Codere Online Starts 2024 with Record-Breaking Q1 Revenue and Profitability

Codere Online is experiencing a phenomenal beginning to 2024. Their Q1 financial report demonstrates remarkable expansion, especially within their primary markets of Mexico and Spain. They achieved an unprecedented €53 million in net gaming income, a substantial 34% surge in contrast to the corresponding timeframe last year. This accomplishment stems from their unwavering dedication to acquiring and maintaining premium users, leading to a 25% rise in their engaged customer numbers. Both Mexico and Spain witnessed considerable revenue gains, with Mexico slightly surpassing as their leading market. Even more noteworthy is Codere Online’s transformation from a net deficit during the same period last year to a robust €3.4 million profit this quarter. This exceptional showing has instilled CEO Aviv Sher with significant confidence regarding their future outlook.

We were excited to witness Mexico enter the ranks of profitability, reaching positive adjusted earnings before interest, taxes, depreciation, and amortization for the first time in its history. This accomplishment, combined with the outstanding results observed in Spain, drove us to a company-wide adjusted EBITDA of €1.7 million during the initial quarter. This signifies substantial advancement as we strive towards our financial objectives for the current year.”