Codere Online boasts 63% growth in Mexico Q3 revenue

November 15, 2023

The CEO said the results were beyond company expectations, although Codere's fall in Colombia was not mentioned by Sher.

Codere Online has published its financial results for the third quarter of 2023. The company posted overall revenue of nearly $44.6m during Q3, reflecting a 42% boost when compared to results from last year’s corresponding quarter.

Total net gaming revenue rose by 41% year-over-year during the third quarter to reach $46.8m.

The company reported growth in total revenue and net gaming revenue from its Mexico operation. During the third quarter, Mexico revenue reached $20.3m. Net gaming revenue grew by 63% in Q3 to total nearly $22.8m. Third-quarter growth was more than 10 percentage points higher than what the company posted during 2023’s second quarter.

Company CEO Aviv Sher described this quarter’s financial results as “impressive” and said the latest results reflected a solid period for the group.

Sher commented, “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%, 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.”

He went on to discuss the substantial growth the company reported in Mexico and noted that this quarter’s result surpassed the company’s expectations.

However, revenue fell year-on-year in Colombia and Sher did not address this.

The CEO concluded by saying, “Mexico continued to exceed our expectations with revenue growth of 63% in the third quarter and consolidating its position as our largest market (by revenue) ahead of Spain.”


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