Codere Online Q1 revenue jumps 34% on the back of actives gains
Operator continues to enjoy growth in both Spain and Mexico amid plans to expand in Argentina after a positive Q1
Codere Online has posted 34% year-on-year (YoY) rise in revenue as strong gains in Mexico helped push the operator on in Q1.
Total revenue landed a €50.4m while net gaming revenue (NGR) rose 34% to €53m, a marked improvement from the €39.5m recorded in the same period last year.
The firm also noted €6.3m in B2C adjusted EBITDA for Q1 2024, more than double the €2.6m reported in Q1 2023.
However, adjusted EBITDA sat lower at €1.7m, yet still a significant increase on the €3.1m loss in the 2023 equivalent quarter.
Codere’s presence in both Spain and Mexico has proved fruitful for the operator, with the former country recording €22.3m in NGR, representing a 21.2% YoY increase.
The latter performed even better, with Mexico’s Q1 2024 NGR rising 51.1% YoY from €17.6m to €26.6m.
Revenue growth across the business was supported by a 16% YoY rise in average monthly active players, a total that currently sits at 143,000, an increase on the 124,000 recorded in Q1 of last year.
Breaking that metric down by division, Spain saw a 25% YoY rise in average monthly active players from 40,000 to 50,000 for the quarter.
Codere performed even better in Mexico, with the number of average monthly active players going up by 26% YoY from 50,000 to 63,000.
Elsewhere, Codere’s presence in Colombia, Panama and the City of Buenos Aires helped generate €4.3m in revenue for Q1, a 26% YoY increase. The firm expects to expand its presence in Argentina by setting up operations in the Mendoza province in the coming weeks.
Codere Online CEO Aviv Sher reflected on the impressive start to the year and cited the positive impact of the operator’s focus on Spain and Mexico.
He said: “We are off to a strong start in 2024, with net gaming revenue of €53m in the first quarter, 34% above that of last year and once again our highest ever quarterly figure.
“Our focus on Mexico and Spain continues to yield impressive results, with net gaming revenue in Mexico growing by 51% in the first quarter to nearly €27m .
“In Spain, meanwhile, net gaming revenue grew by 21% to over €22m. In both markets, our targeted marketing efforts allowed us to grow our active customer base by 25% as a result of the acquisition of higher quality customers but also with an increased spend per active,” the CEO added.
Elsewhere, Oscar Iglesias, Codere CFO, issued an update on the operator’s expectations for the rest of the year.
He said: “On the back of this strong performance in the first quarter and based on recent trading activity, we now expect to generate between €195 and €210 million of net gaming revenue in 2024, and reaffirm that we expect to generate positive adjusted EBITDA and cash flow for the full year in 2024.”
Within the quarter, Codere agreed to extend its relationship with Mexican football club the Monterrey Rayados as its official betting partner for the next four seasons. The operator is already the official betting partner of Spanish giants Real Madrid.