Codere Online, an online gaming operator in Spain and Latin America, has announced its results for Q1 2023.
The total revenue for Codere Online in Q1 2023 was €37.6m ($41.1m), a 57% increase when compared year-on-year.
Net gaming revenue alone grew 55% to €39.5m, with the largest improvement coming from the Mexican markets, which saw an increase of 75% to €17.6m.
Net loss was also reported to stand at €1.3m for Q1 2023, compared to €10.1m recorded last year.
By the end of the full financial year, Codere Online expects to deliver a positive EBITDA.
Aviv Sher, CEO of Codere Online, said: “The significant investment that we made in the prior quarter around the World Cup allowed us to meaningfully grow our customer base versus pre-World Cup levels.
“These customers remained engaged throughout the first quarter, in particular in Spain and Mexico.
“Also, our cross-sell efforts between sports betting and casino played an important role in that engagement, with the latter contributing 53% of our net gaming revenue.”
Codere Online has also made a number of senior management team changes, such as Deborah Guivisdalsky taking the role of COO after Aviv Sher was appointed CEO.
Previous to her position in Codere Online, Guivisdalsky was the Head of VIP at Ladbrokes in Gibraltar.
Oscar Iglesias, CFO of Codere Online stated, “We are excited to be presenting both strong top-line growth in the quarter and, more importantly, a significant improvement in adjusted EBITDA.
“This was partially driven by the lower level of marketing spend in the quarter in furtherance of our plans to deliver sustainable growth for our shareholders.
“For the full year, we continue to expect to generate between €140-150 mm of net gaming revenue and adjusted EBITDA of negative €20-30 mm, although given our strong performance in Q1, we now expect to be at the higher end of the range and are well on track to deliver positive EBITDA and cash flow for the full year in 2024.”
