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Codere Online has cited progress on its LatAm market initiatives, led by the acceleration of its Mexican market presence.
Completing its second quarter on the US Nadaq, Codere Online has registered Q2 net gaming revenues (NGR) of €29m, up 41% on comparative 2021 results of €21m.
Headline growth was attributed to its Mexican unit recording a period NGR of €12m, corresponding to an 86% increase on 2021 results of €6.5m.
Mexican growth was supported by the group maintaining its positive Spanish home-market momentum, which registered a 12% NGR increase to €14m (Q22021: €12m).
Further LatAm positives saw Codere Online’s Colombian unit register a 56% NGR increase to €2.2m (Q22021: €1.4m).
Improved KPIs saw Codere Online achieve a 30% increase in monthly active players to 104,000 – despite witnessing a period decline in Spanish active player numbers to 36,000 – attributed to marketing restrictions.
“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.” – said CEO Moshe Edree.
“This was driven by a very strong performance in Mexico, where net gaming revenue nearly doubled that of Q2 last year, as well as Spain, where net gaming revenue grew 12% in Q2 despite the significant marketing restrictions implemented starting in May last year.
“In the second quarter, our customer base grew by 29% to nearly 105 thousand average monthly active customers. Almost 85 thousand customers, 47% more than in Q2 last year, made deposits with us for the first time in the period.”
Codere Online disclosed that during Q2 trading, it was victim of a ‘cyber-related fraud incident’ – which saw the company make a €700,000 payment to “the bank account of a party who had impersonated one of Codere Online’s vendors.”
Providing a year-to-date overview, Codere online stated that net losses stood €16.8m for the first half of 2022 – Q2 losses accounted for €6.7m.
Leadership maintains confidence that Codere Online will achieve its full-year 2022 NGR forecasts of €110-120m – dependent on market openings.
No information was provided on EBITDA results or corporate expenses, as the group current cash position stands at €85m as of 30 June.
Moving into H2, Codere Online cited confidence of launching its business in the Argentine province of Cordoba as one of the 10 companies to be granted a licence by local authorities.
Codere Online launch in Argentina will be supported by its principal sponsorship of River Plate FC. Moshe Edree further stated: “Since the end of the quarter we continue working relentlessly to execute our plan and recently applied for an online gaming license in the Province of Cordoba, the second most populated in Argentina. We have also reached a significant milestone in the country by becoming a Main Sponsor of Club Atlético River Plate and the Codere logo has been placed on the front of the shirt.”
