Codere Online Soars in Mexico and Spain

Codere Online is thriving! Their earnings are soaring to new heights, particularly in Mexico. They anticipate generating between €150 million and €160 million in revenue this year. Spain is also contributing significantly to their success, with overall revenue experiencing a 35% increase. They’ve attracted a large number of new customers. Even in countries like Colombia, they’re generating profits, although not as substantial as in Mexico and Spain. Their exceptional performance has them on track to achieve profitability by the end of next year.

While expenditures have risen from the prior period, spending has dwindled in comparison to the income generated. Marketing outlays were the most substantial, reaching €19.1 million, representing 48.8% of total earnings in the second quarter of 2023, down from 66.2% in the same period of 2022.

The net deficit amounted to €1.7 million, compared to a net loss of €6.7 million in the second quarter of 2022. At the end of the period, the group’s total liquid assets surpassed €45 million, compared to €49 million at the end of the first quarter.

Chief Executive Officer Aviv Sher stated: “We are delighted to report robust second quarter outcomes and continue to build upon the momentum from the initial quarter.

“Our net gaming earnings expanded by 34% to €39 million, mirroring the first quarter, despite a seasonal downturn in sporting events. Our casino offerings have been a strategic focal point for us and contributed 54% of revenue this quarter.

“Mexico witnessed strong revenue growth in the second quarter, increasing by 51% to €18 million, surpassing Spain for the first time to become the nation’s largest market since its commencement. In Spain, net gaming earnings climbed by 24% to €17.5 million.”

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