Codere Online makes €35.6m in revenue for Q4 2022
Codere Online has generated total revenue of €35.6m ($37.9m) for Q4 2022, a 70% increase from the prior-year period.
The release of its final quarterly result of the year means its net gaming revenue for the full year stands at €122.9m, up 48% year-on-year.
The operator’s Mexico revenue for Q4 stood at €14.5m, more than double what it was for Q4 2021.
Elsewhere, the company’s revenue in Spain reached €17.8m for Q4, up 42% year-on-year.
Despite these gains, Codere Online still recorded a Q4 net loss of €17.4m and €45.9m for the full year.
Its net gaming revenue and adjusted EBITDA outlook for 2023 are between €140m-150m and negative €20m-30m respectively.
Codere Online CEO Moshe Edree said: “We are reporting better-than-expected Q4 and full-year 2022 performance, with net gaming revenue growing by 70% in the quarter and reaching €123m for the full year.
“This success is a testament to our team’s dedication and focus on delivering an unparalleled online gaming experience for our customers.
“The World Cup undoubtedly played a significant role in keeping existing customers engaged but also attracting new customers during this quarter in which we had 54% more active players than in the same period of 2021.”
Oscar Iglesias, Codere Online CFO, added: “We continue to be very excited about the future and the opportunities that lie ahead, particularly in Argentina, where we are making significant progress towards starting operations in several new regions this year.
“We are confident in our ability to execute on our plans and continue delivering sustainable growth for our shareholders.”
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