Madrid-headquartered Codere Online posted total net gaming revenue (NGR) of €39.1m in Q2 2023, up 33.9% year-on-year.

Revenue breakdown

Of the total NGR, €18m came from Mexico, up 51.3%, €17.5m from Spain, up 24.1%, and €2.1m from Colombia, down 4.5% year-on-year.

The remaining €1.4m came from other markets, where revenue was up 40% compared to €1m in Q2 2022.

Online casino operations delivered some 54% of revenue during the quarter, as online sports betting delivered the remaining 46%.

Growth was driven by an increase in average monthly active players (MAPs) across most of Codere Online’s active markets.

In Mexico, MAPs grew 53.9% from 32,300 to 49,700, while the number of MAPs in Spain climbed 10.6%, from 36,800 to 40,700.

Colombia’s revenue drop was accompanied by a 6.1% reduction in the number of MAPs in that market, from 28,000 to 26,300.

In other markets, the number of MAPs grew 19.7% from 7,600 to 9,100.

At the end of the quarter, Codere Online posted an adjusted EBITDA loss of €4.5m, down by more than 50% from a €9.9m adjusted EBTIDA loss in Q2 2022.

The business ended the reporting period with a net loss of €1.7m, compared to a €6.7m net loss in Q2 2022.

Full-year outlook

Following the release of its Q2 results, Codere Online has upgraded its previously issued earnings guidance for full-year 2023.

NGR is now expected to fall between €150m and €160m, with an expected adjusted EBITDA loss of between €15m and €25m.

The business also reiterated its plan to turn to EBITDA profitability and positive cash flow for the full-year 2024.

“We continue delivering strong revenue growth, despite a lower level of marketing investment, on the back of strong brand recognition, higher quality customers and continued improvement in our product offering,” said Codere Online CFO Oscar Iglesias.

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