Codere Online’s net gaming revenue rose by 34 per cent in Q1 to €53m, the company’s highest-ever quarterly figure.


A 51 per cent year-on-year jump in its Mexico net gaming revenue to €26.6m – up from €17.7m in Q1 2023 - made an impact, as did net gaming revenue in Spain climbing 21 per cent to €22.3m.

Codere Online CEO Aviv Sher said of the “impressive results” that, in both markets, the company’s “targeted marketing efforts allowed us to grow our active customer base by c. 25 per cent as a result of the acquisition of higher quality customers (i.e. lower churn) but also with an increased spend per active.”

Chief financial officer Oscar Iglesias said Mexico continued to “put distance on Spain as our largest market by revenue" in the latest quarter.

“We are particularly excited, however, to see Mexico now also contributing positive adjusted EBITDA for the first time,” he added.

“This, together with a strong performance by Spain, allowed us to generate €1.7m in total adjusted EBITDA in the first quarter, which represents a significant step towards achieving our full-year profitability targets.”

Indeed, Codere reiterated its ambition to be adjusted EBITDA and cash flow positive in 2024.