A strong quarter in Mexico helped Codere Online’s overall net gaming revenue (NGR) rise eight per cent year-on-year in Q1.
Mexico NGR was up 15 per cent from €26.6m in Q1 2024 to €30.5m, helping overall NGR rise from €53m to €57m.
This was despite a two per cent decline in Spain NGR from €22.3m to €21.9m.
Revenue in Codere Online’s other markets, including Colombia, rose 10 per cent from €4.1m to €4.5m.
Average monthly active players across the company’s markets rose 13 per cent year-on-year from 143,200 to 161,300, including a 31 per cent rise in Mexico.
Oscar Iglesias, chief financial officer of Codere Online, said: “We are very pleased with our performance in Mexico and the underlying trends in local currency. Also, our portfolio of active customers grew by an impressive 31 per cent versus the prior year quarter which is quite encouraging”.
“Based on these results, we believe that we are on track to meet our net gaming revenue outlook of €220-230m and adjusted EBITDA outlook of €10-15m that we provided to investors earlier this year.”
