Codere Online Reports 20% Revenue Growth in Q3 2024
Codere Online has reported a 20% increase in net gaming revenue for Q3 2024, driven by strong performance in Mexico and Spain, despite currency challenges. The company also marked its third consecutive quarter of positive adjusted EBITDA.
Revenue Growth Across Key Markets
Codere Online recorded net gaming revenue of €51.7 million ($54.6 million) in Q3 2024, a significant 20% year-on-year increase. Mexico and Spain emerged as pivotal markets contributing to this growth.
In Mexico, revenue reached €26.7 million, marking an impressive 27% increase compared to the previous year. Notably, when adjusted for currency fluctuations due to the Mexican peso’s devaluation post-June elections, revenue growth would have stood at an even more substantial 43%. Spain, another key market, delivered €20.9 million in net gaming revenue, an 11% increase from Q3 2023.
Codere Online’s player engagement showed a marked improvement, with the average monthly active players reaching 143,400—a 15% rise compared to the same quarter last year. Mexico led with a 23% increase in active players, while Spain followed with an 18% growth, reflecting the company’s strengthening presence in these regions.
Consistent Financial Stability
The company reported €1.5 million in adjusted EBITDA for the quarter, extending its streak of positive performance to three consecutive quarters. Codere Online’s cash reserves were reported at €44 million as of 30 September 2024, signaling robust financial health.
Challenges arose during the quarter with a delisting notice from Nasdaq due to a delayed Form 20-F filing for 2023. Codere Online has requested a hearing, scheduled for 16 January 2025, and is actively working to meet compliance requirements.
Despite this setback, the management remains optimistic. CFO Oscar Iglesias emphasized their confidence in achieving full-year revenue and EBITDA targets, stating:
“We expect to finish the year in the upper part of the range with respect to both our net gaming revenue (€205m – €215m) and adjusted EBITDA guidance (positive €2.5m – €7.5m).”
In addition to its financial and operational achievements, Codere Online continued to engage its community through the third edition of the Codere Cup in Mexico. Building on the success of previous tournaments, the event has become a hallmark of the company’s commitment to its local markets.
