Date: 17.11.2023

by Mateusz Mazur

Last update: 25.11.2023 10:40

Codere Online Reports Impressive Growth in 2023 Q3 Financial Results

Codere Online, a leading online gaming operator in Spain and Latin America, has released its financial results for Q3 and the first nine months of 2023.

The company has demonstrated significant growth in both periods, with notable increases in net gaming revenue and active players across its key markets.

Key Financial Highlights

In Q3 2023, Codere Online saw a 41% increase in net gaming revenue, rising to €43.2 million. The nine-month period showed a similar trend, with a 43% increase to €121.8 million.

The most remarkable growth was observed in Mexico with a 63% increase in both the quarter and nine-month period. Spain followed with a 27% increase in net gaming revenue for the quarter. However, Colombia saw a slight decrease in the quarter but an overall annual increase.

Average monthly active players grew by 19% in Q3, indicating a broader customer base.

Leadership Commentary

Aviv Sher, CEO of Codere Online, stated, “We’re very pleased with our performance in the third quarter and to be presenting another set of impressive results. This quarter we not only posted significant net gaming revenue growth of 41% to €43 million, but also took a significant step in our path to profitability with break even Adjusted EBITDA in the period. It was a solid quarter for sports betting, with the return of the major sporting events, but also for our casino product, which contributed 58% of our revenue in the period.”

“Mexico continued to exceed our expectations with revenue growth of 63% in the third quarter, reaching €21.0 million and consolidating its position as our largest market (by revenue) ahead of Spain, where net gaming revenue also grew by an impressive 27%, to €18.9 million.”

Oscar Iglesias, CFO of Codere Online, stated, “Our third quarter results have shown that the combination of a strong brand, high-quality customer acquisitions and an attractive product offering has allowed us to deliver not only strong top line growth but also a significant improvement in profitability, with our first quarter of breakeven Adjusted EBITDA less than two years following our U.S. listing.”

“Based on these strong results and recent trading activity, we now expect to generate between €155-165 million of net gaming revenue and negative €10-18 million in Adjusted EBITDA in 2023, and reaffirm that we expect to generate positive Adjusted EBITDA and cash flow for the full year in 2024.”

Our Comment on the Article

Codere Online’s financial results for Q3 2023 reflect a robust growth trajectory in the online gaming sector. The company’s significant revenue increases, particularly in the Mexican market, underscore its strong market positioning and effective business strategies.

The growth in active player numbers also indicates successful customer engagement and market penetration. The leadership’s forward-looking statements suggest a confident outlook for continued growth and profitability, highlighting Codere Online’s potential as a leading player in the online gaming industry. This performance is a clear indication of the company’s adaptability and resilience in a competitive and dynamic market.