Codere Online experienced significant expansion across its operational regions in the final quarter of 2023, concluding a successful year for the business.
**Notable Figures for Q4 2023**
* Overall earnings reached €46.9 million ($50.7 million), marking a 32% surge in contrast to the corresponding period the previous year.
* Revenue generated from gaming activities also witnessed a robust rise, climbing by 33% to €50.1 million.
* Mexico emerged as the top-performing market, with gaming revenue skyrocketing by 54% to hit €25.1 million, representing nearly half of the company’s overall revenue.
* Spain maintained its position as a strong secondary market at €20.8 million, reflecting a 17% increase.
* Colombia remained stable year-on-year at €2.3 million.
**Highlights of the Entire Year 2023**
* Throughout the year, revenue from gaming operations climbed an impressive 40% compared to 2022, reaching €171.9 million.
* Once again, Mexico spearheaded the growth with a 60% surge in gaming revenue, reaching €81.7 million for the year.
**Other Important Points**
* Despite the surge in revenue, the average count of active participants experienced a minor decline of 2% in Q4. Nevertheless, both Spain and Mexico witnessed growth in their monthly active user base.
* Codere Online substantially reduced its net losses in Q4, a positive indicator of the company’s trajectory toward profitability.
In summary, Codere Online concluded 2023 on a positive note, propelled by robust performance in key markets like Mexico and sustained expansion in Spain.
Codere Online’s Chief Executive, Aviv Sher, declared a phenomenal final quarter of 2023, setting new records for the company. Even with strong headwinds from the global soccer tournament during the same timeframe a year prior, they saw an outstanding 33% jump in revenue from gaming, hitting €50 million.
He credited this accomplishment to their targeted approach in the Mexican and Spanish regions. These areas have demonstrated exceptional efficiency in utilizing marketing expenditures, resulting in a substantial rise in both user engagement and revenue generated per user. Their online casino offerings continue to surpass projections, representing 58% of their overall gaming revenue for the second quarter in a row.
Codere Online’s Chief Financial Officer, Oscar Iglesias, remarked that their exceptional 2023 results bolster their belief in reaching a positive adjusted EBITDA and cash flow for the entirety of 2024. They anticipate gaming revenue to fall between €185 million and €200 million in 2024.
He stressed that they are well-positioned to deliver on their early commitment to investors of becoming a profitable entity within three years of their SPAC initial public offering. Their dedication to creating significant shareholder value remains as strong as ever.
Sher recently spoke at the Huddle event, detailing Codere Online’s path since becoming publicly traded. He emphasized their successful capital raise of roughly $100 million via Zoom and their strategic concentration on key markets such as Spain and Mexico.
