Codere Online Reports Strong Q2 2024 Revenue Growth
Codere Online reported a net gaming revenue (NGR) of €54.4 million in Q2 2024, marking a 39.1% year-on-year increase. This impressive growth was primarily driven by the company’s key markets, Spain and Mexico. In Spain, the NGR rose by 24.6% to €21.8 million, while Mexico experienced a remarkable 56.7% increase, with NGR reaching €28.2 million.
Boost in Active Players
The substantial revenue growth in both markets can be attributed to a significant rise in the average number of monthly active players.
In Spain, the average monthly active users increased from 40,700 in the previous year to 51,500. Similarly, Mexico saw an increase from 49,700 to 62,300 active players monthly.
Other Revenue and EBITDA Performance
Other revenue sources contributed €4.4 million, reflecting a year-on-year growth of 22.2%. Codere Online also reported an adjusted EBITDA of €1.3 million for Q2 2024, a substantial improvement compared to the adjusted EBITDA loss of €4.5 million in the same period last year. However, the net income for the quarter was negative, at €3.7 million, compared to a net profit of €0.9 million in the prior year.
Management Insights
Codere Online CEO Aviv Sher expressed satisfaction with the company’s performance, noting the NGR of €54.4 million as a significant achievement.
“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 (notwithstanding all the Spanish victories in the Eurocup).”
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 €3m.”
Updated Full-Year Guidance
As a result of the strong performance in the first half of the year, Codere Online has revised its full-year 2024 guidance.
The company now expects NGR to fall between €205 million and €215 million, with adjusted EBITDA anticipated to be between €2.5 million and €7.5 million.
