The leading online gaming operator in Latin America and Spain, Codere Online, released its preliminary second quarter financial results. On Thursday, the company unveiled details regarding its performance for the second quarter ended June 30, 2023, reporting strong growth of average monthly active players along with an increase in net gaming revenue.
Judging by the latest results, Codere Online’s net gaming revenue (NGR) hit €39.1 million ($41.4 million). This result, when compared to the Q2 2022 result of €29.2 million ($31.7 million), marked an increase of 34%. The company provided a breakdown of the NGR posted for the second quarter of 2023, revealing that its revenue in Mexico increased year-over-year by 51% to €18.0 million ($19.5 million) while its Spanish revenue soared by 24% to €17.5 million ($19 million).
In contrast, Codere Online’s Colombia NGR marked a decrease. The online gaming operator revealed that its Colombian revenue halted at €2.1 million ($2.3 million), down by 5% when compared to Q2 2022. The company posted revenue of €1.4 million ($1.5 million) for all other regions, up by 40% year-over-year.
When it comes to the average monthly active players, Codere Online posted strong results as well. Overall, the company reported 125,800 average monthly players in Q2 2023. That figure compared to the Q2 2022 result of 104,600, marked an increase of 20%. Not unexpectedly, the company posted strong growth of average monthly active players in Mexico that increased 54% year-over-year, while in Spain, an uptick of 20% was observed.
The Company’s CEO and CFO Are Excited with the Recent Results
Oscar Iglesias, Codere Online’s CFO, was delighted about the recent results and said: “We continue delivering strong revenue growth, despite a lower level of marketing investment, on the back of strong brand recognition, higher quality customers and continued improvement in our product offering.” Acknowledging the strong results, he said that the company expects to continue to exceed its initial expectations and post net revenue growth of 7% for 2023.
“We’re glad to present a strong set of second quarter results and to continue building upon the momentum from the first quarter.“
Aviv Sher, CEO of Codere Online
Aviv Sher, Codere Online’s CEO, was similarly excited about the latest results. He explained that the company continues to benefit from the positive momentum gained during the first quarter of the year. Sher highlighted the exceptional growth in revenue which comes during a period that has fewer sporting events.
Additionally, he explained that Codere Online’s casino product enjoyed strong growth and helped contribute 54% of the total revenue for Q2 2023. Finally, Sher was excited to see the company’s soaring revenues in Spain, as well as Mexico.