Codere Online experienced a robust second quarter in 2023, achieving a 35% year-on-year revenue surge to €37 million (equivalent to roughly $40 million USD). This performance sustains the positive trajectory observed in the preceding quarter.
The firm witnessed particularly impressive expansion in Mexico, which has ascended to become their primary market. Broadly, internet-based casino gaming emerged as a pivotal growth catalyst, currently representing 54% of Codere’s total revenue. Aviv Sher, Chief Executive Officer of Codere Online, expressed satisfaction with the outcomes, highlighting their attainment despite the typically subdued seasonal period for athletic competitions.
Although Spain persists as a substantial market for Codere, exhibiting a notable 24% growth as well, it is evident that their strategic penetration into the Latin American region is yielding favorable returns. Their net deficit contracted to €1.7 million, contrasting with a loss of €6.7 million recorded during the corresponding timeframe in the prior year.
Mexico saw a significant income increase, with overall revenue soaring by 58% to hit €16.2 million. This remarkable expansion was driven by a 51% surge in net gaming revenue, reaching €18 million.
Colombia also witnessed upward movement, as revenue ascended 35% to €2.3 million. However, net gaming revenue in Colombia experienced a minor decrease of 5%, settling at €2.1 million.
These numbers underscore Codere Online’s generally favorable course in the initial six months of 2023. Despite scaling back marketing expenditures, the firm attained substantial revenue expansion due to robust brand awareness, an improved customer demographic, and continuous enhancements to its product portfolio.
This effectiveness also enabled Codere to reduce its adjusted EBITDA loss for the second quarter by over half, lowering it to €4.5 million.
Looking forward, Codere Online now projects generating between €150 million and €160 million in net gaming revenue for 2023. This signifies a 7% rise from the midpoint of its prior projection and emphasizes the company’s belief in its sustained growth.
