Codere Online boosted by Mexican growth

| By Richard Mulligan
Codere Online said significant growth in Mexico helped it achieve acceleration in net gaming revenue during the second quarter of 2022.
Monterrey, México

The online sports betting and casino group – spun off from the wider Codere business last year – announced total revenue of €27.4m during the three months to 30 June 2022, which was up 36% on Q2 2021.

Net gaming revenue of €29.2m was up 41% on the previous year. Within that metric, Spain was Codere Online’s biggest market, generating €14.1m – just less than half the total. Active players in Spain was down by 4% year-on-year to 36,800, which the group put down to recently imposed marketing restrictions.

NGR from Mexico almost doubled year-on-year, rising by 85% to €11.9m. Active players in that market grew by 45% to 32,300.

NGR from Colombia increased by 56% to €2.2m, while other markets contributed €1.0m.

Codere Online’s global active players figure of 104,700 was up 29% on Q2 2021.

Moshe Edree, chief executive of Codere Online, said: “We are very pleased with our results in the first half of the year, particularly with the acceleration in net gaming revenue growth to 41% in the second quarter.

“This was driven by a very strong performance in Mexico, where net gaming revenue nearly doubled that of Q2 last year, as well as Spain, where net gaming revenue grew 12% in Q2 despite the significant marketing restrictions implemented starting in May last year.

“In the second quarter, our customer base grew by 29% to nearly 105,000 average monthly active customers. Almost 85,000 customers, 47% more than in Q2 last year, made deposits with us for the first time in the period.”

In Q2 2022, Codere Online was the victim of a cyber-related fraud incident which resulted in approximately €700,000 in payments being made by the business to the bank account of a party who had impersonated one of Codere Online’s vendors. It said it continues to pursue the recovery of the amounts transferred.

“Codere Online believes this was an isolated event and no evidence has been found of any related additional fraudulent activity or any employee criminal involvement in the fraud itself,” it added.

During the period, Codere Online posted a net loss of €6.7m. It said it is on track to deliver its full year net gaming revenue outlook of €110-120m.

In May, Codere Online reported revenue of €23.9m in Q1 2022, a 20% increase year-on-year.

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