{"id":194,"date":"2024-06-18T04:22:16","date_gmt":"2024-06-18T01:22:16","guid":{"rendered":"https:\/\/diamondreelsnodepositbonus.icu\/2024\/06\/18\/codere-online-reports-strong-q4-and-full-year-2023-results\/"},"modified":"2024-06-20T17:02:01","modified_gmt":"2024-06-20T14:02:01","slug":"codere-online-reports-strong-q4-and-full-year-2023-results","status":"publish","type":"post","link":"https:\/\/diamondreelsnodepositbonus.icu\/2024\/06\/18\/codere-online-reports-strong-q4-and-full-year-2023-results\/","title":{"rendered":"Codere Online Reports Strong Q4 and Full Year 2023 Results"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/zPqRCd67LCg\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Codere Online experienced significant expansion across its operational regions in the final quarter of 2023, concluding a successful year for the business.<\/p>\n<p>**Notable Figures for Q4 2023**<\/p>\n<p>* Overall earnings reached \u20ac46.9 million ($50.7 million), marking a 32% surge in contrast to the corresponding period the previous year.<br \/>\n* Revenue generated from gaming activities also witnessed a robust rise, climbing by 33% to \u20ac50.1 million.<br \/>\n* Mexico emerged as the top-performing market, with gaming revenue skyrocketing by 54% to hit \u20ac25.1 million, representing nearly half of the company&#8217;s overall revenue.<br \/>\n* Spain maintained its position as a strong secondary market at \u20ac20.8 million, reflecting a 17% increase.<br \/>\n* Colombia remained stable year-on-year at \u20ac2.3 million.<\/p>\n<p>**Highlights of the Entire Year 2023**<\/p>\n<p>* Throughout the year, revenue from gaming operations climbed an impressive 40% compared to 2022, reaching \u20ac171.9 million.<br \/>\n* Once again, Mexico spearheaded the growth with a 60% surge in gaming revenue, reaching \u20ac81.7 million for the year.<\/p>\n<p>**Other Important Points**<\/p>\n<p>* 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.<br \/>\n* Codere Online substantially reduced its net losses in Q4, a positive indicator of the company&#8217;s trajectory toward profitability.<\/p>\n<p>In summary, Codere Online concluded 2023 on a positive note, propelled by robust performance in key markets like Mexico and sustained expansion in Spain. <\/p>\n<p>Codere Online&#8217;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 \u20ac50 million.<\/p>\n<p>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.<\/p>\n<p>Codere Online&#8217;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 \u20ac185 million and \u20ac200 million in 2024.<\/p>\n<p>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.<\/p>\n<p>Sher recently spoke at the Huddle event, detailing Codere Online&#8217;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. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&hellip;<\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Codere Online: Q4 2023 Sees Explosive Growth &amp; Record Earnings!<\/title>\n<meta name=\"description\" content=\"Codere Online wraps up a stellar year with phenomenal Q4 2023 results! 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