SBC News Voice of the Sports Betting Industry
The Mexican betting space continues to make a growing contribution to Spanish-language market-oriented gaming group Codere Online’s trading and performance.
Codere Online leadership remains confident in the firm’s future prospects in Latin America and its ability to carry positive momentum over from 2024, as it closed Q1 with net gaming revenue up 8% to €57m (Q1 2024: €53m). This drove a 4% increase in group-wide revenue from €50.4m to €54.3m.
Some hurdles were encountered around adjusted EBITDA and profitability, however, possibly a result of increased expenditure and investments during the quarter as the group looks to keep pace and stand out in what is shaping out to be a highly competitive regional industry in Latin America.
Overall adjusted EBITDA rose slightly by 0.1% from €1.7m to €1.8m while the €3.4m net income it recorded in Q1 2024 was flipped into a net loss of €700,000 in Q1 2025. Notable investments during the period include a $500,000 repurchase of company shares as part of its $5m share buyback programme, completed post-Q1 on 15 May.
The most notable takeover from Codere Online’s Q1 2025 financial breakdown was the increasing prominence of Mexico as its biggest growth market, Codere Online’s revenue from the country, the second largest market in Latin America after the betting newcomer of Brazil, rose 15% to €30.5m (€26.6m).
Mexican customer numbers are also rising significantly, up 31% from 62,500 to 82,000. This dwarfs the comparatives from Spain, the group’s founding market, where customer numbers were up 4% to 52,000 (50,000) and revenue was down 2% to €21.9m (€22.3m).
Aviv Sher, CEO of Codere Online, stated: “We are off to a good start in 2025, with net gaming revenue reaching €57m in the first quarter, an 8% increase compared to the same period last year.
“In Mexico, net gaming revenue grew 15% to €30.5m, despite the 16% devaluation of the Mexican peso. Meanwhile, net gaming revenue in Spain was slightly below last year’s at €21.9m.”
Given Codere Online’s extensive investments in Mexico in recent years, such as sports sponsorship efforts, it doesn’t come as a huge surprise that the market stands out as a key growth driver for the firm.
The group’s overall strong performance, driven largely by Mexican revenue, has boosted Codere’s confidence in its end of year financial position. The firm closed its Q1 report by reiterating its NGR outlook for 2025 of between €220m-€230m alongside adjusted EBITDA of between €10m-€15m.
Oscar Iglesias, CFO of Codere Online, commented: “We are very pleased with our performance in Mexico and the underlying trends in local currency. Also, our portfolio of active customers grew by an impressive 31% versus the prior year quarter which is quite encouraging”.
“Based on these results, we believe that we are on track to meet our net gaming revenue outlook of €220-230m and Adj. EBITDA outlook of €10-15m that we provided to investors earlier this year.”
