Codere Online witnessed significant expansion in the April-June period of 2022, achieving €27.4 million in earnings. This signifies a 36% rise contrasted with the corresponding timeframe in the preceding year. The firm’s revenue from gaming operations also observed a notable surge, hitting €29.2 million, indicating a 41% year-over-year climb.
The Mexican market emerged as a pivotal factor in this triumph. Earnings solely from Mexico escalated by 84% compared to the second quarter of 2021, reaching €10.6 million. Although Spain persists as Codere’s principal market globally, yielding €14.1 million for the quarter, a 12% increase from the prior year.
Crucially, Codere Online substantially reduced its net deficits. The company declared a net loss of €6.7 million for this quarter, a considerable betterment relative to the €16.8 million loss from the parallel period last year.
Chief Executive Moshe Edree conveyed contentment with the company’s results, emphasizing the acceleration of net gaming revenue in the second quarter. He ascribed this achievement to the exceptional performance in Mexico, where net gaming revenue practically doubled compared to the previous year, and sustained expansion in Spain notwithstanding fresh marketing limitations.
Further demonstrating this upward trend, Codere Online experienced a remarkable 29% growth in its clientele during the second quarter. They currently possess nearly 10.5 million average monthly active users. Moreover, almost 8.5 million customers initiated their first deposit within this timeframe, a 47% surge compared to the second quarter of the preceding year. Chief Financial Officer Oscar Iglesias mirrored the optimistic outlook, furnishing supplementary particulars regarding the company’s financial well-being.
Our revenue expansion is picking up speed this year, and the significant surge in net gaming revenue during the second quarter validates this trend.”
Furthermore, Coderes disclosed a recent incident where they fell victim to cybercriminals, leading to a €700,000 loss. The organization has recorded a singular, pre-tax expense of €700,000 to reflect the sum they are endeavoring to reclaim.
