Codere Online reported gains in net gaming revenue across all its segments in the second quarter of 2024, with an increase in average monthly active players in Spain and Mexico.
After the “solid performance” in the first six months of the year, CFO Oscar Iglesias stated that the operator has again raised its outlook for the year 2024.
When publishing its financial results, Codere Online declared total revenue of €51.7 million and net gaming revenue of €54.4 million, an increase of 39% compared to the same period last year (€39. 1 million), with gains observed in all segments.
Codere Online with more than 140 thousand active players
By segment, revenue from Spain reached €21.8 million, while revenue from Mexico was €25.3 million. In the first half, net gaming revenue improved 37% year-on-year to €107.4 million (H1 2023: €78.6 million).
Looking at the second quarter by segment, Spain’s revenue increased 25% year-on-year to €21.8 million (2023: €17.5 million), Mexico’s net gaming revenue improved 57% to €28.2 million (2023: €18 million), while other locations such as Colombia, Panama and the City of Buenos Aires in Argentina – increased by 22% to €4.4 million (2023: €3.6 million).
The company reported an average of 145,600 monthly active players in the second quarter. Therefore, this represents a 16% increase compared to the same period last year (2023: 125,800).
Spain’s average monthly active players in Q2 increased 26% year-on-year to 51,500 (2023: 40,700), while Mexico’s average monthly active players increased 25% to 62,300 (2023: 49,700). Other average monthly active players decreased by 10% to 31,800 (2023: 35,400).
Revenue improved compared to 2023
“We are very pleased with our performance in the second quarter of 2024. Net gaming revenue of €54.4 million increased by 39% compared to the year-ago period,” commented Aviv Sher, CEO of Codere Online.
“In the quarter, we saw an improvement in customer engagement and acquisition. This was in part due to additional targeted marketing investments. The company targeted marketing towards key events involving sports betting (i.e. Euro Cup and Copa América ).”
So, as a result, performance in the main businesses in Mexico and Spain was strong (despite all the Spanish victories in the Euro Cup). In this way, net gaming revenue grew:
- 57% in Q2 in Mexico to over €28 million
- 25% in Spain, to almost €22 million
Codere Online’s adjusted revenue in the second quarter was 1.3 million euros. In other words, an improvement compared to the negative 4.5 million euros recorded in the same period last year.
Net profit for the first half, excluding the non-monetary variation in the fair value of public subscription bonds, was €5.5 million. In other words, this was greater than the net loss of €700,000 in the first half of 2023. On June 30, the cash position was €40.5 million.
