Codere Online has reported its financial results for the second quarter of 2024. Total revenue came to €51.7m ($56.1m), with net gaming revenue (NGR) coming to €54.4m, up 39% year-on-year.
The operator also reported a net income of €0.9m, compared to a net loss of €3.7m reported in Q2 2023. This was also the case with adjusted EBITDA, having gone from a loss of €4.5m in Q2 2023 to a net positive of €1.3m.
Revenue by segment
Of the operator's three measured verticals, Mexico reflected both the largest contributor to NGR and the highest year-on-year NGR increase, making €28.2m with a growth rate of 57%. This was followed by Spain, up 25% with NGR of €21.8m, while 'Other' NGR came to €4.4m, up 22%.
Spain just outperfomed Mexico in terms of player growth, with the number of average monthly active players up 26% to 51,500. Mexico’s player base was up 25% at 62,300, while players from the 'Other' vertical were down 10% to 31,800.
Quarterly highlights
During the quarter, the company brought on Gabriel Saenz de Buruaga, Taavi Davies and Claude Noesen as directors, succeeding Patrick Ramsey, Michal Elimelech, an Laurent Teitgen in their roles. Codere Group CEO Gonzaga Higuero was also re-appointed.
Just following the end of Q2, Codere Online also reported the third edition of the Codere Cup, which took place in late July.
Six-month report
For the six months ending 30 June, NGR totalled €107.4m, up 37% year-on-year. Of this, 54% of revenue came from Mexico, 23% was from Spain and 21% was from Other.
Across H1, the business is still reporting a net loss, though it is down to €0.2m compared to last year’s €0.3m. However, adjusted EBITDA is still positive, at €3m compared to last year’s -€7.6m.
Quotes
On the results, Codere Online CEO Aviv Sher said: “We are very pleased with our performance in the second quarter of 2024 ... In the quarter we saw improved customer engagement and customer acquisitions in part due to targeted additional marketing investments made around certain major sports betting events (i.e. Eurocup and Copa America). As a result, performance in our core Mexican and Spanish businesses was strong.”
CFO Oscar Iglesias added: "We are pleased to have delivered positive adjusted EBITDA for the second consecutive quarter despite the increased marketing spend around the Eurocup and Copa America. The €1.3m in adjusted EBITDA in the second quarter is nearly €6m better than the prior year period and for the year-to-date period we have generated €3.0m."
