Yes Codere! Latin Maestros Rule The Floor In Q3
Online Latin maestros Codere delivered a killer iGaming samba in Q3, posting net gaming revenue of €43.2 million (£37.79m), 41 percent up year-on-year.
Codere’s net gaming revenue in the Mexican market was €21 million (£18.37m) in Q3, ending September 30, a 63 percent increase compared to the same period in 2022. In Spain net gaming revenue reached €18.9 million (£16.53m), a 27 percent rise year-on-year.
Although the company posted a net loss of €1.8 million (£1.57m) for the quarter, it was a big improvement on the net loss of €11.6 million (£10.14m) in Q3 2022.
“We’re very pleased with our performance in the third quarter and to be presenting another set of impressive results,” affirmed Cordere Online CEO Aviv Sher.
“This quarter we not only posted significant net gaming revenue growth, but also took a significant step in our path to profitability with break even Adjusted EBITDA in the period.
“It was a solid quarter for sports betting, with the return of the major sporting events, but also for our casino product, which contributed 58 percent of our revenue in the period.”
At the end of Q3 Codere had a total cash position of €43 million (£37.62m). And the company has now updated its forecast for the Full Year 2023, expecting net gaming revenue to be between €155 and €165 million (£135m to £144m) and adjusted EBITDA to be between a negative €10 million to negative €18 million (-£8.7m to -£15.7m).
Their target is to achieve positive adjusted EBITDA and cash flow by the end of next year.
In further good news, Cordere saw big increases in the numbers of their average monthly layers: Up 16 percent in Spain, 39 percent in Mexico and by an average of 20 percent in other Latin American; although Colombia saw a decline of six percent.
Continued Sher: “Mexico continued to exceed our expectations, consolidating its position as our largest market by revenue ahead of Spain.”
Added Codere Online CFO Oscar Iglesias: “Our third quarter results have shown that the combination of a strong brand, high-quality customer acquisitions and an attractive product offering has allowed us to deliver not only strong top line growth but also a significant improvement in profitability, with our first quarter of breakeven Adjusted EBITDA less than two years following our US listing.”