Codere Online concluded 2022 on a high note, generating €35.6 million (approximately $37.9 million) in the final quarter. This represents a substantial 70% surge in comparison to the corresponding period in 2021.
Analyzing the complete year, the firm disclosed total gaming earnings of €122.9 million, a 48% rise from the preceding year. This accomplishment was driven by robust results in crucial regions. In the Mexican market, Q4 revenue more than doubled year-on-year, hitting €14.5 million. Concurrently, Spain witnessed a 42% upswing, yielding €17.8 million for the quarter.
Notwithstanding this upward trajectory, Codere Online still recorded a net deficit of €17.4 million in Q4, culminating in a €45.9 million loss for the year.
Looking forward, the company forecasts 2023’s net gaming income to range between €140 million and €150 million. Nevertheless, they anticipate an adjusted EBITDA deficit spanning from €20 million to €30 million.
Chief Executive Officer Moshe Edree conveyed contentment with the outcomes, remarking, “Our Q4 and overall 2022 performance surpassed projections, with net gaming revenue climbing 70% in the quarter to attain €123 million for the year.” He ascribed this triumph to the team’s commitment to providing an outstanding online gaming encounter.
Edree also emphasized the considerable influence of the World Cup, which not only maintained engagement among existing users but also drew in a surge of fresh participants. This resulted in a 54% growth in active players during Q4 compared to the equivalent period in 2021.
Codere Online’s Chief Financial Officer, Oscar Iglesias, expresses significant enthusiasm for the company’s prospects, particularly in the Argentinian market. He identifies substantial untapped opportunities within the region. Their agenda for the current year includes expansion into numerous new territories, and they have already taken concrete steps to realize this objective. Iglesias exudes assurance in their ability to execute their strategic vision effectively and sustain growth for their stakeholders.
