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Spain – Codere Online sees revenues increase by 35 per cent

By - 31 August 2023

Codere generated revenue of €37.1m in Q2 2023, while net gaming revenue was €39.1m in the period, 35 per cent and 34 per cent above those from Q2 2022, respectively. 

Mexico revenue came in at €16.2 mm in Q2 2023, while net gaming revenue was €18m in the period, 51 per cent above of Q2 2022. Spain revenue (and net gaming revenue) reached €17.5m in Q2 2023 (24 per cent above Q2 2022). Net loss was €1.7m in Q2 2023 versus a net loss of €6.7m in Q2 2022.

Aviv Sher, CEO of Codere Online, stated: “We’re glad to present a strong set of second quarter results and to continue building upon the momentum from the first quarter. Our net gaming revenue grew 34% to €39m, in line with the level from the first quarter despite the seasonal decline in sporting events. Our casino product, which has been a strategic priority for some time, contributed 54% of our revenue in the period”.

Mr. Sher further added: “Mexico posted impressive top line growth of 51 per cent in the second quarter, reaching €18m and surpassing Spain for the first time since launching operations in the country. In Spain, net gaming revenue grew by an equally impressive 24 per cent to €17.5m.”

Oscar Iglesias, CFO of Codere Online, stated, “We continue delivering strong revenue growth, despite a lower level of marketing investment, on the back of strong brand recognition, higher quality customers and continued improvement in our product offering. This has allowed us to reduce our Adjusted EBITDA loss by more than half to negative €4.5 million in the second quarter.”

Mr. Iglesias further added: “We feel very encouraged by first half results, which continue to exceed our original expectations, and now expect to generate between €150 to 160m of net gaming revenue in 2023, a seven per cent increase at the midpoint versus our prior outlook. In regards to Adjusted EBITDA, we expect to deliver negative €15 to 25m, and believe we are well on track to deliver positive EBITDA and cash flow for the full year in 2024.”

Net Gaming Revenue is a non-GAAP measure; see reconciliation between revenue and net gaming revenue at the end of the report.  2 Average Monthly Active Players include real money (i.e. exclude free bets) sports betting and casino actives and will differ from certain prior period reports which only included real money sports betting actives.  

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