Codere Online, a leading operator in Spain and Latin America, has published numbers relating to Q3 operations. Revenues were up across the board and net loss was pared significantly compared to Q3 2021.
As has been the case in the past, the operator saw most players and revenues come from Spain followed by Mexico with Colombia leading the rest of the LATAM market.
Total revenue was up 51% and net gaming revenue increased 54% over the third quarter numbers last year.
Spanish revenue was partially impacted by marketing restrictions put in place by the government in 2021. Revenues reached €14.9m for the three months ending September 30, which is 29% more than for the same period in 2021.
Mexican revenue exploded to €11.4m, a full 80% higher than they were for the same quarter one year ago. Net gaming revenue from Mexico was €12.9m, up 82% above Q3 2021.
Closed Q3 with €72m in Cash
The Codere Group subsidiary logged a net loss of €11.6m in the quarter and a total of €28.4m year-to-date for the first nine months of 2022. Cash on hand amounted to about €72m as of the close of business on September 30, 2022.
Codere Online CEO, Moshe Edree said: “We are reporting a strong set of results in the third quarter of 2022, with net gaming revenue growing 54 percent versus the same period last year, on the back of stronger than expected results in our casino business. Performance in Mexico was particularly strong, with net gaming revenue up by 82 percent in the quarter. Spain also exceeded our expectations with a 29 percent growth despite the marketing restrictions currently in place.”
Edree added: “Given our strong results in Mexico and its significant growth potential, we will continue prioritizing investment in this market going forward.”
Oscar Iglesias, CFO of Codere Online, stated: “We are very encouraged by the acceleration in revenue growth as we approach the end of the year. With the World Cup still ahead of us, we are now confident that we will reach the high end of our full year net gaming revenue outlook and have narrowed the range to between €115 to 120m. We are also excited about the opportunity in Argentina where we are putting the pieces in place to become one of the leading operators in the country.”
Codere Online License Updates
Codere Online was pre-awarded an online gaming license in the Province of Cordoba, Argentina on September 13, 2022. The company expects non-provisional licenses to be issued before the end of the year and to engage in the market beginning in 2023.
Eight of the ten applicants for the regional licenses were pre-awarded a license. According to a statement from the company, Codere Online ranked first among them.
The company is said to be pursuing an online license in Buenos Aires and is pursuing a position to compete in the Mendoza, Argentina tender process.
The company’s license in Colombia was recently extended for another 3 years, extending the term until 2025.
Codere Online was launched in 2014 as part of Codere Group. Codere operates in Spain, Italy, Mexico, Colombia, Panama, and the City of Buenos Aires. The company has 14 bingo rooms in the Argentinian capital with over 6,500 gaming machines. The online business is bolstered by Codere Group’s physical presence throughout Latin America. It operates about 150 gambling halls in Latin America and Europe.
Source: Codere Online Posts Q3 2022 Results, Global Newswire, November 16, 2022