Codere Online Reports Financial Results for the Second Quarter 2023

Codere Online has released its financial results for the second quarter ended June 30, 2023.


Total revenues were €37.1 billion in Q2 2023, while net gaming revenues1 were €39.1 billion in the period, up 35% and 34% over Q2 2022, respectively.

Revenues in Mexico were €16.2 billion in Q2 2023, while net gaming revenues were €18.0 billion in the period, 51% above Q2 2022.

Revenue in Spain (and net gaming revenue) reached €17.5 billion in Q2 2023 (up 24% from Q2 2022).

Net loss was €1.7 billion in Q2 2023, compared to a net loss of €6.7 billion in Q2 2022.

Total cash position of more than EUR 45 billion at June 30, 2023.

Increased net gaming revenue and adjusted EBITDA guidance for 2023 to €150-160 mm and negative €15-25 mm, respectively, and reiteration of plan to deliver positive EBITDA and cash flow for the full year 2024.
Aviv Sher, CEO of Codere Online, stated, “We’re glad to present a strong set of second quarter results and to continue building upon the momentum from the first quarter. Our net gaming revenue grew 34% to €39 million, in line with the level from the first quarter despite the seasonal decline in sporting events. Our casino product, which has been a strategic priority for some time, contributed 54% of our revenue in the period”.

Mr. Sher further added, “Mexico posted impressive top line growth of 51% in the second quarter, reaching €18.0 million and surpassing Spain for the first time since launching operations in the country. In Spain, net gaming revenue grew by an equally impressive 24% to €17.5 million.”

Oscar Iglesias, CFO of Codere Online, stated, “We continue delivering strong revenue growth, despite a lower level of marketing investment, on the back of strong brand recognition, higher quality customers and continued improvement in our product offering. This has allowed us to reduce our Adjusted EBITDA loss by more than half to negative €4.5 million in the second quarter.”

Mr. Iglesias further added, “We feel very encouraged by first half results, which continue to exceed our original expectations, and now expect to generate between €150-160 million of net gaming revenue in 2023, a 7% increase at the midpoint versus our prior outlook. In regards to Adjusted EBITDA, we expect to deliver negative €15-25 million, and believe we are well on track to deliver positive EBITDA and cash flow for the full year in 2024.”

Codere Online Reports
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