Codere Online generates €27.4m in revenue for Q2

Home » Codere Online generates €27.4m in revenue for Q2

Codere Online reported total revenue of €27.4 million ($27.36 million) for Q2 2022, a 36% increase year on year, while net gaming revenue was 41% higher at €29.2 million.
Codere, which has operations in Spain, Mexico, and Colombia, generated €10.6 million from its Mexican operations alone, an 84% increase over the previous year.
Revenue from Spain was even higher; Codere earned €14.1 million in Q2, 12% more than in Q2 2021.

Meanwhile, the operator’s net loss decreased from 2021 to 2022, falling from €16.8 million in Q2 2021 to €6.7 million in Q2 2022.

As of June 30, 2022, Codere’s total cash position was €85 million.

“We are very pleased with our results in the first half of the year, particularly with the acceleration in net gaming revenue growth to 41% in the second quarter,” said Codere Online CEO Moshe Edree.

“This was driven by a very strong performance in Mexico, where net gaming revenue nearly doubled that of Q2 last year, as well as Spain, where net gaming revenue increased 12% in Q2 despite significant marketing restrictions imposed beginning in May last year.”

“Our customer base increased by 29% in the second quarter to nearly 105 thousand average monthly active customers.” Almost 85 thousand customers, 47% more than in the same period last year, made deposits with us for the first time.”

“Our expectation that revenue growth would accelerate throughout this year has started to materialize, with the significant net gaming revenue uplift in the second quarter,” Codere Online CFO Oscar Iglesias added.

The operator’s online report comes after a cyber-related fraud incident that cost Codere €0.7 million. As a result, the company recorded a one-time pre-tax charge of €0.7m as it seeks to recover funds obtained fraudulently.