Codere Online, a gaming firm concentrating on Spain and Latin America, has experienced a remarkable year thus far. They’ve witnessed a substantial surge in their online gambling earnings and are currently generating more income compared to the previous year.
Mexico has been a significant contributor to their achievements. They’ve observed a dramatic rise in players and revenue in that region, making it their most lucrative market. They’re also performing well in Spain, although not as impressively as in Mexico.
In general, Codere Online is thriving and anticipates generating even greater profits in the future. They’re aiming to achieve profitability by the close of the following year.
Although costs rose slightly from the prior three-month period, they declined in relation to the income produced. Marketing expenditures were the most significant, at €19.1 million, accounting for 48.8% of Q2 2023 revenue, down from 66.2% in Q2 2022.
The net loss was €1.7 million, compared to €6.7 million in the second quarter of 2022. The organization’s total cash holdings surpassed €45 million at the end of the quarter, compared to €49 million at the end of the first quarter.
“We are delighted to report strong second-quarter results, continuing the positive trend from the first quarter,” stated Chief Executive Officer Aviv Sher.
“Our net gaming revenue increased by 34% to €39 million, matching Q1 levels, despite a seasonal decrease in sporting events. Our casino offerings have been a strategic priority for us and contributed 54% of revenue this quarter.
“Mexico achieved exceptional revenue growth in the second quarter, rising by 51% to €18 million, exceeding Spain for the first time and reaching the highest level since we began operations in the country. In Spain, net gaming revenue grew by an equally impressive 24% to €17.5 million.”
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