One of Latin America’s leading online gambling companies, Codere Online, has reported a 24 per cent increase in first quarter gaming revenues.
The company posted €23.9m in the quarter, 20 per cent above the same period of last year, but net revenue was €25.5m, up 24 per cent. The company said that its result in Mexico was 55 per cent up in revenue at €8.9m and net showed a 55 per cent rise.
In its home country, Spain, Codere’s revenue reached €13.2m, but it still showed an overall loss of €10.1m in the quarter, against a €6.1m loss in the comparative period of last year.
CEO Moshe Edree said: “The business is off to a good start, with a 24 per cent 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.
"Our customer base continued to grow, to nearly 83,000 average monthly active customers, 22 per cent above those from Q1 2021, and we believe the foundation is now set for us to deliver on our operating and financial objectives for the year.”
Edree further stated: “In the first quarter we put in place a long-term incentive plan which we believe will not only further align senior management and director interests with those of Codere Online and its shareholders but also strengthen the retention and motivation of senior management and directors in the long term.”
