Codere Online NGR rises 39% YoY in Q2 as Spain and Mexico deliver
Operator continues to see double-digit revenue growth in Mexico with revenue rising 56% to €25.3m as marketing drive for summer football tournaments pays dividend
Codere Online has posted a 39% year-on-year (YoY) increase in net gaming revenue (NGR) to €54.4m for Q2 2024, highlighting strong performances on the back of Euro 2024 and the Copa América.
The operator’s total revenue for the three months ending 30 June amounted to €51.7m, a 40% YoY rise from €37m in Q2 2023.
Breaking Codere Online operations down by market, Mexico NGR increased 57% YoY to €28.2m from €18m last year.
Average monthly active players in the market grew 25% to 62,300, as it continues to be the operator’s largest market.
In Spain, NGR grew 25% YoY to €21.8m, up from €17.5m in Q2 2023, while monthly average active players increased 26% YoY to 51,500.
In the firm’s other markets across Latam, revenue NGR grew 26% to €4.4m against Q2 2023’s return of €3.6m.
However, there was a fall in actives outside of Spain and Mexico, from 35,400 to 31,800. Total average monthly actives jumped 16% from 125,800 to 145,600.
EBITDA for the quarter stood at €700,000, while adjusted EBITDA amounted to €1.3m.
Those figures come after Q2 2023 saw EBITDA come in at a €4.1m loss and an adjusted EBITDA loss of €4.5m.
Despite this turnaround, net losses leapt to €3.7m after a €900,000 positive net income in Q2 2023.
For the six months ending June 30, the firm reported an NGR increase of 37% YoY €107.4m.
Average monthly active players grew 16% YoY to 144,400, with an adjusted EBITDA of €3m, flipping a €7.6m adjusted EBITDA loss in H1 2023.
Aviv Sher, Codere Online CEO, pointed to stronger marketing campaigns across its markets to align with Euro 2024 and the Copa América.
He said: “We are very pleased with our performance in the second quarter of 2024, with net gaming revenue of €54.4m, a 39% increase over the prior year period.
“In the quarter we saw improved customer engagement and customer acquisitions in part due to targeted additional marketing investments made around certain major sports betting events.
“As a result, performance in our core Mexican and Spanish businesses was strong, with net gaming revenue growing by 57% in the second quarter in Mexico to over €28m and 25% in Spain to nearly €22m.”
Oscar Iglesias, Codere Online CFO, added: “We are pleased to have delivered positive adjusted EBITDA for the second consecutive quarter despite the increased marketing spend around Euro 2024 and the Copa América.
“The €1.3m in adjusted EBITDA in the second quarter is nearly €6m better than the prior year period and for the year-to-date period we have generated €3.0m.”
Codere Online said that it had increased its 2024 NGR outlook to €205m to €215m, with an adjusted EBITDA outlook of €2.5m to €7.5m.
On the new outlook, Iglesias noted: “Thanks to this solid performance in the first half of the year, we are well on track to meet the profitability and cash generation expectations we set out to achieve in the beginning of the year, while still delivering significant top line growth.”