Codere Posts Revenue Increase in 2023's Third Quarter

Online gambling operator Codere Online has released its third-quarter results, showing a total revenue of €41.1m ($44.6m), a 42% increase compared to Q3 2022.

Net gaming revenue (NGR) also surged by 41% to reach €43.2m, signifying growth in nearly all regions where Codere Online is operational.

In Spain, NGR saw a boost of 27% to €18.9m, revenue in Mexico increased by 63% to €21m, while NGR from other jurisdictions amounted to €1.5m, an increase of 67% year-on-year.

However, Colombia was the exception, witnessing a 5% drop from the previous year to €1.5 million.

Codere Online Shows Significant Improvement

In the third quarter ending September 30th, Codere Online experienced a net loss of €1.8m, which is a highly significant 84% improvement compared to the €11.6m loss reported in Q3. The company's total cash position stands at €43m.

Regarding monthly active users, the trend seen in the net gaming revenue was also mirrored in this segment.

In Spain, monthly active users rose by 16%, from 32.5 million to 41 million; Mexico experienced a 39% increase from 37..4 million to 51.8 million, and 'other' regions showed a 20% uptick from 7.5 million to nine million.

Likewise, Colombia was the only country that saw a decline in the number of real money active users at 6%.

Codere Online is the first Spanish market-focused gambling operator to list on the US Nasdaq. Since its listing, the company has been striving to attain profitability and a positive adjusted EBITDA.

With Codere Online’s continued growth in Q1, Q2 and now Q3, the group foresees concluding 2023 with net gaming revenue ranging from €155m - €165m. However, the company projected a negative EBITDA between €10-18m.

Our third quarter results have shown that the combination of a strong brand, high-quality customer acquisitions and an attractive product offering has allowed us to deliver not only strong top line growth but also a significant improvement in profitability, with our first quarter of breakeven Adjusted EBITDA less than two years following our US listing.

Oscar IglesiasCFO of Codere Online