Strong growth in Mexico sends Codere Online’s Q2 NGR up 41%
Online arm of Spanish operator also reveals it lost €700,000 after fraudsters impersonated one of the firm’s suppliers
Codere Online has posted a 36% year-on-year (YoY) jump in revenue to €27.4m (£23.62m) for the second quarter of 2022. The operator also reported that net gaming revenue (NGR) was €29.2m, which was a 41% increase YoY, with both rises attributed a “very strong performance in Mexico”. Mexico saw revenue soar 84% YoY to €10.6m, with NGR reaching €11.9m, which is an 85% increase YoY. The operator’s performance in Colombia jumped by 56% to achieve NGR of €2.2m. Active players in both of these Latam markets leapt 45% and 38%, respectively. Meanwhile, Spanish revenue generated less impressive growth but was still the top performer with €14.1m, a 12% increase over Q2 last year. However, active players in Spain dipped 4% to 36,800. Overall active monthly players increased for Codere, going from 81,400 in Q2 2021 to 104,700 in Q2 2022. The business did not provide any information on expenses or EBITDA results. Codere Online disclosed that it was the victim of a cyber-related fraud incident, which saw the company make a €700,000 payment to a company masquerading as one of its vendors. The company said it believes this was an “isolated event” and there is no evidence of any related fraudulent activity or any employee involvement in the fraud itself. Recovery of the funds is being pursued. The operator also posted its year-to-date figures showing net losses stood at €16.8m for H1 2022, with Q2 2022 accounting for €6.7m. Codere Online stated that as of 30 June 2022, its total cash position was nearly €88m. Moshe Edree, CEO of Codere Online, said: “We are very pleased with our results in the first half of the year, particularly with the acceleration in net gaming revenue growth to 41% in the second quarter. “In the second quarter, our customer base grew by 29% to nearly 105,000 average monthly active customers. Almost 85,000 customers, 47% more than in Q2 last year, made deposits with us for the first time in the period.” Codere believes it will achieve its full-year 2022 NGR forecasts of €110m-€120m. Looking into the second half of the year, the company is in the process of obtaining a licence for the province of Cordoba in Argentina and hopes that its recently signed sponsorship deal with leading football side River Plate will help with its launch in the region.