66.50%
Ordinary shares outstanding	45,121,956
Ordinary shares outstanding Percentage	100%

EQUITY (Details 1)

EQUITY (Details 1) - EUR (€) € / shares in Units, € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021
IfrsStatementLineItems [Line Items]
Class A common shares		8,407,025
Warrants		6,435,000
Assuming Real Redemption shares		14,842,025
Fair Value	€ 4,098,179
United States of America, Dollars
IfrsStatementLineItems [Line Items]
Class A common shares Per shares		€ 9.42
Class A common shares, fair value		€ 79,194
Warrants		€ 1.66
Warrants , Fair value		€ 10,682
Assuming Real Redemption fair value		€ 89,876
Euro Member Countries, Euro
IfrsStatementLineItems [Line Items]
Class A common shares Per shares		€ 8.29
Class A common shares, fair value		€ 69,695
Warrants		€ 1.46
Warrants , Fair value		€ 9,450
Assuming Real Redemption fair value		79,145
Fair Value		43,300
Excess of fair value		€ 35,845

EQUITY (Details 2)

EQUITY (Details 2) € in Thousands, shares in Thousands	12 Months Ended
	Dec. 31, 2021 EUR (€) shares
IfrsStatementLineItems [Line Items]
Total shares after redemptions share | shares	8,407,025
Additional Shares Issued To Pipe Investors Shares | shares	6,714,931
Total Shares Issued To Dd3 Shareholders Shares | shares	15,121,956
Cash U S D [Member]
IfrsStatementLineItems [Line Items]
Total shares after redemptions	€ 49,177
Additional shares issued to PIPE investors	67,149
Total shares issued to DD3 shareholders	116,327
Cash Euro [Member]
IfrsStatementLineItems [Line Items]
Total shares after redemptions	43,300
Additional shares issued to PIPE investors	59,124
Total shares issued to DD3 shareholders	102,425
Issued Capital S [Member]
IfrsStatementLineItems [Line Items]
Total shares after redemptions	8,407
Additional shares issued to PIPE investors	6,715
Total shares issued to DD3 shareholders	15,122
Share Premiums [Member]
IfrsStatementLineItems [Line Items]
Total shares after redemptions	61,288
Additional shares issued to PIPE investors	52,410
Total shares issued to DD3 shareholders	113,697
Total Equity [Member]
IfrsStatementLineItems [Line Items]
Total shares after redemptions	69,695
Additional shares issued to PIPE investors	59,124
Total shares issued to DD3 shareholders	€ 128,819

EQUITY (Details 3)

EQUITY (Details 3) € in Thousands	Dec. 31, 2021 EUR (€)
Transaction costs supported by CNEW	€ 4,648
% equity interest held by DD3 (33%)	1,557
Attributable transaction costs to share premium	€ 1,557

BORROWINGS AND NON-CURRENT FI_6

BORROWINGS AND NON-CURRENT FINANCIAL LIABILITIES (Details 2) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Current year 2022		€ 2,984	€ 6,000
Non-current 2023			426
Non-current 2024			11,515
Non-current 2025			3,500
Non-current 2026
Non-current Subsequent years
Non-current			21,441
Total		2,984	39,218
2021			17,777
Financial liabilities at beginning	€ 2,984	39,218	51,677
Drawdown of related party debt		450	245
Related party non- cash receivable	1,006	1,845
Related party non- cash settlement		(38,529)	(12,704)
Foreign exchange movement
Changes in fair value
Financial liabilities at ending	3,990	2,984	39,218
Loan [Member]
IfrsStatementLineItems [Line Items]
Current year 2022			6,000
Non-current 2023			426
Non-current 2024			11,515
Non-current 2025			3,500
Non-current 2026
Non-current Subsequent years
Non-current			21,441
Total			21,441
2021
Financial liabilities at beginning		21,441	21,441
Drawdown of related party debt
Related party non- cash receivable
Related party non- cash settlement		(21,441)
Foreign exchange movement
Changes in fair value
Financial liabilities at ending			21,441
Other Borrowings [Member]
IfrsStatementLineItems [Line Items]
Current year 2022		2,984
Non-current 2023
Non-current 2024
Non-current 2025
Non-current 2026
Non-current Subsequent years
Non-current
Total		2,984	17,777
2021			17,777
Financial liabilities at beginning	2,984	17,777	30,236
Drawdown of related party debt		450	245
Related party non- cash receivable	1,006	1,845
Related party non- cash settlement		(17,088)	(12,704)
Foreign exchange movement
Changes in fair value
Financial liabilities at ending	€ 3,990	2,984	17,777
Other Borrowings Due To Related Parties [Member]
IfrsStatementLineItems [Line Items]
Current year 2022		2,919	6,000
Non-current 2023			426
Non-current 2024			11,515
Non-current 2025			3,500
Non-current 2026
Non-current Subsequent years
Non-current			21,441
Total		€ 2,919	39,218
2021			€ 17,777

INCOME TAX MATTERS (Details)

INCOME TAX MATTERS (Details) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Matters
Accounting net loss before tax			€ (67,047)	€ (14,769)	€ (16,146)
At Codere Online statutory income tax rate *			11,398	3,692	4,037
Tax effect unrecognized tax losses and permanent differences			(17,705)	(5,395)	(7,409)
Utilisation of previously unrecognised tax losses			(1,000)
Effect of different rates in different jurisdictions			6,341	3,095	2,987
Adjustment of prior year taxes				118	437
Income tax benefit/(expense)			€ (966)	€ (1,510)	€ 53
Effective tax rate			1%	10.22%	0.33%
Current tax expense	€ (956)	€ (222)	€ (966)	€ (1,510)	€ 53
Deferred tax benefit/(expense)
Total income tax benefit/(expense)	€ (1,723)	€ (222)	€ (966)	€ (1,510)	€ 53

