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Codere Online: Total Q3 revenue up 42%, although Colombia sees drop

The online casino has doubled several of its statistics this quarter, including net gaming revenue and active monthly users.

codere revenue image

Codere Online has released its Q3 report for the quarter ending 30 September 2023.

The online casino operator, with customers across Spain and Latin America, has published its latest financial figures, showing that total revenue increased by 42% up to €41.1m ($44.6m) when compared to Q3 2022.

Net gaming revenue (NGR) increased by 41% to €43.2m, with the increases shown in almost all regions.

NGR in Spain increased 27% to €18.9m, while Mexico saw an increase of 63% to €21m and ‘Other’ saw an increase of 67% to €1.5m.

However, Colombia saw the only decrease, a 5% drop from last year’s figures down to €1.5m. There was a notable absence of mentions when it came to the CEO's reflections on Colombia.

Net loss from the company was €1.8m, a difference of 84% from the €11.6m reported in Q3 2022 and the total cash position was €43m.

A chart examining net gaming revenue trends at Codere Online between Q3 2022 and 2023.

Aviv Sher, Codere Online CEO, said: “We’re very pleased with our performance in the third quarter and to be presenting another set of impressive results.

“This quarter we not only posted significant net gaming revenue growth of 41% to €43m, but also took a significant step in our path to profitability with break-even adjusted EBITDA in the period.

“It was a solid quarter for sports betting, with the return of the major sporting events, but also for our casino product, which contributed 58% of our revenue in the period.”

The average monthly active players, marked by real money bets only, also followed a similar trend to the net gaming revenue.

Spain saw an increase of 16% in monthly active users, Mexico saw 39% and ‘other’ had an increase of 20%. Once again, Colombia saw the only decrease with a 6% drop in users.

Sher continued: “Mexico continued to exceed our expectations with revenue growth of 63% in the third quarter, reaching €21.0m, and consolidating its position as our largest market (by revenue) ahead of Spain, where net gaming revenue also grew by an impressive 27%, to €18.9m.”

However, Codere did not comment on the results from Colombia, being the only country to see negative results.

As for business highlights, it seems like Codere Online has had a relatively quiet quarter when it comes to new business deals or partnerships.

“It was a solid quarter for sports betting, with the return of the major sporting events, but also for our casino product, which contributed 58% of our revenue in the period” - Aviv Sher

On 22 June, at the end of Q2, the company appointed Michal Elimelech to the Board of Directors, making this the first full quarter Elimelech served in this role.

She succeeded Oscar Iglesias, who stepped down from his role on the Board and has since continued to work at the company as its CFO.

On the Q3 results, Iglesias commented: “Our Q3 results have shown that the combination of a strong brand, high-quality customer acquisitions and an attractive product offering has allowed us to deliver not only strong top-line growth but also a significant improvement in profitability, with our first quarter of breakeven adjusted EBITDA less than two years following our US listing.

“Based on these strong results and recent trading activity, we now expect to generate between €155m-165m of net gaming revenue and negative €10-18m in adjusted EBITDA in 2023, and reaffirm that we expect to generate positive adjusted EBITDA and cash flow for the full year in 2024.”


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