Codere Online Sees 34% Revenue Gain in Q2 of 2023
Codere Online, a leading online gaming operator in Latin America and Spain, delivered strong results for the second quarter ending June 30, 2023. Preliminary data highlights a significant increase in net gaming revenue and a notable rise in the average monthly active players.
Strong Results Drive Growth
In the recently concluded Q2 2023, Codere Online reported robust net gaming revenue of $41.4 million. This impressive figure is a 34% increase from last year's Q2 figure of $31.7 million.
Mexico emerged as a strong market for Codere Online, with revenues skyrocketing by 51% to reach $19.5 million. The Spanish market also showed positive momentum with a revenue hike of 24%, amassing a total of $19 million.
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 €39 million, 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.
On the other hand, the company faced a setback in Colombia. The revenue there declined by 5%, settling at $2.3 million. However, the aggregated revenue from other regions showcased a promising 40% year-over-year growth, totaling $1.5 million.
Player Engagement and Leadership Remarks
In the same quarter, Codere Online reported remarkable growth in its user base, with an average of 125,800 monthly players. This is a 20% increase from the 104,600 players in Q2 2022. Mexico led with a 54% year-over-year rise in active monthly players, while Spain reported significant 20% growth.Related: Codere Online Announce 55% Increase in Net Gaming Revenue for First Quarter of 2023
Oscar Iglesias, Codere Online's CFO, expressed satisfaction with the results. He emphasized the consistent revenue growth, attributing the company's success to strong brand visibility, improved customer relations, and ongoing product innovations. Furthermore, Iglesias anticipates a net revenue growth rate of 7% for 2023.
Aligning with this sentiment, Aviv Sher, the CEO of Codere Online, spotlighted the company's consistent momentum, even during a quieter sports season. Sher underlined the casino offerings' significant contribution, accounting for 54% of the Q2 2023 revenue, and lauded the impressive performance in markets like Spain and Mexico.