May 13, 2022 3 min read


Codere Online Reported Strong First Quarter Driven By Mexico

Latin American-focused online gaming operator Codere Online posted its first quarter of 2022 financial results, picking up where it left in 2021 with double-digit growth in total revenue and net gaming revenue.

Growth in Total Revenue and Net Gaming Revenue

Codere Online, a former division of Godere Group which was spun as an independent business due to a restructuring plan released its quarterly report for the three months ended March 31, 2022, in which the business generated €23.9 million ($24.8 million) in total revenue to improve the Q1 2021 revenue reading by 20%.

“The business is off to a good start, with a 24% increase in net gaming revenue in the first quarter, on the back of a very strong performance in Mexico and solid results in Spain, where net gaming revenue is above where it was prior to the significant marketing restrictions implemented in May last year.”

Moshe Edree, CEO, Codere Online

Net gaming revenue at the Nasdaq-listed company in the reported three-month period was €25.5million ($26.5 million) driven mainly by its operations in Mexico, as the company’s core market, Spain, was almost unchanged with €13.2 million ($13.7 million) as compared to €13 million ($13.5 million) in Q1 2021.

Net gaming revenue from operations in Mexico accounted for €10 million ($10.4 million) to post an increase of 55% on the €6.4 million ($6.7 million) in Q1 2021, while Codere’s third market, Colombia, registered a growth of 81% but its nominal impact of less than a million on the company’s total was insignificant.

“The business continued to track well in the first quarter of the year, with revenue growth in line with our expectations. We expect revenue growth to accelerate over the next few quarters and a significant uplift in second half results.”

Oscar Iglesias, CFO, Codere Online

Average Monthly Active Customers Increasing

The number of average monthly active players across Codere’s markets registered a decrease of 10% in Spain from 36,300 in Q1 2021 to 32,600 in Q1 2022, an increase of 31% from 18,500 in Q1 2021 to 24,200 now, and an increase of 67% in Colombia, where it grew from 12,800 to 21,200.

Commenting on the numbers, Edree outlined the quarter saw an average of nearly 83,000, up 21% year-over-year, setting a strong foundation for the company to deliver on its operating and financial objective in 2022.

Codere Online ended the first quarter of 2022 with a net loss of €10.1 million ($10.5 million) to expand the loss in Q1 2021 of €6.1 million ($6.3 million) by over 65%.

Stressing the healthy balance sheet of €91 million ($94.6 million) at the end of the reported quarter, Iglesias said the business would continue to deploy these funds to grow throughout markets in Latin America, while Edree focused on the long-term incentive plan aimed to “align senior management and director interests” with the interests of the company and its shareholders by strengthening retention and motivation of senior management and directors.

The 5-year plan which received shareholders’ approval includes restricted share units, stock options and deferred payment rights, providing for share-based awards for its participants to approximately 4% of existing outstanding shares.

Lead Author

With 4 years experience as an analyst, Julie—or ‘Jewels’, as we aptly refer to her in the office—is nothing short of a marvel-worthy in her attention to the forex and cryptocurrency space as she quickly became the first pick to co-pilot education to the masses with Mike.

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