INCOME TAX MATTERS (Details 1)

INCOME TAX MATTERS (Details 1) - EUR (€) € in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
S E J O [Member]
IfrsStatementLineItems [Line Items]
Previous
2019
2020
2021	9,355	9,355
Total	12,921	9,355
Codere Online S A U Spain [Member]
IfrsStatementLineItems [Line Items]
Previous	1,792	4,181	€ 2,643
2019		785	785
2020
2021
Total	1,792	4,966	5,966
2018			2,538
Codere Online Management Services L T D Malta [Member]
IfrsStatementLineItems [Line Items]
Previous
2019	5,971	5,971	5,971
2020	9,592	9,592	9,592
2021	9,051	9,051
Total	30,611	24,614	15,563
2018
LIFO AenP (Mexico) [Member]
IfrsStatementLineItems [Line Items]
Previous
2019
2020
2021	343	343
Total	11,904	343
Codere Online Luxembourg S A [Member]
IfrsStatementLineItems [Line Items]
Previous
2019
2020
2021	2,274	5,400
Total	€ 2,274	€ 5,400

INCOME TAX MATTERS (Details Nar

INCOME TAX MATTERS (Details Narrative)	12 Months Ended
	Dec. 31, 2021 EUR (€)
S E J O Meber [Member]
IfrsStatementLineItems [Line Items]
Fixed annual salary	€ 250,000

RISK MANAGEMENT POLICIES (Detai

RISK MANAGEMENT POLICIES (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Current Assets	€ 89,274	€ 6,585
Current liabilities	11,558	3,960
Israel, New Shekels
IfrsStatementLineItems [Line Items]
Current Assets	150	351
Current liabilities	829	292
Colombia, Pesos
IfrsStatementLineItems [Line Items]
Current Assets	1,337	1,187
Current liabilities	2,427	743
Mexico, Pesos
IfrsStatementLineItems [Line Items]
Current Assets	1,734	5,047
Current liabilities	6,699	€ 2,925
United Kingdom, Pounds
IfrsStatementLineItems [Line Items]
Current Assets
Current liabilities	1
Argentina, Pesos
IfrsStatementLineItems [Line Items]
Current Assets	290
Current liabilities	1,444
United States of America, Dollars
IfrsStatementLineItems [Line Items]
Current Assets	85,763
Current liabilities	€ 158

RISK MANAGEMENT POLICIES (Det_2

RISK MANAGEMENT POLICIES (Details 1) € in Thousands	12 Months Ended
	Dec. 31, 2021 EUR (€) Decimal	Dec. 31, 2020 EUR (€) Decimal	Dec. 31, 2019 EUR (€) Decimal	Jun. 30, 2022 EUR (€)	Dec. 31, 2018 EUR (€)
IfrsStatementLineItems [Line Items]
Equity	€ 68,154	€ (39,925)	€ (31,333)	€ 51,681	€ (19,350)
Colombia, Pesos
IfrsStatementLineItems [Line Items]
Exchange Rate | Decimal	4,509	4,212	3,681.5
Colombia, Pesos | Sensitivity One [Member]
IfrsStatementLineItems [Line Items]
Income statement	€ 109	€ (44)	€ 59
Equity
Colombia, Pesos | Sensitivity Two [Member]
IfrsStatementLineItems [Line Items]
Income statement	(109)	44	(59)
Equity
Mexico, Pesos
IfrsStatementLineItems [Line Items]
Exchange Rate | Decimal	23	24.5	21.2
Mexico, Pesos | Sensitivity One [Member]
IfrsStatementLineItems [Line Items]
Income statement	€ 496	€ (212)	€ (11)
Equity
Mexico, Pesos | Sensitivity Two [Member]
IfrsStatementLineItems [Line Items]
Income statement	(496)	212	11
Equity
United Kingdom, Pounds
IfrsStatementLineItems [Line Items]
Exchange Rate | Decimal	0.8		0.8
United Kingdom, Pounds | Sensitivity One [Member]
IfrsStatementLineItems [Line Items]
Income statement	€ 0		€ 21
Equity
United Kingdom, Pounds | Sensitivity Two [Member]
IfrsStatementLineItems [Line Items]
Income statement	0		(21)
Equity
United States of America, Dollars
IfrsStatementLineItems [Line Items]
Exchange Rate | Decimal	1.1
United States of America, Dollars | Sensitivity One [Member]
IfrsStatementLineItems [Line Items]
Income statement	€ 8,592
Equity
United States of America, Dollars | Sensitivity Two [Member]
IfrsStatementLineItems [Line Items]
Income statement	(8,592)
Equity
Argentina, Pesos
IfrsStatementLineItems [Line Items]
Exchange Rate | Decimal	116
Argentina, Pesos | Sensitivity One [Member]
IfrsStatementLineItems [Line Items]
Income statement	€ 173
Equity
Argentina, Pesos | Sensitivity Two [Member]
IfrsStatementLineItems [Line Items]
Income statement	(173)
Equity
Israel, New Shekels
IfrsStatementLineItems [Line Items]
Exchange Rate | Decimal	4	3.9	3.9
Israel, New Shekels | Sensitivity One [Member]
IfrsStatementLineItems [Line Items]
Income statement	€ 55	€ (6)	€ (1)
Equity
Israel, New Shekels | Sensitivity Two [Member]
IfrsStatementLineItems [Line Items]
Income statement	(55)	6	1
Equity