Gaming operator Codere Online says it expects “legal challenges from the industry” to the new tax on online deposits in Colombia.
The 19 per cent VAT comes into force on Friday amid criticism from Colombian gambling trade association Fecoljuegos.
Codere Online has a presence in Colombia and although it is not one of the company’s core markets, Codere said it is assessing how it will respond from a legal and operating perspective.
Rush Street Interactive, the operator of RushBet in Colombia, has also said it is monitoring the situation.
Codere Online’s Colombian update came as it reported a 23 per cent rise in net gaming revenue (NGR) across 2024, up from €171.9m in 2023 to €211.6m.
NGR in Spain rose 16 per cent to €87.7m and 30 per cent in Mexico to €106.6m.
Codere Online’s other markets, which include Colombia, saw net gaming revenue rise 19 per cent to €17.3m.
For the fourth quarter, Codere Online saw net gaming revenue rise five per cent to €52.6m.
Revenue in Mexico was flat at €25.1m for Q4 which CEO Aviv Sher attributed to the “significant devaluation” of the Mexican peso.
“On a constant currency basis, our growth in Mexico would have been 14 per cent,” he added.
“Meanwhile, Spain continued to perform well, with net gaming revenue rising 10 per cent to €22.8 million.”
Oscar Iglesias, CFO of Codere Online, said: “Our strong fourth-quarter performance brought our full-year net gaming revenue to nearly €212 million, 10 per cent above the midpoint of our initial €185-200m outlook from early 2024.
“More importantly, we delivered a fourth consecutive quarter of positive adjusted EBITDA, allowing us to reach €6.4m for the full year, at the higher end of our outlook of €2.5-7.5m.
“We are very encouraged by our 2024 results and our ability to meet our commitment to investors despite the headwinds faced, mostly on the currency front.
“For 2025, we anticipate net gaming revenue of €220-230m and adjusted EBITDA of €10-15m.”
