The leading online gambling operator in Latin America and Spain, Codere Online, released a new trading update, revealing details regarding its performance for the first quarter of 2023.
The recent preliminary figures reveal that the company enjoyed a busy quarter and has seen strong growth in net gaming revenue which hit €39.5 million ($49.1 million) for the three months ended March 31, 2023. When compared to the €25.5 million ($27.9 million) net gaming revenue result from the corresponding period in 2022, this year, the revenue soared by 55%.
A breakdown of the net gaming revenue reported in Q1 2023 shows growth within all of the markets where the company operates. The most notable increase of 75% in net gaming revenue to €17.6 million ($19.2 million) for the first quarter of this year was reported for Mexico.
Similarly, strong growth was also observed for Codere’s Colombian operations which saw revenue increase from €1.5 million ($1.6 million) in Q1 2022 to €2.3 million ($2.5 million) for the same period this year. A comparison between the two figures shows that net gaming revenue in Colombia increased by 55%.
In Spain, Codere saw its net gaming revenue increase by 40% to €18.4 million ($20.1 million). This result represented the lion’s share of the revenue reported by the company for the first quarter of 2023. Last but not least, Codere’s revenue from other markets also increased, hitting €1.2 million ($1.3 million) in Q1 2023.
Revenue Growth Complemented by Increase in Average Monthly Players Aviv Sher, Codere Online’s CEO, shared his excitement about the recent results explaining that the company saw strong growth in net gaming revenue, marking a stellar start for the year. He explained that Codere Online completed an investment that helped it grow its customer base exponentially.
Sher said that the company’s efforts in terms of cross-sell options helped contribute toward player engagement and in turn boosted the revenue. Finally, Codere Online’s CEO acknowledged the good performance and strong revenue increase across different markets where the company operates in.
“We are off to a very strong start in 2023, with net gaming revenue growing by 55% in the first quarter to nearly €40 mm.“
Aviv Sher, CEO of Codere Online In addition to the strong growth in revenue, Codere Online reported an increase in the number of average monthly active players for the first quarter of this year. Overall, the number of players in Q1 hit 123,900 across all the markets where the company operates, representing an increase of 22% when compared to Q1 2022.