Codere Online, an iGaming firm with operations in Spain, Mexico, and Colombia, announced robust financial results for the second quarter of 2022. The company’s total revenue climbed to €27.4 million, a 36% surge compared to the corresponding period in the prior year. This expansion was driven by an especially remarkable showing in Mexico, where revenue nearly doubled on a year-over-year basis. Despite the implementation of new marketing regulations in Spain, the company still witnessed a 12% revenue increase in the region. Codere Online’s net gaming revenue also experienced a substantial rise, reaching €29.2 million, representing a 41% upswing. This accomplishment is partially attributed to a rapid expansion of their clientele. Codere Online drew in 29% more customers compared to the preceding year, approaching nearly 10.5 million monthly active users. Significantly, almost 8.5 million customers placed their initial deposit, a 47% leap compared to the second quarter of the previous year. Although the company recorded a net loss, it was considerably smaller than the previous year, decreasing from €16.8 million in Q2 2021 to €6.7 million in Q2 2022. In summary, Codere Online possesses a strong cash reserve of €85 million and maintains a very positive outlook on its future possibilities.
Revenue increases were already becoming apparent this year, with their gaming sector experiencing a robust second quarter.”
This follows the online platform company’s disclosure of a €700,000 online fraud incident. In an attempt to recoup the funds, Coderes absorbed a one-time, pre-tax expense of €700,000.
