Codere Online has published its financial results for the second quarter of 2023. The company posted a 35% boost in total revenue year-over-year.
Net gaming revenue reached $42.3m, reflecting 34% growth when compared to figures from last year’s corresponding quarter. Total revenue grew by 35% year-over-year to reach $40.2m.
Net gaming revenue from Codere’s Mexico operations yielded substantial growth as well. During Q2, net gaming revenue totaled $19.5m, a 51% increase when compared to last year’s Q2 results.
Total revenue from Mexico climbed to $17.5m. The company posted an overall net loss for the second quarter of $1.8m, more than a third of its net loss during Q2 2022.
Company CEO Aviv Sher further commented on the latest quarterly report by saying, “We’re glad to present a strong set of second-quarter results and to continue building upon the momentum from the first quarter.
“Our net gaming revenue grew 34% to $42.3m, in line with the level from the first quarter despite the seasonal decline in sporting events. Our casino product, which has been a strategic priority for some time, contributed 54% of our revenue in the period.”
He went on to discuss Mexico’s results in more detail.
Sher said, “Mexico posted impressive top line growth of 51% in the second quarter, reaching $19.5m and surpassing Spain for the first time since launching operations in the country. In Spain, net gaming revenue grew by an equally impressive 24% to $18.9m.”
Company CFO Oscar Iglesias described this quarter’s results as strong and noted that Codere is poised to continue its forward momentum.
He said in closing, “We continue delivering strong revenue growth, despite a lower level of marketing investment, on the back of strong brand recognition, higher quality customers and continued improvement in our product offering.
“This has allowed us to reduce our adjusted EBITDA loss by more than half to negative $4.9m in the second quarter."
