Codere Online, a top online gaming operator in Spain and Latin America, has released its financial results for the third quarter and nine-month period ending September 30, 2023.
Financial and Operating Metrics:
– Quarter ended September 30, 2023:
– Spain: Net Gaming Revenue increased by 27% to €18.9 million.
– Mexico: Net Gaming Revenue increased by 63% to €21.0 million.
– Colombia: Net Gaming Revenue decreased by 5% to €1.8 million.
– Other: Net Gaming Revenue increased by 67% to €1.5 million.
– Total: Net Gaming Revenue increased by 41% to €43.2 million.
– Nine Months ended September 30, 2023:
– Spain: Net Gaming Revenue increased by 30% to €54.9 million.
– Mexico: Net Gaming Revenue increased by 64% to €56.6 million.
– Colombia: Net Gaming Revenue increased by 11% to €6.2 million.
– Other: Net Gaming Revenue increased by 52% to €4.1 million.
– Total: Net Gaming Revenue increased by 43% to €121.8 million.
CEO Aviv Sher expressed satisfaction with the company’s performance in the third quarter, highlighting significant net gaming revenue growth of 41% to €43 million. He also noted the breakthrough achievement of reaching break-even Adjusted EBITDA during the period. Sher emphasized the strong performance of the sports betting and casino products, which contributed 58% of the company’s revenue.
In addition, Sher mentioned the impressive revenue growth in Mexico, with a 63% increase in the third quarter to €21.0 million. Mexico has now become Codere Online’s largest market, surpassing Spain, where net gaming revenue also grew by an impressive 27% to €18.9 million.
CFO Oscar Iglesias highlighted that the company’s strong brand, high-quality customer acquisitions, and attractive product offerings have contributed to strong top-line growth and significant improvement in profitability. Iglesias stated that Codere Online expects to generate €155-165 million in net gaming revenue and negative €10-18 million in Adjusted EBITDA for 2023. The company also reaffirms its expectation to achieve positive Adjusted EBITDA and cash flow for the full year in 2024.
Codere Online, financial results, net gaming revenue, Spain, Mexico, Colombia, profitability, Adjusted EBITDA.