Codere Online, the digital gaming firm active in Spain and Latin America, has published its financial performance for the first quarter of 2023, revealing substantial expansion. Their earnings hit €37.6 million, a 57% jump compared to the corresponding period the previous year. This notable rise was propelled by a 55% surge in net gaming income, reaching €39.5 million. Mexico emerged as a crucial market, exhibiting a remarkable 75% increase in net gaming income, hitting €17.6 million.
Despite a net deficit of €1.3 million this quarter, it represents a considerable enhancement from the €10.1 million deficit in the same timeframe last year. The company maintains a positive outlook, forecasting EBITDA profitability by the conclusion of the financial year.
Chief Executive Officer Aviv Sher emphasized the effectiveness of their World Cup ventures, which resulted in a sizable enlargement of their client base, particularly in Spain and Mexico. These fresh patrons sustained high engagement throughout Q1, driven by successful cross-promotion between sports wagering and casino offerings. Notably, casino games constituted a significant 53% of their overall net gaming income.
Beyond the figures, Codere Online has been bolstering its executive team. Following Aviv Sher’s designation as CEO, Deborah Guivisdalsky came on board as COO, signifying a fresh chapter for the enterprise.
Prior to her role at Codere Online, Ms. Guivisdalsky developed her expertise as a High Roller Manager at Ladbrokes in Gibraltar.
Oscar Iglesias, Chief Financial Officer of Codere Online, expressed palpable excitement about the company’s latest results: “We’re not simply discussing robust revenue expansion this period, but a substantial enhancement in adjusted EBITDA, which is truly significant.” He elaborated, “This accomplishment is partially attributable to a calculated reduction in marketing expenditures this quarter, completely aligned with our strategy to generate sustainable expansion for our investors.”
Looking forward, Iglesias maintained his positive outlook: “For the entire year, we continue to anticipate net gaming revenue ranging from €140 million to €150 million, with adjusted EBITDA loss shrinking to between €20 million and €30 million. Nevertheless, that exceptional initial quarter has us targeting the higher end of those forecasts. Indeed, we are on course to attain positive EBITDA and cash flow for the entirety of 2024.”
admin