Codere Online’s NGR up 17%; further growth expected in 2022
Codere Online has posted positive results during its year-end financial announcement, with the operator growing its net gaming revenue (NGR) by 17% year-on-year.
In the year ending 31 December 2021, the company took €83.2m ($92.3m) in revenue, compared with €71.3m for the previous year. Its active user base also increased, hitting almost 70,000 average monthly users, compared with 50,000 in 2020 (or an increase of 37%).
Of the total revenue figure, the company’s core market, Spain, made up the greatest share, accounting for approximately €50m or 60%.
Elsewhere, Colombia drove the largest increase, with revenue jumping from €2.5m to €4.6m, or 81%. Mexico also made up a significant portion of the total, accounting for €28m, or 34%, of all revenue. Mexican operations grew by €7.7m, or 38%.
Moshe Edree, CEO, Codere Online, commented: “Last year was crucial for Codere Online, in which we transitioned from being a business unit within a larger group to become an independent publicly listed company.
“We grew our NGR by 17% in the year, thanks to strong performance from Mexico and despite the regulatory challenges in Spain, which limited our ability to engage with new customers and grow revenue in the country. Still, our customer base grew by 37% in 2021, to nearly 70,000 average monthly active customers.”
The company also projected further growth for the years ahead, with between €110m and €120m NGR forecasted for 2022.
Oscar Iglesias, CFO, Codere Online, said: “Much has been accomplished in this past year, as we became public, launched in a new market and signed three new football sponsorships, all while maintaining our focus on operations which allowed us to deliver upon our full-year NGR outlook of €81m to €86m.
“We now have the resources we need to fund our growth plan through 2024, a year in which we expect to be EBITDA and cash flow positive.”
Codere Online is part of Codere Group, which announces its financial results separately.
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