Codere Online concluded 2023 on a high note, as their final quarter revenue soared by 32%, reaching €46.9 million. This remarkable outcome was driven by a substantial 33% surge in net gaming revenue, which climbed to €50.1 million.
Mexico emerged as a major contributor to this success, now accounting for approximately half of Codere’s overall revenue. The region experienced a 54% rise in net gaming revenue year-over-year, hitting €25.1 million. Spain held its position as their second-largest market, demonstrating commendable 17% growth to achieve €20.8 million.
Although their total active player count saw a minor decline, both Spain and Mexico recorded double-digit growth in monthly active users, signaling a positive trajectory in their core markets. The company also achieved a considerable reduction in its net loss compared to the corresponding period the previous year.
Examining the full year, Codere Online commemorated a 40% increase in net gaming revenue, reaching €171.9 million. Once again, Mexico took center stage with a 60% surge, solidifying its role as a pivotal market for the company’s future prospects.
Codere Online’s Chief Executive Officer, Aviv Sher, conveyed his satisfaction, remarking, “Our net gaming revenue for the fourth quarter of 2023 witnessed a remarkable 33% year-over-year increase, reaching an unprecedented €50 million. This accomplishment is particularly notable given the FIFA World Cup that transpired during the corresponding period the previous year.” He ascribed this triumph to tactical allocations in crucial regions such as Mexico and Spain, yielding substantial profits, a surge in engaged customers, and elevated average revenue per user. Sher also underscored the outstanding performance of their casino segment, which now represents 58% of their overall net gaming revenue for the second consecutive quarter, surpassing projections.
Oscar Iglesias, Chief Financial Officer of Codere Online, shared his excitement about their 2023 results, affirming that it bolsters their belief in attaining positive adjusted EBITDA and cash flow throughout 2024. He forecasted a net gaming revenue ranging from €185 million to €200 million for the year. Iglesias emphasized their dedication to honoring their pledge to investors of becoming a profitable entity within three years of their SPAC listing, showcasing their commitment to generating significant value for stakeholders.
Lately, Sher participated in the Huddle gathering, where he elaborated on Codere Online’s path since becoming publicly traded, their experience securing approximately $100 million through a virtual meeting platform, and the operator’s strategic emphasis on primary markets like Spain and Mexico.
