Codere posts 54% revenue increase in Q3 report

Codere has posted its Q3 report for 2022, showing a 54% increase in net gaming revenue – totalling €30.6m ($31m) against €19.8m in 2021.

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Meanwhile, for the nine months ending September, Codere posted net gaming revenue of €85.2m – which equals a 40% rise compared to 2021’s €61m.

Codere also reported a total cash position of €72m, and its net loss for the quarter was €11.6m – €28.4m for the year so far.

Discussing the results, CEO of Codere Online Moshe Edree said: “We are reporting a strong set of results in the third quarter of 2022, with net gaming revenue growing 54% versus the same period last year, on the back of stronger than expected results in our casino business.

“Performance in Mexico was particularly strong, with net gaming revenue up by 82% in the quarter. Spain also exceeded our expectations with a 29% growth despite the marketing restrictions currently in place.”

Oscar Iglesias, CFO of Codere Online, added: “We are very encouraged by the acceleration in revenue growth as we approach the end of the year.

“With the World Cup still ahead of us, we are now confident that we will reach the high end of our full-year net gaming revenue outlook and have narrowed the range to between €115m - 120m. We are also excited about the opportunity in Argentina, where we are putting the pieces in place to become one of the leading operators in the country.”

Furthermore, Codere reported that it has been pre-awarded a licence to operate in the Argentinian province of Cordoba – and expects to start operating there in 2023.

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