Codere Online, a leading online gaming operator in Spain and Latin America, has released its financial results for the second quarter ended June 30.
Aviv Sher, CEO of Codere Online, stated: “We’re glad to present a strong set of second quarter results and to continue building upon the momentum from the first quarter.
"Our net gaming revenue grew 34 per cent to €39m, in line with the level from the first quarter despite the seasonal decline in sporting events. Our casino product, which has been a strategic priority for some time, contributed 54 per cent of our revenue in the period.
"Mexico posted impressive top line growth of 51 per cent in the second quarter, reaching €18m and surpassing Spain for the first time since launching operations in the country. In Spain, net gaming revenue grew by an equally impressive 24 per cent to €17.5m.”
Oscar Iglesias, CFO of Codere Online, stated: “We continue delivering strong revenue growth, despite a lower level of marketing investment, on the back of strong brand recognition, higher quality customers and continued improvement in our product offering.
"This has allowed us to reduce our adjusted EBITDA loss by more than half to negative €4.5m in the second quarter.
“We feel very encouraged by first half results, which continue to exceed our original expectations, and now expect to generate between €150m and €160m of net gaming revenue in 2023, a seven per cent increase at the midpoint versus our prior outlook.
"In regards to adjusted EBITDA, we expect to deliver negative €15-25m and believe we are well on track to deliver positive EBITDA and cash flow for the full year in 2024.”
