September 1, 2022 Online, Finance, Results

Second quarter financial reports revealed for Codere Online

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The total revenue of $36m was up 36% over the Q2 numbers from 2021.

Codere Online, the online gaming operator in Spain and Latin America, released its numbers for the second quarter of 2022, reporting a 36% increase in total revenue over the same period last year. 

The total revenue earned was $36m while net gaming revenue came in at $38.3m.

Revenue from Mexico was $13.9m which is s 84% increase from Q2 in 2021. Total revenue from Spain reached $18.5m which was 12% up from the same period in 2021.

The net loss for the company was $8.8m while the total cash position was nearly $88m.

Codere Online CEO Moshe Edree commented: "We are very pleased with our results in the first half of the year, particularly with the acceleration in net gaming revenue growth to 41% in the second quarter. 

"This was driven by a very strong performance in Mexico, where net gaming revenue nearly doubled from that of Q2 last year, as well as Spain, where net gaming revenue grew 12% in Q2 despite the significant marketing restrictions implemented starting in May last year."

In 2022, Codere Online was a victim of a cyber-related fraud incident resulting in $919k in payments being made by Codere to the bank account of a party who impersonated one of Codere Online’s vendors.

Codere Online CFO Oscar Iglesias added: "Our expectation that revenue growth would accelerate throughout this year has started to materialize, with the significant net gaming revenue uplift in the second quarter."

On July 29, 2022, Codere became a main sponsor of Club Atlético River Plate in Argentina. 

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