Codere Online Achieves Record Q4 Revenue of €46.9M in 2023
LISTEN TO THIS ARTICLE:Codere Online, the digital casino and sports betting operator, has announced revenue in the last quarter of 2023 of €46.9 million, which is a YoY increase of 32%, this is despite posting a net loss for the same quarter last year.
This translated into a net gaming revenue figure of €50.1m for Q4, up from €37.7m in the fourth quarter of 2022 and is an increase of 33%. The adjusted EBITDA for Q4 came in at a €4.1m loss, this is up 72.1% year-over-year from €14.7m loss when compared to the same period.
In Q4 2023 we delivered an impressive 33% growth in net gaming revenue to €50 million, our highest ever quarterly figure, despite a tough comp with the World Cup in the prior year period. Our strategic focus on Mexico and Spain, where we are seeing a strong return on marketing investment, has proven successful, with significant increases in both our active customer base and spend per customer. Casino continued to exceed our expectations with a second consecutive quarter contributing 58% of total net gaming revenue in the period.
Financial Breakdown By Region
A detailed breakdown of results for Q4 in 2023 by region, showed that Mexico contributed the most to the business in terms of revenue, overtaking the Spanish region for the first time. Mexico achieved a revenue of €22.6 million in this quarter, a rise of 56% year-over-year.
The Spanish market also saw a healthy rise in revenue with an increase of 17% year-over-year for Q4 in 2023, with revenues of €20.8 million. Colombia also saw an increase in revenue of €2.8 million for Q4, a rise of 17%.
2024 Trading Guidance
Senior management at Codere Online stated the Q4 results indicated that the business is looking to a positive 2024. It has forecast that Codere Online expects to achieve revenue of between €185m and €200m for the full year.
Other indicators for a strong performing year in 2024 are the forecast of a positive adjusted EBITDA and cash flow, as the company journeys towards profitability.
In short, we expect to deliver upon our original commitment to investors to be a profitable company in the third year after de-SPAC and are more committed than ever to creating meaningful value for our shareholders.
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