Codere Online revenue rises 20% to €23.9m in Q1

Net gaming revenue for the online business was €25.5m, up by 24%.

Spain experienced the highest levels of net gaming revenue, at €13.2, an increase of 1.5%. Gaming revenue in Mexico amounted to €10m, up by 56.2%. Gaming revenue in Colombia was €1.5m, up by 81.4%.

Moshe Edree, CEO of Codere Online, said: “The business is off to a good start, with a 24% increase in net gaming revenue in the first quarter, on the back of a very strong performance in Mexico and solid results in Spain, where net gaming revenue is above where it was prior to the significant marketing restrictions implemented in May last year.”

Oscar Iglesias, CFO of Codere Online, added that the company projected a significant rise in revenue in the second half of the year.

“The business continued to track well in the first quarter of the year, with revenue growth in line with our expectations,” said Iglesias. “We expect revenue growth to accelerate over the next few quarters and a significant uplift in second half results.”

Codere Online was spun off from Codere, its parent company, as a separate listed business after the Codere parent company was taken over by creditors in November last year.