The financial figures for 2023 have been made public by Codere Online, which shows a 23% growth in net gaming revenue to $221.4 million. Additionally, the business reported adjusted EBITDA of $6.9 million, an 18.1% increase from the previous year.
In its main markets, Codere Online saw strong growth. Revenue in Spain was $94.8 million, up 16% from the previous year. In Spain, there were 49,700 active monthly gamers, a 17% increase.
Mexico made a substantial contribution, increasing its revenue by 30% from the previous year to $115.1 million. However, the depreciation of the Mexican peso was a major factor in the fourth quarter’s unchanged sales of $27.1 million. Mexico’s quarterly growth would have been 14% on a constant currency basis, according to Aviv Sher, CEO of Codere Online.
Sher also noted that some competitors reduced their investments in Mexico during Q4, giving Codere Online an edge. “I don’t know why, but I think some of the competitors have slowed down their investment a little bit in the fourth quarter, and we are enjoying it,” he said. He added that some European operators struggled in Mexico, possibly due to shifting focus to other Latin American markets.
Argentina and Future Expansion Plans
Codere Online has faced obstacles in Argentina due to regional licensing restrictions. While the company operates in Buenos Aires, it lacks licenses for other provinces. “We made a lot of efforts,” Sher explained. “[But] we are not able, at the moment, to enter to the province of Argentina where the majority of the money in the country is coming from.” Codere Online hopes local operators will eventually sell their licenses, allowing for broader market access.
Sher also addressed the company’s cautious approach to new market expansion. Instead of investing in countries like Chile or Peru, the focus remains on Spain and Mexico, where the company has a proven return on investment. “The problem that we are facing right now is if I want to increase my marketing spend, our next dollar, in terms of ROI, should go into Mexico and Spain,” Sher stated.
Codere Online recently avoided delisting from Nasdaq after securing an extension to file its 2023 annual report. The company must submit the report by May 12, 2025, to maintain its listing.
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