Codere Online, an online gaming operator in Latin America and Spain, has released its Q4 and FY2022 financial results. Both periods ended December 31, 2022.
During Q4, total company revenue reached $37.8m, representing a 70% boost year-over-year. Net gaming revenue also rose by 70% during the fourth quarter, climbing to $40m.
Revenue from the company’s Mexico operations totaled $15.4m during Q4. Net gaming revenue in the region doubled year-over-year to reach $17.3m.
For the fiscal year, Codere reported a net loss of $48.8m and ended the year with a total cash position of close to $57.4m.
Company CEO Moshe Edree said of the results: “We are reporting better than expected Q4 and full year 2022 performance, with net gaming revenue growing by 70% in the quarter and reaching €123 mm ($131m) for the full year.
“This success is a testament to our team's dedication and focus on delivering an unparalleled online gaming experience for our customers. The World Cup undoubtedly played a significant role in keeping existing customers engaged but also attracting new customers during this quarter in which we had 54% more active players than in the same period of 2021.”
Edree went on to discuss the company’s performance in Mexico by saying: “In Mexico, net gaming revenue more than doubled from the prior year quarter and was over €50 mm ($53.1m) for the full year.
“Meanwhile, in Spain, we achieved a significant 42% growth in net gaming revenue, reflecting our unwavering commitment to this market and to providing best-in-class products and experiences to our customers.
"These achievements underscore the effectiveness of our growth strategy and our ability to successfully deploy marketing spend.”
