The gaming firm, Codere, announced a robust financial performance for the third quarter of 2022, with net gaming proceeds soaring by 54% to reach €30.6 million (approximately $31 million), a significant jump from the €19.8 million recorded during the corresponding period in the previous year.
This remarkable outcome propelled Codere’s cumulative net gaming proceeds for the initial nine months of the year to €85.2 million, marking a substantial 40% surge compared to the €61 million generated during the same timeframe in 2021.
Furthermore, the company disclosed €72 million in available funds and a net deficit of €11.6 million for the quarter. In aggregate, Codere’s net deficit for the year thus far amounts to €28.4 million.
Moshe Edree, Chief Executive Officer of Codere Online, ascribed the company’s accomplishments to outstanding results across their gaming ventures. He emphasized the noteworthy 82% expansion in Mexico, a pivotal market for Codere. Even in Spain, where regulatory constraints on advertising exist, Codere surpassed projections with a 29% rise.
Oscar Iglesias, Chief Financial Officer of Codere Online, conveyed confidence in the company’s trajectory, citing the strong revenue momentum as they approach the culmination of 2022. With the impending World Cup, a significant spectacle in the realm of sports wagering, Codere has elevated its full-year revenue forecasts to a range of €115 million to €120 million. The company is also particularly enthusiastic about prospects in the Argentinian market, where they aspire to establish themselves as a dominant player.
Codere verified receiving approval to commence activities in Cordoba, Argentina, with a target launch date within 2023.
