Codere Online concluded 2022 on a high note, posting a 70% revenue surge year-on-year in Q4, hitting €35.6 million (roughly $37.9 million). This remarkable expansion was driven by exceptional results in the Mexican market, where income more than doubled relative to the corresponding period in 2021.
The firm’s overall yearly performance was equally noteworthy. Codere Online generated €122.9 million in net gaming proceeds, a 48% jump compared to the prior year. This accomplishment can be linked to their robust foothold in Spain, which witnessed a 42% year-on-year revenue climb in Q4, reaching €17.8 million.
Notwithstanding these favorable outcomes, Codere Online did declare a net deficit of €17.4 million in Q4 and €45.9 million for the entire year. Nevertheless, the company maintains a positive outlook for the future, forecasting net gaming revenue between €140 million and €150 million in 2023.
Moshe Edree, Chief Executive Officer of Codere Online, conveyed his contentment with the company’s achievements, emphasizing the team’s commitment to delivering an unmatched online gaming encounter. He also recognized the beneficial influence of the FIFA World Cup, which enhanced customer participation and drew in fresh users, resulting in a 54% rise in active players compared to Q4 2021.
Codere Online’s Chief Financial Officer, Oscar Iglesias, conveyed enthusiasm for the firm’s prospects, especially in Argentina. There, they have achieved notable operational progress across multiple emerging territories in the current year. He holds firm conviction in their capacity to implement strategic objectives and generate enduring expansion for their investors.
admin