Codere Online, operator of online games in Spain and Latin America, announced its results for the 1st quarter of 2023. The betting company’s total revenue for Q1 2023 was €37.6 million (US$41.1 million), an increase of 57% when compared to the previous year.
Net income alone grew 55% to 39.5 million euros, with the biggest improvement coming from the Mexican markets, which recorded a 75% increase to 17.6 million euros. Net loss was also reported at €1.3 million in Q1 2023, compared to €10.1 million last year.
Aviv Sher, CEO of Codere Online, said: “The significant investment we made in the previous quarter around the World Cup allowed us to significantly grow our customer base from pre-World Cup levels. These customers remained engaged throughout the year. first quarter, in particular in Spain and Mexico”.
“Furthermore, our cross-selling efforts between sportsbook and casino played an important role in this engagement, with the latter contributing 53% of our net gaming revenue,” added Sher.
Changes made by Codere Online
Codere Online has also made a number of changes to the senior management team, with Deborah Guivisdalsky taking over the role of COO after Aviv Sher was named CEO. Prior to his role at Codere Online, Guivisdalsky was Head of VIP at Ladbrokes in Gibraltar.
Oscar Iglesias, CFO of Codere Online, stated, “We are thrilled to deliver strong top tier growth for the quarter and, more importantly, a significant improvement in adjusted EBITDA.”
“This was partly driven by a lower level of marketing spend in the quarter, continuing our plans to deliver sustainable growth for our shareholders.”
“For the full year, we expect to generate between €140-150m of net gaming revenue and an adjusted EBITDA of negative €20-30m, although given our strong performance in Q1 we now expect to be at the upper end of the range and we are well on track to deliver positive full-year EBITDA and cash flow in 2024,” added Iglesias.
