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Mexico – Mexico helps drive Codere Online to 38 per cent increase

By - 4 April 2022

Codere Online generated €22.2m in the fourth quarter and €83.2m in the year as a whole, driven by a 38 per cent increase in Mexican revenue, taking the total to €7.9m in the fourth quarter and €27.9m throughout the year.

A new business combination completed on November 30, 2021, raised $116 mm ($103m net of expenses) which the company expects will be sufficient to fund its growth plan through to cash flow positive in 2024. The company launched operations in the City of Buenos Aires (Argentina) in December 2021.

Moshe Edree, CEO of Codere Online, said: “2021 was a crucial year for Codere Online, in which we transitioned from being a business unit within a larger group to become an independent publicly-listed company.” In terms of operations, Mr. Edree added, “We grew our net gaming revenue by 17 per cent in the year, thanks to the strong performance from Mexico and despite the regulatory challenges in Spain, which limited our ability to engage with new customers and grow revenue in the country. Still, our customer base grew by 37 per cent in 2021, to nearly 70 thousand average monthly active customers.”

Oscar Iglesias, CFO of Codere Online, added: “Much has been accomplished in this past year, as we became public, launched in a new market and signed three new football sponsorships, all while maintaining our focus on operations which allowed us to deliver upon our full year net gaming revenue outlook of €81 to 86m. We now have the resources we need to fund our growth plan through 2024, a year in which we expect to be EBITDA and cash flow positive. In 2022 alone we expect to grow our net gaming revenue to between €110 and €120m.”

Mr. Edree further stated “I am very pleased with these results and excited about the opportunity that lies ahead as we deploy the capital we raised across our high growth Latin America markets.”

The company predicts a total net gaming revenue of between €110 and €120m in 2022, which represents approximately a 38 per cent increase versus 2021.

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