Codere Online Q4 net gaming revenue up 33%

Mexico saw the largest increase of any of its regions during the quarter.  

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Codere Online has reported its fourth quarter and full year results for 2023, showing significant growth in the markets it operates in. 

Q4 2023 

During the fourth quarter of 2023, the company recorded total revenue of €46.9m ($50.7m), a figure 32% above the one during Q4 2022. 

Net gaming revenue also grew, going up by 33% to €50.1m, with Mexico reflecting about 50% of this, with the region’s net gaming revenue being €25.1m, which was also a 54% increase for the country. 

Spain’s net gaming revenue was the next highest at €20.8m, a 17% rise from Q4 2022, while Colombia’s figure saw no change, with the number being €2.3m in both the fourth quarter in 2022 and 2023. Other markets grew 38% to €1.8m. 

Despite the growth of net gaming revenue, average active players during Q4 actually saw a decrease of 2%, though looking at individual markets, Spain (15%) and Mexico (16%) increased their average monthly active players. 

Net loss was €1m for the quarter, compared with €17.4m in the year prior. 

FY 2023 

Looking at the full year, net gaming revenue was 40% higher than 2022, valued at €171.9m for 2023.  

Each market saw increases in net gaming revenue, but again like in Q4, Mexico saw the highest, rising 60% to €81.7m. 


Codere Online CEO Aviv Sher said: “In Q4 2023 we delivered an impressive 33% growth in net gaming revenue to €50m, our highest ever quarterly figure, despite a tough comp with the World Cup in the prior year period. 

“Our strategic focus on Mexico and Spain, where we are seeing a strong return on marketing investment, has proven successful, with significant increases in both our active customer base and spend per customer. Casino continued to exceed our expectations with a second consecutive quarter contributing 58% of total net gaming revenue in the period.” 

Codere Online CFO Oscar Iglesias added: “We are very encouraged by our performance in 2023 which further supports our expectation that we will generate positive adjusted EBITDA and cash flow for the full year in 2024, a year in which we expect net gaming revenue of €185-200m.  

“In short, we expect to deliver upon our original commitment to investors to be a profitable company in the third year after de-SPAC and are more committed than ever to creating meaningful value for our shareholders.” 

Sher also joined the Huddle in recent months, to discuss Codere Online's journey since going public, raising $100m or so in capital via Zoom, and the operator's strategy of focusing a greater level of effort on core markets like Spain and Mexico. 

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