The financial results for the second quarter of 2023 have been published by Codere Online, discussing its revenue, loss and adjusted EBITDA.
Key stats:
- Total revenue for Q2 2023 saw a 35% increase to €37m ($40m)
- Total gaming revenue increased by 34% to €39.1m
- Mexico had the largest reported revenue, as well as the most significant percentage increase
Operator Codere Online has published its Q2 2023 report, with revenue breakdowns across markets where it is currently live.
For its total revenue amount, Codere Online reported a 35% increase when compared year-on-year to €37m.
As for net gaming revenue specifically, this saw a similar 34% increase to €39.1m.
Net loss was reported at €1.7m, compared to €6.7m in Q2 2022.
Aviv Sher, Codere Online CEO, said: “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 €39m, 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”.
As for specific regions, Spain saw the steadiest growth in its markets, with a 24% rise in both total and gaming revenue, with both reporting €17.5m for Q2 2023.
Mexico had the largest revenue and growth percentages, with a 58% increase in total revenue to €16.2m
This traction continued with net gaming revenue, too, with a 51% increase to €18m.
However, while Colombia reported a 35% increase in revenue to €2.3m, this was marked by a 5% decrease in net gaming revenue down to €2.1m.
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