{"id":6116,"date":"2023-11-16T07:32:22","date_gmt":"2023-11-16T07:32:22","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2023\/11\/16\/codere-online-surges-with-strong-q3-performance-and-upgrades-2023-forecasts\/"},"modified":"2023-11-16T07:32:22","modified_gmt":"2023-11-16T07:32:22","slug":"codere-online-surges-with-strong-q3-performance-and-upgrades-2023-forecasts","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2023\/11\/16\/codere-online-surges-with-strong-q3-performance-and-upgrades-2023-forecasts\/","title":{"rendered":"Codere Online Surges with Strong Q3 Performance and Upgrades 2023 Forecasts"},"content":{"rendered":"<div>\n<p>The NASDAQ-listed gaming company Codere Online has posted strong Q3 results, with double-digit growth in net gaming revenue (NGR) coming from notable expansion in its two main regions, Mexico and Spain. The firm reported its first-ever breakeven quarter in adjusted EBITDA, a significant step towards profitability, therefore the favorable results are noteworthy.<\/p>\n<p>Codere Online saw a 41% YoY rise in NGR for the Q3 quarter ended September 30, reaching \u20ac43.2 million. Mexico was the standout performance, exceeding forecasts with a stunning 63% increase in sales to reach \u20ac21.0 million. The second-largest market, Spain, reported a 27% increase in NGR to \u20ac18.9 million. On the other hand, the smallest market, Colombia, had a minor decline of 5% to \u20ac1.5 million.<\/p>\n<h2>Strategic Shifts and Market Dynamics<\/h2>\n<p>The casino division of Codere Online maintained its top spot as the most profitable, accounting for 58% of Q3 2023 NGR as opposed to 53% in the prior year. The remaining 42% was made up of the sports betting industry. The company\u2019s average monthly active player count increased by 19% to 124,500, which fueled its expansion.<\/p>\n<p>The wise control of marketing expenses, which witnessed a drop from \u20ac24.3 million to \u20ac19.7 million YoY, is noteworthy. As a consequence, marketing only accounted for 46% of NGR in Q3 2023, down from around 80% in the same time the previous year.<\/p>\n<p>Codere Online CEO Aviv Sher called the quarter a \u201csignificant step in our path to profitability.\u201d Oscar Iglesias, CFO of Codere Online, emphasized that the company\u2019s impressive top-line growth and enhanced profitability were largely due to its strong brand, excellent customer acquisitions, and appealing product offering.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"http:\/\/download.katscasino.com\/affiliate\/remote\/aiddownload.asp?casinoID=1007&#038;gAID=122859&#038;subGid=0&#038;bannerID=25663\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"Kats Casino\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/10\/kats-casino-1.jpg\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"http:\/\/download.katscasino.com\/affiliate\/remote\/aiddownload.asp?casinoID=1007&#038;gAID=122859&#038;subGid=0&#038;bannerID=25663\" title=\"Kats Casino\" target=\"_blank\" rel=\"nofollow noopener\">Kats Casino<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>250% Extra +<strong> $125 Free Chip<\/strong>!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of 250% + $125 Free Chip<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"http:\/\/download.katscasino.com\/affiliate\/remote\/aiddownload.asp?casinoID=1007&#038;gAID=122859&#038;subGid=0&#038;bannerID=25663\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Motivated by the impressive Q3 results, Codere Online has raised its 2023 prediction for the second quarter in a row. The prior projection of \u20ac150 million to \u20ac160 million was replaced with a revised NGR prediction that falls between \u20ac155 million and \u20ac165 million. From the prior projection of minus \u20ac15 million to negative \u20ac25 million, adjusted EBITDA is now forecast to be negative \u20ac10 million to negative \u20ac18 million, a positive adjustment.<\/p>\n<p>The business, which had its NASDAQ debut in December 2021, reaffirms its goal of attaining adjusted EBITDA and cash flow positive for the entire year 2024, solidifying its standing as a major participant in the world gaming industry.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/igaming.org\/casino-news\/codere-online-surges-with-strong-q3-performance-and-upgrades-2023-forecasts\/\">Codere Online Surges with Strong Q3 Performance and Upgrades 2023 Forecasts<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The NASDAQ-listed gaming company Codere Online has posted strong Q3 results, with double-digit growth in net gaming revenue (NGR) coming from notable expansion in its two main regions, Mexico and Spain. The firm reported its first-ever breakeven quarter in adjusted EBITDA, a significant step towards profitability, therefore the favorable results are noteworthy. Codere Online saw [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-6116","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/6116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=6116"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/6116\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=6116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=6116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=6116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}