Codere Online Posts Q3 Results – Mexico Up 82%, Spain 29%

Codere Online, a leading operator in Spain and Latin America, has released operational statistics for the third quarter. Comparing Q3 2021 to Q4 2021, revenues increased across the board, and the net loss was greatly reduced.

As was the case in the past, the majority of the operator’s players and revenues originated in Spain, followed by Mexico, with Colombia dominating the remaining LATAM markets.

Total revenue was up 51% and net gaming revenue was up 54% compared to the same period previous year.

Government-instituted marketing limitations in 2021 had an impact on the revenue of Spain. The revenue for the quarter ending September 30 was €14,9 million, a 29% increase over the same period in 2021.

Mexican revenue soared to €11.4m, an increase of 80 percent from the same quarter last year. Mexico’s net gaming revenue was €12.9 million, up 82% from Q3 2021.

Third quarter ended with €72 million in cash

The Codere Group subsidiary posted a net loss of €11.6 million during the third quarter and €28.4 million for the first nine months of 2022. At the close of business on September 30, 2022, there was approximately €72 million in cash on hand.

Moshe Edree, the chief executive officer of Codere Online, stated, “We are reporting a good set of results for the third quarter of 2022, with net gaming revenue increasing by 54 percent compared to the same time last year, on the strength of stronger-than-expected performance in our casino operation. The performance in Mexico was especially impressive, with net gaming revenue increasing by 82% during the quarter. Despite current marketing constraints, Spain also surpassed our expectations with a 29 percent growth.”

Edree stated, “Given our great performance in Mexico and the country’s substantial growth potential, we will continue to prioritize investment in this market in the future.”

Oscar Iglesias, CFO of Codere Online, commented, “As we approach the end of the year, we are particularly encouraged by the acceleration in revenue growth. With the World Cup still to come, we are now optimistic that we will exceed the upper end of our full-year net gaming revenue forecast range of €115 to €120 million. We are especially pleased about the prospect in Argentina, where we are positioning ourselves to become one of the country’s leading operators.”

Online Codere License Updates

Codere Online was pre-awarded a Cordoba online gaming license on September 13, 2022. The company expects non-provisional licensing by year’s end and market entry in 2023.

Eight of 10 regional license applications were approved. Codere Online ranked top, per the release.

According to sources, the business wants a Buenos Aires online license and a Mendoza bidding spot.

The company’s Colombia license has been extended until 2025.

Codere Group’s Codere Online launched in 2014. Spain, Italy, Mexico, Colombia, Panama, and Buenos Aires are Codere’s locations. The company runs 14 bingo rooms and 6,500 gaming machines in Buenos Aires. The online company’s Latin American footprint enhances Codere Group. It runs 150 casinos in Latin America and Europe.