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Codere cites Mexico performance for its net gaming revenue increase

Codere Online has praised its H1 2022 performance as the firm has witnessed a sharp revenue growth when compared to the year prior.

Total revenue was €27.4m in Q2 2022, 36 per cent above Q2 2021, while net gaming revenue was €29.2m in the period – a 41 per cent uptick on the same period last year.

Moshe Edree, CEO of Codere Online, stated: “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 per cent in the second quarter.

“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 grew 12 per cent in Q2 despite the significant marketing restrictions implemented starting in May last year.

“In the second quarter, our customer base grew by 29 per cent to nearly 105 thousand average monthly active customers. Almost 85 thousand customers, 47 per cent more than in Q2 last year, made deposits with us for the first time in the period.”

Mexico revenue was up 84 per cent from Q1 2021 to €10.6m in Q2 2022, while Mexico net gaming revenue was €11.9m in the period, up 85 per cent from the year prior.

In Spain, overall revenue, including net gaming, reached €14.1m in Q2 2022, 12 per cent above Q2 2021 which was only partially impacted by marketing restrictions implemented in 2021.

Edree further stated: “Since the end of the quarter we continue working relentlessly to execute our plan and recently applied for an online gaming licence in the Province of Cordoba, the second most populated in Argentina.

“We have also reached a significant milestone in the country by becoming a main sponsor of Club Atlético River Plate and the Codere logo has been placed on the front of the shirt.”

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

“We believe that we are on track to deliver our full year net gaming revenue outlook of €110 – 120m as we continue executing our plan during the second half of the year.”

However, Codere Online did highlight that during the second quarter period it was victim to a cyber-related fraud incident which resulted in approximately €700,000 in payments being made by the company to the bank account of a party who had impersonated one of the firm’s vendors.

Codere Online believes this was an isolated event and no evidence has been found of any related additional fraudulent activity or any employee criminal involvement in the fraud itself.

Additionally, at the beginning of August, Codere submitted all the required documents for the application of an online gaming licence in the Province of Cordoba, Argentina.

The approval decision is expected to be made in September, with licences to be awarded before the end of the year.


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