{"id":8700,"date":"2025-02-21T06:11:26","date_gmt":"2025-02-21T06:11:26","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2025\/02\/21\/codere-online-reports-revenue-surge-in-2024-argentina-entry-delayed\/"},"modified":"2025-02-21T06:11:26","modified_gmt":"2025-02-21T06:11:26","slug":"codere-online-reports-revenue-surge-in-2024-argentina-entry-delayed","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2025\/02\/21\/codere-online-reports-revenue-surge-in-2024-argentina-entry-delayed\/","title":{"rendered":"Codere Online Reports Revenue Surge in 2024, Argentina Entry Delayed"},"content":{"rendered":"<div>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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\u2019s unchanged sales of $27.1 million. Mexico\u2019s quarterly growth would have been 14% on a constant currency basis, according to Aviv Sher, CEO of Codere Online.<\/p>\n<p data-start=\"1113\" data-end=\"1511\">Sher also noted that some competitors reduced their investments in Mexico during Q4, giving Codere Online an edge. <em>\u201cI don\u2019t 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,\u201d<\/em> he said. He added that some European operators struggled in Mexico, possibly due to shifting focus to other Latin American markets.<\/p>\n<h2 data-start=\"1513\" data-end=\"1555\">Argentina and Future Expansion Plans<\/h2>\n<p data-start=\"1557\" data-end=\"2022\">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. \u201cWe made a lot of efforts,\u201d Sher explained. <em>\u201c[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.\u201d<\/em> Codere Online hopes local operators will eventually sell their licenses, allowing for broader market access.<\/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=\"https:\/\/igaming.org\/site\/mirax-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\"><br \/>\n\t\t<amp-img alt=\"Mirax Casino\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/Mirax-Casino.png.webp\" 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=\"https:\/\/igaming.org\/site\/mirax-casino\/\" title=\"Mirax Casino\" target=\"_blank\" rel=\"nofollow\">Mirax 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>350% or 5BTC + <strong>150 Spins!<\/strong><\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of 350% + 150 Free Spins\n<\/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=\"https:\/\/igaming.org\/site\/mirax-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p data-start=\"2024\" data-end=\"2416\">Sher also addressed the company\u2019s 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. <em>\u201cThe 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,\u201d<\/em> Sher stated.<\/p>\n<p data-start=\"2418\" data-end=\"2607\" data-is-last-node=\"\" data-is-only-node=\"\">Codere Online recently avoided <a href=\"https:\/\/igaming.org\/casino-news\/codere-online-faces-nasdaq-delisting-over-reporting-delay\/\">delisting from Nasdaq<\/a> after securing an extension to file its 2023 annual report. The company must submit the report by May 12, 2025, to maintain its listing.<\/p>\n<p>The post <a href=\"https:\/\/igaming.org\/casino-news\/codere-online-reports-revenue-surge-in-2024-argentina-entry-delayed\/\">Codere Online Reports Revenue Surge in 2024, Argentina Entry Delayed<\/a> appeared first on <a href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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, [&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-8700","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\/8700","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=8700"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/8700\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=8700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=8700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=8700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}