The net gaming revenue for the six-month period ending on 30 June totaled €41.7m (£35.6m/$41.7m), showing an increase from €31.4m in the same period last year. Spain remained the primary source of income for Codere Online, with revenue rising by 19% year-on-year to €25.6m. Colombia experienced strong growth, with revenue increasing by 69% to €12.8m. Mexico saw the highest increase in revenue, jumping by 134% to €2.2m. However, revenue in other regions declined by 25% from €1.3m to €1.0m. The average number of monthly active players increased by 64% overall, rising from 41,100 to 67,400. Average monthly active players in Spain increased by 42% to 34,200, in Mexico by 68% to 17,100, in Colombia by 131% to 15,600, and in other regions by 174% to 6,000.
In the second quarter, Codere Online witnessed a similar trend, with revenue increasing by 43% to €21.0m. Spain led the way with €12.6m in revenue, up 23%, while Mexican revenue hiked by 108% to €6.4m and Colombia revenue increased by 181% to €1.4m. However, revenue in other areas declined by 29% to €600,000. The total number of average monthly active players for the quarter was 66,700, up by 142% compared to the previous year.
Codere Online’s managing director, Moshe Edree, commented on the company’s performance, saying, “Our second quarter results reflect the strong revenue trends in Spain and substantial growth achieved across Latin America, with a 43% year-on-year increase in our total net gaming revenue. This performance was driven by a 142% increase in average active players in the second quarter.”
Edree also mentioned Codere Online’s recent activities, including the spin-off from Codere and its upcoming trading on the US Nasdaq stock market. He highlighted the company’s marketing strategy and alliances with key football teams in Latin America, such as Rayados in Mexico and River Plate in Argentina, with whom sponsorship agreements were signed in July.
Lastly, it was announced that Codere’s restructuring deal, which involves creditors taking control of the main business in a debt-for-equity agreement, is scheduled to close on 5 November. Noteholders have until 18 October to provide their consent for the restructuring deal, which has already received support from the majority of creditors.
