Codere Online concluded 2023 on a high note, experiencing a substantial 33% surge in net gaming revenue during the final quarter, propelling their overall quarterly revenue to \u20ac46.9 million. This achievement extends their robust performance throughout the year, with a remarkable 40% overall revenue increase in 2023 compared to the previous year.<\/p>\n
Mexico is quickly becoming a standout market for the company, contributing half of Codere’s total net gaming revenue in Q4. The region witnessed an exceptional 54% year-over-year expansion, reaching \u20ac25.1 million. Spain also demonstrated steady progress, with a 17% rise in net gaming revenue, attaining \u20ac20.8 million.<\/p>\n
Although the count of active players experienced a minor 2% decrease in Q4, both Spain and Mexico witnessed growth in their average monthly player base, a positive indicator for future prospects.<\/p>\n
In conclusion, Codere Online appears well-situated for sustained triumph in 2024, particularly given the robust performance of the Mexican market. <\/p>\n
Codere Online’s Chief Executive, Aviv Sher, declared a substantial 33% rise in net gaming income for the final quarter of 2023, reaching an unprecedented \u20ac50 million. This accomplishment, he emphasized, was achieved despite encountering strong rivalry from the global football tournament during the corresponding timeframe the previous year.<\/p>\n
Sher ascribed this triumph to their tactical concentration and resource allocation in vital regions such as Mexico and Spain. These endeavors have yielded remarkable marketing expenditure returns, a considerable surge in engaged customers, and a robust growth in average revenue generated per user. He also drew attention to the exceptional performance of their casino offering, which now constitutes a significant 58% of their overall net gaming income for the second consecutive quarter, surpassing all projections.<\/p>\n
Further amplifying the optimistic outlook, CFO Oscar Iglesias conveyed immense contentment with their 2023 results. He affirmed that this accomplishment further bolsters their conviction in attaining positive adjusted EBITDA and cash flow for the entirety of 2024. Iglesias forecasted net gaming income ranging between \u20ac185 million and \u20ac200 million for 2024.<\/p>\n
He concluded by reiterating their dedication to their stakeholders, asserting that they are progressing as planned to evolve into a profitable entity within three years of their SPAC listing and are more committed than ever to producing substantial value for their shareholders.<\/p>\n
Lately, Sher also partook in the Huddle gathering, where he elaborated on Codere Online’s trajectory since becoming publicly traded. He addressed significant achievements, including securing approximately $100 million through a Zoom capital-raising round and their strategic emphasis on core markets like Spain and Mexico. <\/p>\n","protected":false},"excerpt":{"rendered":"
Codere Online concluded 2023 on a high note, experiencing a substantial 33% surge in net gaming revenue during the final quarter, propelling their overall quarterly revenue to \u20ac46.9 million. This achievement extends their robust performance throughout the year, with a remarkable 40% overall revenue increase in 2023 compared to the previous year. Mexico is quickly […]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n