The online sports betting and casino group, Codere Online, experienced a 36% increase in total revenue to €27.4m in the second quarter of 2022 compared to the same period in 2021. Net gaming revenue also saw significant growth, rising by 41% to €29.2m.
Spain remained Codere Online’s largest market, generating €14.1m in net gaming revenue, accounting for almost half of the total. However, the number of active players in Spain decreased by 4% to 36,800 due to newly imposed marketing restrictions.
On the other hand, Codere Online saw a substantial increase in net gaming revenue from Mexico, which nearly doubled year-on-year, reaching €11.9m. The number of active players in the Mexican market also grew by 45% to 32,300. Similarly, Colombia contributed to the positive results with a 56% increase in net gaming revenue to €2.2m.
Overall, Codere Online recorded a global active player figure of 104,700 in Q2 2022, marking a 29% increase from the previous year.
Moshe Edree, the chief executive of Codere Online, expressed satisfaction with the company’s first-half results. He highlighted the significant growth in net gaming revenue during the second quarter, driven by strong performances in Mexico and Spain, despite the marketing restrictions in the latter.
During Q2 2022, Codere Online faced a cyber-related fraud incident, resulting in a loss of approximately €700,000. The company is actively working towards recovering the transferred amounts and believes the incident to be isolated without evidence of further fraudulent activities or employee involvement.
Although Codere Online posted a net loss of €6.7m in the period, it remains confident in achieving its full-year net gaming revenue target of €110-120m. In Q1 2022, the company reported revenue of €23.9m, representing a 20% increase compared to the previous year.
