For Q1, Codere Online recorded a net loss of €10.1m ($10.4m), up from €6.1m last year and in spite of a 24% net gaming revenue (NGR) rise.
All-in-all, Codere generated over €25m in NGR for the first quarter of 2022, driven by considerable growth from its Mexican operations.
This area reported €10m in NGR, up 56% over Q1 last year. The company’s Colombian business also posted a healthy NGR increase, which rose by 81% to €1.5m.
By comparison, Codere’s Spanish operations only produced €13.2m, a less impressive 1% increase from the €13m recorded for the first quarter of 2021.
And while its overall customer base continued to grow, with monthly active players (MAPs) increasing by 22% on average, Spain experienced a 10% drop.
In this area, Mexico and Colombia again recorded growth, with Codere increasing its average MAPs in both markets by 31% and 67% respectively.
Codere Online’s CEO, Moshe Edree, remained optimistic, highlighting its “very strong performance” in Mexico and what he called “solid results” in Spain.
“The business is off to a good start, with a 24% increase in net gaming revenue for the first quarter, on the back of a very strong performance in Mexico and solid results in Spain, where net gaming revenue is above where it was prior to the significant marketing restrictions implemented in May last year,” said Edree.
He added: “We believe the foundation is now set for us to deliver on our operating and financial objectives for the year.”
Going forward, Codere expects revenue growth to accelerate, as touched on by its Chief Financial Officer (CFO), Oscar Iglesias.
He remarked: “The business continued to track well in the first quarter of the year, with revenue growth in line with our expectations.
“We expect revenue growth to accelerate over the next few quarters and a significant uplift in second half results.”