Codere Online Reports Strong Q2 2023 Results with Significant Revenue Growth

Codere Online witnessed substantial expansion in the second quarter of 2023, posting a revenue surge of 35%, hitting €37 million (roughly $40 million USD). This upward trajectory was propelled by robust results in the Mexican market, which solidified its position as a primary revenue generator.

The firm’s overall gaming revenue also experienced notable growth, ascending by 34% to reach €39.1 million. Significantly, casino games played a pivotal role in this accomplishment, representing 54% of Codere’s total revenue, underscoring the efficacy of their strategic emphasis on this sector.

Despite a less eventful sports schedule, Codere successfully sustained its gaming revenue on par with the preceding quarter, showcasing the adaptability and breadth of its offerings. This favorable performance extended to their profitability, as net losses contracted considerably compared to the corresponding period in the previous year.

Aviv Sher, Chief Executive Officer of Codere Online, conveyed contentment with the company’s achievements, accentuating the sustained growth course from the first quarter. He emphasized the enduring strength of the Spanish market, which registered a 24% year-over-year rise in both overall and gaming revenue, attaining €17.5 million.

The gaming industry is flourishing in Mexico! Income there skyrocketed by 58% to €16.2 million, fueled by a substantial 51% jump in pure gaming income, reaching €18 million.

Conversely, Colombia experienced more moderate income expansion of 35%, reaching €2.3 million. Notably, their pure gaming income actually decreased slightly by 5% to €2.1 million.

This disparity underscores the ever-changing nature of the gaming sector in Latin America. A key participant in the area, Codere Online, credits its triumph to strong brand awareness, a concentration on high-value clientele, and ongoing enhancements to its gaming portfolio. These elements have enabled them to attain remarkable income growth despite a reduction in marketing expenditures.

Oscar Iglesias, the financial chief of Codere Online, conveyed contentment with their results, observing that they’ve surpassed their original forecasts. They are now projecting pure gaming income between €150 million and €160 million for 2023, a 7% rise from their prior midpoint projection.

In separate developments, Codere Online welcomed Michal Elimelech to its Board of Directors, succeeding Iglesias, who will remain in his position as financial chief. Furthermore, Gonzaga Higuero was recently designated as the Chief Executive Officer of the Codere Group.