Codere Online generates €27.4m in revenue for Q2
Codere Online has reported total revenue of €27.4m ($27.36m) for Q2 2022, a 36% rise year-on-year, while net gaming revenue was 41% higher than Q2 2021 at €29.2m.
Codere, which operates in Spain, Mexico and Colombia, generated €10.6m from its Mexican operation alone – an 84% rise from the prior-year period.
Revenue from Spain was greater still; Codere reached €14.1m in Q2, 12% above Q2 2021.
Meanwhile, the operator’s net loss was down from 2021 – shrinking from €16.8m in Q2 2021 to €6.7m in Q2 2022.
Codere’s total cash position was €85m as of 30 June 2022.
Codere Online CEO Moshe Edree said: “We are very pleased with our results in the first half of the year, particularly with the acceleration in net gaming revenue growth to 41% in the second quarter.
“This was driven by a very strong performance in Mexico, where net gaming revenue nearly doubled that of Q2 last year, as well as Spain, where net gaming revenue grew 12% in Q2 despite the significant marketing restrictions starting in May last year.
“In the second quarter, our customer base grew by 29% to nearly 105 thousand average monthly active customers. Almost 85 thousand customers, 47% more than in Q2 last year, made deposits with us for the first time in the period.”
Codere Online CFO Oscar Iglesias added: “Our expectation that revenue growth would accelerate throughout this year has started to materialise, with the significant net gaming revenue uplift in the second quarter.”
The operator’s online report follows a cyber-related fraud incident that resulted in €0.7m of Codere’s funds being lost. As a result, the company recorded a one-time pre-tax charge of €0.7m, as it seeks to pursue the recovery of fraudulently acquired funds.
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