Codere Online has recently announced its fourth quarter (Q4) and full year (FY) results for 2023, showing explosive growth. The Q4 2023 results demonstrate a staggering 32% increase in total revenue compared to the same period in 2022. Net gaming revenue surged by an impressive 33%, propelled by significant contributions from key markets like Mexico and Spain. 

Codere’s Online Revenue

Significant Market Performance

Mexico: A Key Player in Growth

In Q4 2023, Mexico emerged as a pivotal market for Codere Online, showcasing a remarkable 60% rise in net gaming revenue. CEO Aviv Sher attributed this success to the strategic focus on Mexico, which led to substantial increases in the active customer base and spend per customer. With a keen eye on customer engagement and satisfaction, its efforts in Mexico have paid off handsomely.

Spain: Sustained Growth

While Mexico stole the spotlight, Spain also demonstrated commendable growth, with net gaming revenue increasing by 17% in Q4 2022. This growth underscores the company’s commitment to nurturing its presence in core markets, driving sustainable expansion through strategic initiatives.

CEO and CFO Perspectives

CEO Aviv Sher’s Optimism

Aviv Sher, CEO of Codere Online, expressed utmost satisfaction with the company’s performance, highlighting a record-breaking 33% growth in net gaming revenue. He emphasized the importance of strategic focus, particularly on Mexico and Spain, which propelled the company to new heights. Sher’s confidence in the company’s trajectory underscores the potential for continued success in the coming years.

CFO Oscar Iglesias’ Projections

Codere Online’s CFO, Oscar Iglesias, shared Sher’s optimism, projecting positive adjusted EBITDA and cash flow for 2024. With a forecasted net gaming revenue range of €185-200 million, Iglesias reaffirmed the company’s commitment to achieving profitability post de-SPAC. These projections instill confidence in the company’s financial outlook and growth prospects.

Codere Online Initiatives and Future Outlook

Codere Online’s strategic focus on core markets like Spain and Mexico has been instrumental in driving growth and enhancing the customer experience. With recent entry into the Huddle and discussions shedding light on the company’s journey since going public, the industry remains steadfast in its commitment to delivering value to stakeholders.

FAQs- Your Guide to Codere Online Explosive Growth

1. What were Codere Online’s primary markets for growth in Q4 2023?

The company experienced significant growth in key markets like Mexico and Spain, with Mexico leading the surge in net gaming revenue.

2. How did the company’s net gaming revenue perform in FY 2023?

FY 2023 witnessed a remarkable 40% increase in net gaming revenue, reaching €171.9 million, signaling robust growth and financial stability.

3. What factors contributed to the success of the entity in Q4 2023?

A strategic focus on Mexico and Spain, coupled with initiatives to enhance the customer experience, drove Codere Online’s success in Q4 2023.

4. What are the projections for 2024 for the organization?

The company’s CFO anticipates positive adjusted EBITDA and cash flow for 2024, with a projected net gaming revenue range of €185-200 million.

5. How has the entity’s performance evolved since its public listing?

It has demonstrated consistent growth and strategic allocation of resources since going public, emphasizing core markets and delivering value to stakeholders.

6. What is the company’s approach to sustainability and growth?

It remains focused on enhancing the customer experience, driving sustainable growth, and delivering value to stakeholders through strategic initiatives and market expansion.

The Q4 2023 and FY 2023 results underscore the company’s commitment to strategic growth initiatives and delivering value to stakeholders. With impressive performance in key markets and optimistic projections for the future, the entity stands poised for continued success in the dynamic online gaming industry.

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