Codere Online Q4 net gaming revenue up 33%

Codere Online has reported its fourth quarter and full year results for 2023, showing significant growth in the markets it operates in. 

Q4 2023 

During the fourth quarter of 2023, the company recorded total revenue of €46.9m ($50.7m), a figure 32% above the one during Q4 2022. 

Net gaming revenue also grew, going up by 33% to €50.1m, with Mexico reflecting about 50% of this, with the region’s net gaming revenue being €25.1m, which was also a 54% increase for the country. 

Spain’s net gaming revenue was the next highest at €20.8m, a 17% rise from Q4 2022, while Colombia’s figure saw no change, with the number being €2.3m in both the fourth quarter in 2022 and 2023. Other markets grew 38% to €1.8m. 

Despite the growth of net gaming revenue, average active players during Q4 actually saw a decrease of 2%, though looking at individual markets, Spain (15%) and Mexico (16%) increased their average monthly active players. 

Net loss was €1m for the quarter, compared with €17.4m in the year prior. 

FY 2023 

Looking at the full year, net gaming revenue was 40% higher than 2022,online sports betting data valued at €171.9m for 2023.  

Each market saw increases in net gaming revenue, but again like in Q4, Mexico saw the highest, rising 60% to €81.7m.