Codere Online's net gaming revenue reaches $29M in Q2, driven by strong performance in Mexico and Spain

Online gaming operator Codere Online shared Thursday its financial results for the second quarter of the year. For the period ended June 30, the company reported total net gaming revenue of €29.2 million ($28.7 million), a 41% increase from the prior-year period. However, the company also reported a Q2 net loss of €6.7 million ($6.4 million), totaling €16.8 million ($16.6 million) during the first half of 2022. 

Mexico and Spain -the company's two main markets- saw net gaming revenue of €11.9 million ($11.8 million) and €14.1 million ($13.9 million) respectively, an increase of 85% and 12% compared to the same period last year.

Moshe Edree, CEO of Codere Online, said: "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. 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% in Q2 despite the significant marketing restrictions implemented starting in May last year."

Moshe Edree, CEO of Codere Online

During the second quarter, the company's customer base grew by 29% to nearly 105 thousand average monthly active customers. Almost 85 thousand customers, 47% more than in the same period last year, made deposits with the brand for the first time during the period.

Among highlights for the period, in June, the Codere brand was ranked 61st among the 100 most valuable and strongest in the 'Brand Finance Spain 2022' ranking, an improvement compared to last year's ranking. 

Subsequent to the period, in July, Codere became the Main Sponsor of Club Atlético River Plate in Argentina, thus "strengthening the relationship" that the company has had with the Club since July 2021. Among other things, the Codere logo has been placed on the front of River Plate’s shirt, enhancing the visibility and public awareness of the brand in the country and across Latin America.

Additionally, on August 5, the brand submitted all the required documents in furtherance of its application for an online gaming license in the Province of Córdoba (Argentina).

In a press release, the company stated that over the 2022-2024 period the business is targeting average annual Net Gaming Revenue growth (core market only) in excess of 30% and to be EBITDA and cash flow positive by 2024.

Oscar Iglesias, CFO of Codere Online

In line with this, Oscar Iglesias, CFO of Codere Online, stated: "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. We believe that we are on track to deliver our full-year net gaming revenue outlook of €110-120 million as we continue executing our plan during the second half of the year.”

See Codere Online's full Q2 results here.