Codere Online releases Q2 2023 report, 35% increase in total revenue

Key stats:

– Total revenue for Q2 2023 saw a 35% increase to €37m ($40m)

– Total gaming revenue increased by 34% to €39.1m

– Mexico had the largest reported revenue, as well as the most significant percentage increase

Operator Codere Online has published its Q2 2023 report, with revenue breakdowns across markets where it is currently live.

For its total revenue amount, Codere Online reported a 35% increase when compared year-on-year to €37m.

As for net gaming revenue specifically, this saw a similar 34% increase to €39.1m.

Net loss was reported at €1.7m, compared to €6.7m in Q2 2022.

Aviv Sher, Codere Online CEO, said: “We’re glad to present a strong set of second-quarter results and to continue building upon the momentum from the first quarter.

“Our net gaming revenue grew 34% to €39m, in line with the level from the first quarter despite the seasonal decline in sporting events.

“Our casino product, which has been a strategic priority for some time, contributed 54% of our revenue in the period”.

As for specific regions, Spain saw the steadiest growth in its markets, with a 24% rise in both total and gaming revenue, with both reporting €17.5m for Q2 2023.

Mexico had the largest revenue and growth percentages, with a 58% increase in total revenue to €16.2m

This traction continued with net gaming revenue, too, with a 51% increase to €18m.

However, while Colombia reported a 35% increase in revenue to €2.3m, this was marked by a 5% decrease in net gaming revenue down to €2.1m.

The above graph shows the changes in gaming revenue between 2022 (left) and 2023 (right) across respective regions.

Oscar Iglesias, Codere Online CFO, said: “We continue delivering strong revenue growth, despite a lower level of marketing investment, on the back of strong brand recognition, higher quality customers and continued improvement in our product offering.

“This has allowed us to reduce our adjusted EBITDA loss by more than half to negative €4.5m in the second quarter.”

“We feel very encouraged by first half results, which continue to exceed our original expectations, and now expect to generate between €150-160m of net gaming revenue in 2023, a 7% increase at the midpoint versus our prior outlook.”

During this Q2 period, Codere Online appointed Michal Elimelech to its Board of Directors, replacing Iglesias.

Iglesias will continue to hold his role as CFO of the company, a position he’s held since January 2022.

Although not strictly in this fiscal quarter, it’s also worth mentioning that Gonzaga Higuero was also recently appointed as CEO of Codere Group.