Remarkable growth in Q4 23 marks Codere’s resilience against market challenges

Lea Hogg 1 month ago
Remarkable growth in Q4 23 marks Codere’s resilience against market challenges

Leading online casino and sports betting company Codere Online announced its Q4 2023 financial results.

The company reported a net gaming revenue (NGR) of €50.1 million, marking a significant year-on-year growth of 32.9 percent.

Codere Online, based in Luxembourg also operates under the Greenplay brand, and has significant presence in several countries including Spain, Italy, Mexico, Colombia, the UK, Germany, South Africa, Austria, Malta, Panama, and Argentina.

Analysis of performance and future prospects

The majority of this revenue was generated from Mexico, contributing €25.1m to the group’s total NGR, reflecting a robust year-on-year growth of 54 percent. Operations in Spain followed closely, generating €20.8m in NGR, up by 16.9 percent from the previous year. Meanwhile, Colombia maintained its performance, delivering a steady NGR of €2.3 million, consistent with the same period last year.

Other geographies also contributed to the revenue growth, accounting for an additional €1.8 million in NGR, up from €1.3 million in Q4 2022. This growth in revenue was achieved despite a slight decrease in the number of average monthly active players across the group, which fell from 141,800 in Q4 2022 to 139,200 in Q4 2023.

This drop in active players was due to a 40 percent reduction in Colombia and a 14 percent drop in other jurisdictions, which offset a 15 percent increase in players in Spain and a 16 percent increase in Mexico.

Despite the revenue growth, Codere Online reported a net loss for the quarter. However, the loss was significantly reduced from €17.4 million in Q4 2022 to just €1 million Q4 2023, indicating a positive trend.

Codere Online CEO Aviv Sher attributed the company’s success to its strategic focus on Mexico and Spain. He noted that the company saw a strong return on marketing investment in these regions, with significant increases in both the active customer base and spend per customer. The casino segment continued to exceed expectations, contributing 58 percent of the total net gaming revenue for the quarter.

Looking at the full-year 2023 results, the group’s NGR came in at €171.9 million, marking a year-on-year growth of 39.9 percent. As the company looks ahead to 2024, it expects to generate an NGR between €185 million and €200 million. It also anticipates generating positive adjusted EBITDA and cash flow.

CFO Oscar Iglesias expressed optimism about the company’s performance in 2023, stating that it supports their expectation of generating positive adjusted EBITDA and cash flow for the full year in 2024. He reaffirmed the company’s commitment to delivering on its original promise to investors of becoming a profitable company in the third year after de-SPAC.

It is clear that despite facing market challenges, Codere Online has demonstrated resilience and strategic acumen in Q4 2023. Its shares continue to soar, reflecting investor confidence in the company’s ability to navigate the dynamic online gaming landscape and deliver value to its shareholders.


As of 1 March 24, Codere is trading at $7.00 +0.31 (+4.63%)

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