Codere Online has released its preliminary unaudited financial results for the third quarter of 2024, reporting a 20% year-over-year increase in net gaming revenue to €51.7 million, compared to €43.2 million in Q3 2023.
Key Results for Q3 2024
- Mexico: Total revenue of €24.2 million and net gaming revenue of €26.7 million, a 27% increase over Q3 2023. In constant currency terms, net gaming revenue would have grown by 43%, overcoming the Mexican peso devaluation following the presidential election in June.
- Spain: Total and net gaming revenue of €20.9 million, an 11% increase compared to Q3 2023.
- Other markets: Net gaming revenue of €4.1 million, up 24% year-over-year.
Growth in Active Players
The average monthly active players reached 143,400, a 15% increase compared to Q3 2023, driven by growth in Spain (+18%) and Mexico (+23%).
Executive Comments
Aviv Sher, CEO of Codere Online, stated: “This quarter demonstrates our continued strong performance, with a 20% increase in net gaming revenue. Mexico delivered outstanding results despite macroeconomic challenges, and Spain remains a solid market for us.”
Óscar Iglesias, CFO, added: “Beyond the strong top-line growth, we generated €1.5 million of Adjusted EBITDA and €3.5 million in cash during the quarter. This marks our third consecutive quarter of positive Adjusted EBITDA, bringing our year-to-date total to €4.5 million.”
18+ | Juegoseguro.es – Jugarbien.es
