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Spain – Codere Online up 43 per cent driven by Mexico and Spain

By - 16 November 2023

Codere Online generated revenue of €41.1m in Q3 2023, while net gaming revenue was €43.2m in the period, 42 per cent and 41 per cent above those from Q3 2022, respectively.

Mexico revenue was €18.8m in Q3 2023, while net gaming revenue was €21m in the period, 63 per cent above Q3 2022. Spain revenue (and net gaming revenue) reached €18.9m in Q3 2023, 27 per cent above Q3 2022. Net loss was €1.8m in Q3 2023 versus a net loss of €11.6m in Q3 2022.

Codere has increased its full year 2023 net gaming revenue and Adj. EBITDA outlook to €155 to 165m and negative €10 to18m, respectively, and reiterating plan to be Adj. EBITDA and cash flow positive for the full year in 2024.

Aviv Sher, CEO of Codere Online, stated, “We’re very pleased with our performance in the third quarter and to be presenting another set of impressive results. This quarter we not only posted significant net gaming revenue growth of 41 per cent to €43m, but also took a significant step in our path to profitability with break even Adjusted EBITDA in the period. It was a solid quarter for sports betting, with the return of the major sporting events, but also for our casino product, which contributed 58% of our revenue in the period.”

Mr. Sher further added, “Mexico continued to exceed our expectations with revenue growth of 63 per cent in the third quarter, reaching €21m and consolidating its position as our largest market (by revenue) ahead of Spain, where net gaming revenue also grew by an impressive 27 per cent, to €18.9m.”

Oscar Iglesias, CFO of Codere Online, stated, “Our third quarter results have shown that the combination of a strong brand, high-quality customer acquisitions and an attractive product offering has allowed us to deliver not only strong top line growth but also a significant improvement in profitability, with our first quarter of breakeven Adjusted EBITDA less than two years following our U.S. listing.”

Mr. Iglesias further added, “Based on these strong results and recent trading activity, we now expect to generate between €155-165m of net gaming revenue and negative €10-18m in Adjusted EBITDA in 2023, and reaffirm that we expect to generate positive Adjusted EBITDA and cash flow for the full year in 2024.”

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