Latinx Marks The Spot As Codere Online Says “Si” To Significant Revenue Boost In Q1
Major Spanish and Latin American iGaming operator Codere Online has unveiled fine financial results for Q1, demonstrating substantial net revenue of €39.5 million (£34.36m), an increase of 55 percent YoY.
Codere’s Mexican market performed remarkably, generating revenue of €15.8 million (£13.74m) and net gaming revenue (NGR) of €17.6 million (£15.31m) — a 75 percent rise on the first quarter of last year.
Spain also surged, by some 40 percent; with NGR hitting €18.4 million (£16m).
Marking a net loss of €1.3 million (£1.13m) in Q1–compared to a YoY loss of €10.1 million (£8.78m)–, Codere Online, nevertheless, maintained a healthy cash position exceeding €49 million (£42.62m).
The company is optimistic about its financial outlook for the rest of the year and aims to achieve EBITDA and cash flow positivity through to 2024, affirmed chiefs.
Meantime, in a further corporate update, Codere Online has appointed Deborah Guivisdalsky their new COO, succeeding Aviv Sher following his transition to the role of CEO in March.
Ms. Guivisdalsky–with her prior experience as the Head of CRM/VIP at Codere Online and the Head of VIP at Ladbrokes–brings a wealth of experience to her new role overseeing daily operations across various teams in Malta.
Asserted Aviv Sher: “We are off to a very strong start in 2023, with net gaming revenue growing by 55 percent in the first quarter to nearly €40 million (£34.79m).
“The significant investment that we made in the prior quarter around the (Qatar) World Cup allowed us to meaningfully grow our customer base versus pre-World Cup levels. These customers remained engaged throughout the first quarter, in particular in Spain and Mexico.
“Also, our cross-sell efforts between sports betting and casino played an important role in that engagement, with the latter contributing 53 percent of our net gaming revenue.”