Spain – Codere Online now more than double 2019’s revenueBy Phil - 17 November 2022
Codere Online has released its financial results for the third quarter ended September 30, 2022, with revenue coming in at €28.9m, 51 per cent above 2021’s comparative while net gaming revenue came in at €30.6m, 54 per cent above revenue in Q3 2021.
Mexico revenue was €11.4m, 80 per cent above Q3 2021, while Mexico net gaming revenue was €12.9m, 82 per cent above Q3 2021.
Spain revenue reached €14.9m in Q3 2022, 29 per cent above Q3 2021 which was partially impacted by marketing restrictions implemented in 2021.
Moshe Edree, CEO of Codere Online, said: “We are reporting a strong set of results in the third quarter of 2022, with net gaming revenue growing 54 per cent versus the same period last year, on the back of stronger than expected results in our casino business. Performance in Mexico was particularly strong, with net gaming revenue up by 82 per cent in the quarter. Spain also exceeded our expectations with a 29 per cent growth despite the marketing restrictions currently in place.”
He added: “Given our strong results in Mexico and its significant growth potential, we will continue prioritizing investment in this market going forward.”
Oscar Iglesias, CFO of Codere Online, stated: “We are very encouraged by the acceleration in revenue growth as we approach the end of the year. With the World Cup still ahead of us, we are now confident that we will reach the high end of our full year net gaming revenue outlook and have narrowed the range to between €115 to 120m. We are also excited about the opportunity in Argentina where we are putting the pieces in place to become one of the leading operators in the country.”
On September 13, 2022, Codere Online was pre-awarded an online gaming license in the Province of Cordoba in Argentina. Of the initial 10 parties that submitted applications, 8 were pre-awarded a license. Codere Online ranked first among them. Codere expects the final granting of the licenses to take place before year-end and to be operating in the Province of Cordoba in 2023.
Codere recently renewed for three years our online gaming license in Colombia, extending its term until 2025.
“We are pursuing an online gaming license in the Province of Buenos Aires and expect to participate in the tender process in the Province of Mendoza,” the company said.