Codere Online concluded 2023 on a high note, as their final quarter results demonstrated remarkable expansion, especially within their Mexican sector. Their overall earnings for the period reached €46.9 million, a 32% leap compared to the corresponding timeframe last year. Even more noteworthy was the 33% surge in online gaming income, hitting €50.1 million.
This triumph was primarily fueled by Mexico, which now constitutes roughly half of Codere’s total gaming earnings. The area generated €25.1 million, a staggering 54% increase year-on-year. Spain held its position as their second-largest market, with online gaming income of €20.8 million, a respectable 17% rise. Colombia remained consistent at €2.3 million.
Although they did experience a minor decline in overall active users, both Spain and Mexico boasted double-digit growth in monthly averages, suggesting promising participation in those crucial markets. The company also considerably reduced its losses, a favorable indicator moving ahead.
In summary, 2023 was a year of robust growth for Codere Online, with online gaming income up by 40% to €1.72 billion. With Mexico spearheading the way, the company appears well-situated for sustained prosperity in the Latin American market.
Codere Online’s Chief Executive, Aviv Sher, announced an unprecedented financial period. “Our income surged by an incredible 33%, reaching €50 million. This accomplishment is particularly noteworthy given that the corresponding period last year enjoyed a boost from the global football tournament.” He credited this triumph to the firm’s targeted emphasis on the Mexican and Spanish regions, both of which are demonstrating substantial returns on promotional expenditures and considerable expansion in both engaged customers and their spending habits. Their digital casino platform continues to surpass projections, now representing 58% of their overall gaming income for the second consecutive quarter.
Oscar Iglesias, the Chief Financial Officer, echoed the optimistic outlook. “We are thrilled with our 2023 results. This reinforces our belief that we will attain positive adjusted EBITDA and cash flow for the entirety of 2024. We anticipate revenue ranging from €185 million to €200 million for that year.” He stressed, “We are fully dedicated to fulfilling our initial pledge to stakeholders: to transform into a profitable enterprise within three years of our SPAC listing. Generating substantial value for our shareholders is paramount.”
Lately, Sher also engaged in a dialogue with Huddle. He elaborated on Codere Online’s path since becoming publicly traded, highlighting their successful capital raise of roughly $100 million via Zoom, and the company’s strategic choice to intensify efforts in key territories like Spain and Mexico.