Codere Online reports 70% rise in revenue for Q4

Codere Online was spun off last year.
Codere Online was spun off last year.

The online gaming operator’s revenue for the full year almost doubled.

Spain.- The operator Codere Online has reported revenue of €35.6m for Q4 2022, up 70 per cent year-on-year. Full-year revenue for 2022 was €122.9m, up 48 per cent. 

A breakdown of Q4 shows that revenue from Codere Online’s Mexican operations more than doubled to €14.5m, while revenue from Spain rose 42 per cent to €17.8m. The company still reported net losses – €17.4m for Q4 and €45.9m for the full year. For 2023, it forecasts net gaming revenue and adjusted EBITDA of €140m-€150m and negative €20m-€30m. 

Codere Online CEO Moshe Edree said: “We are reporting better-than-expected Q4 and full-year 2022 performance, with net gaming revenue growing by 70 per cent in the quarter and reaching €123m for the full year.  

“This success is a testament to our team’s dedication and focus on delivering an unparalleled online gaming experience for our customers.  

“The World Cup undoubtedly played a significant role in keeping existing customers engaged but also attracting new customers during this quarter in which we had 54 per cent more active players than in the same period of 2021.”

Codere Online CFO Oscar Iglesias said: “We continue to be very excited about the future and the opportunities that lie ahead, particularly in Argentina, where we are making significant progress towards starting operations in several new regions this year.  

“We are confident in our ability to execute on our plans and continue delivering sustainable growth for our shareholders.”

Codere Online Nueva Codere was spun off from the Spanish gaming company Codere last year in a SPAC deal to list on the Nasdaq. Meanwhile, Nueva Codere was transferred to Codere’s former creditors via the holding company Codere New Topco SA. Nueva Codere revenue returned to pre-pandemic levels last year.

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