Codere Online Enjoys Exceptional Q4 and 2023 Results

The leading online gambling operator with a presence in Latin America and Spain, Codere Online, released its latest unaudited financial results, uncovering details regarding its performance for the fourth quarter and full year 2023. On Thursday, the company confirmed that for the quarter ended December 31, 2023, its reported revenues of €50.1 million ($54.2 million). This result, compared to the €37.7 million ($40.8 million) figure reported for the corresponding period the prior year, shows a solid growth of 33%.

A breakdown of the total net gaming revenue reported for the fourth quarter of 2023 reveals growth in markets across the board with only results from Colombia remaining on par. Codere Online’s operations in Mexico posted €25.1 million ($27.2 million) in revenue, up by 54% year-over-year.

Another strong growth was observed for Codere Online’s operations in Spain. In total, the company posted €20.8 million ($22.5 million) in net gaming revenue for the fourth quarter. Compared to the €17.8 million ($19.3 million) result from Q4 2022, an increase of 17% is observed.

When it comes to the average monthly active players, Codere Online reported a slight decrease of 2% to 139,200 for Q4 2023. Primarily, this was the result of a decrease in the number of players from other markets along with the market in Colombia. However, in Mexico and Spain, Codere Online posted an increase in its average monthly active players of 16% and 15% respectively.

The Company’s Management, Excited with the Latest Results

Oscar Iglesias, Codere Online’s CFO, shared his excitement about the fourth quarter results. “Our fourth quarter results have allowed us to reach nearly €172 million of net gaming revenue for the full year, 19% above the midpoint of the initial €140-150 million outlook we provided early last year,” he explained. Additionally, Iglesias said that the performance of the company in 2023 is encouraging and reaffirms its ambitious goals for adjusted EBITDA and cash flow for 2024.

“In Q4 2023 we delivered an impressive 33% growth in net gaming revenue to €50 million, our highest ever quarterly figure, despite a tough comp with the World Cup in the prior year period.“

Aviv Sher, CEO of Codere Online

Aviv Sher, Codere Online’s CEO, was similarly thrilled, explaining that the net gaming revenue posted during the most recent trading period was the highest quarterly result for the company. “Casino continued to exceed our expectations with a second consecutive quarter contributing 58% of total net gaming revenue in the period,” he added.

Looking at the bigger picture, the total net gaming revenue reported for 2023 hit €171.9 million ($186 million). This result, compared to the 2022 figure of €122.9 million ($133 million) represented a solid increase of 40%. Not unexpectedly, in Mexico the company’s revenue grew by 60%, while Spain posted an uptick of 26% in net gaming revenue for last year. While Codere Online’s other markets posted a 54% increase in revenue, Colombia reported 8% growth in 2023.