Codere Online NGR up 34% in Q2 as actives increase by 20%
Significant gains in both home market of Spain and Mexico hailed as successes as Colombia dips slightly
Codere Online has posted a 35% year-on-year (YoY) jump in revenue to €37.1m (£31.8m) for the second quarter of 2023.
The operator also reported that net gaming revenue (NGR) amounted to €39.1m, which is a 35% increase YoY.
Mexico saw revenue soar 53% YoY to €16.2m, with NGR increasing 51% from €11.9m in 2022 to €18m in 2023.
Active monthly active players in the market jumped 54% to 49,700, making Mexico Codere Online’s largest market by users, having surpassed its home market of Spain.
The operator’s NGR in Colombia fell by 5% YoY from €2.2m in Q2 2022 to €2.1m. The market also reported a 6% dip in average monthly active players.
In Spain, NGR rose 24% YoY from €14.1m to €17.5m, while active players grew by 11%, reaching 40,700 in Q2 2023.
Overall active monthly players increased 20%, rising from 104,600 in Q2 2022 to 125,800 in Q2 2023.
The firm did not disclose any information on expenses or EBITDA results.
However, Codere Online did reveal that it had been the victim of fraud during the reporting period, which saw a customer make several withdrawals from his online account in a third-party retail venue. An investigation is currently underway to retrieve the lost funds amounting to €500,000.
Group net loss landed at €1.7m compared to a net loss of €6.7m in Q2 last year. Codere Online’s total cash position stood at a little over €45m as of 30 June 2023.
On the results, Aviv Sher, CEO of Codere Online, said: “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”.
Sher continued: “Mexico posted impressive top-line growth of 51% in the second quarter, reaching €18.0m and surpassing Spain for the first time since launching operations in the country. In Spain, net gaming revenue grew by an equally impressive 24% to €17.5m.”
Alongside its results, Codere Online issued new guidance for full-year 2023, stating that it expects NGR to be between €150m to €160m and adjusted EBITDA of between negative €15m to negative €25m. It also reiterated its commitment to become EBITDA and cash flow positive by full-year 2024.