Codere Online Announce 55% Increase in Net Gaming Revenue for First Quarter of 2023
Codere Online, the leading online gambling operator in Latin America and Spain, has reported a significant increase in net gaming revenue in the first quarter of 2023.
The company announced a trading update, revealing that its net gaming revenue hit €39.5 million ($49.1 million) for the three months ended March 31, 2023, a growth of 55% when compared to the corresponding period in 2022.
The revenue increase was driven by growth across all markets where the company operates. Codere Online saw a notable increase of 75% in net gaming revenue to €17.6 million ($19.2 million) for the first quarter of this year in Mexico.
Codere Online’s Colombian operations also saw a strong growth in revenue, increasing from €1.5 million ($1.6 million) in Q1 2022 to €2.3 million ($2.5 million) for the same period this year. In Spain, Codere saw its net gaming revenue increase by 40% to €18.4 million ($20.1 million).
Aviv Sher, Codere Online’s CEO, attributed the revenue growth to the company’s investment in cross-sell options and customer engagement. Sher also acknowledged the strong performance across different markets where the company operates.
We are off to a very strong start in 2023, with net gaming revenue growing by 55% in the first quarter to nearly €40 mm.
In addition to the growth in revenue, Codere Online reported an increase in the number of average monthly active players for the first quarter of this year. The number of players in Q1 hit 123,900 across all markets where the company operates, representing an increase of 22% when compared to Q1 2022.
The company’s strong performance in Q1 2023 comes after a challenging year in 2022, where the COVID-19 pandemic impacted the gambling industry globally. Codere Online was not spared by the pandemic and experienced a decline in revenue due to the suspension of sporting events and the closure of land-based casinos and sports betting locations.
However, the company’s recent results indicate a strong recovery and demonstrate its resilience in navigating the challenges posed by the pandemic. With its strategic investments and cross-sell options, Codere Online is well-positioned to continue its growth trajectory in the coming quarters.