Online gaming operator for Spain and Latin America, Codere Online, has released its Q1 figures.
Net gaming revenue stood at €39.5m, which was a 55 per cent increase on the Q1 2022 figure. Net loss was €1.3m, against a loss of €10.1m in Q1 2022.
The company says it hopes to be EBITDA and cash flow positive for the full year in 2024.
“We are off to a very strong start in 2023, with net gaming revenue growing by 55 per cent in the first quarter to nearly €40m,” said Aviv Sher, CEO of Codere Online.
“The significant investment that we made in the prior quarter around the World Cup allowed us to meaningfully grow our customer base versus pre-World Cup levels.
“These customers remained engaged throughout the first quarter, in particular in Spain and Mexico. Also, our cross sell efforts between sports betting and casino played an important role in that engagement, with the latter contributing 53 per cent of our net gaming revenue.
“In Mexico, net gaming revenue grew by 75 per cent versus the prior year quarter to nearly €18m. In Spain, net gaming revenue grew by an impressive 40 per cent to over €18m despite the relatively flat number of active customers compared to last year, reflecting a higher quality portfolio of customers.”
“We are excited to be presenting both strong top line growth in the quarter and, more importantly, a significant improvement in adjusted EBITDA,” added Oscar Iglesias, CFO.
“This was partially driven by the lower level of marketing spend in the quarter in furtherance of our plans to deliver sustainable growth for our shareholders.
"For the full year, we continue to expect to generate between €140-150m of net gaming revenue and adjusted EBITDA of negative €20-30m, although given our strong performance in Q1 we now expect to be at the higher end of the range and are well on track to deliver positive EBITDA and cash flow for the full year in 2024.”
