Codere Online reports 42% rise in Q3 revenue as losses continue to shrink
Operator continues to see market gains in Mexico as monthly active players and net gaming revenue increase
Codere Online has posted €41.1m in revenue for Q3, an increase of 42% year on year (YoY), as Spain and Mexico performed well for the firm.
Net gaming revenue (NGR) saw a similar rise of 41% to €43.2m, up from €30.6m in Q3 2022.
Mexico continued its impressive leap in NGR, rising 63% from €12.9m to €21m.
Monthly active users in the country was 518,000 for the quarter, a 39% YoY jump from 37,400 over the same period in 2022.
In Spain, NGR grew 27% YoY to €18.9m, while average monthly active players rose 16% YoY, from 35,200 to 41,000.
The operator’s NGR in Colombia fell 5% YoY, down from €1.9m in Q3 2022 to €1.8m in Q3 2023, while its active players in the country also dropped by 6% to 22,700.
Group net loss was €1.8m in Q3 2023 compared to €11.6m in the same quarter of 2022. The firm’s total cash position, as of 30 September, was €43m.
For the nine months ending 30 September, Codere Online’s NGR landed at €121.8m, a 43% increase from 2022’s €85.2m.
The firm’s average monthly active players saw a 20% rise to 124,700, up from 103,400 a year prior.
On the back of the Q3 update, Codere Online increased its full-year 2023 NGR from €155m to €165m and adjusted EBITDA loss to between €10m and €18m.
The group added that it still plans on being adjusted EBITDA and cash flow positive in 2024.
Aviv Sher, Codere Online CEO, said of the Q3 results: “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% to €43m but also took a significant step in our path towards 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.
“Mexico continued to exceed our expectations with revenue growth of 63% 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% to €18.9m,” Sher concluded.