The leading online gaming operator offering services in Latin America and Spain, Codere Online, released its fourth quarter and 2022 results, showing strong growth in revenue and an increased number of active monthly players. The company said Tuesday that its net gaming revenue in Q4, 2022, hit €37.7 million ($40 million). This result, when compared to the corresponding period in 2021 marked a significant increase of 70%.
A breakdown of this total showed growth across Codere’s different operating segments. The biggest increase was observed for the company’s Mexico-facing operations with reported net gaming revenue of €16.3 million ($17.3 million), representing an increase of 106%, when compared to the €7.9 million ($8.4 million) result from Q4 in 2021.
Another strong growth was observed for Codere’s Colombia-facing operations with net gaming revenue increasing 56% to €2.3 million ($2.4 million) for the fourth quarter of 2022. Similarly, the company’s Spanish operations also reported an increase in Q4 with net gaming revenue hitting €17.8 million ($18.9 million), up by 42% when compared to the same period the prior year.
The Company Is Happy with Its Performance for 2022
The new trading update released details regarding Codere’s performance for 2022, with the company reporting a 48% net revenue increase to €122.9 million ($130.3 million) when compared to 2021. Similarly to the Q4 results, the company’s Mexico and Colombia operations in 2022 reported strong growth with net revenue increasing by 83% and 72% respectively.
“We are reporting better than expected Q4 and full year 2022 performance, with net gaming revenue growing by 70% in the quarter and reaching €123 million for the full year.“
Moshe Edree, CEO of Codere Online
Moshe Edree, Codere Online’s CEO, outlined that the company enjoys a better performance than expected for the fourth quarter and 2022 as well. He acknowledged that the company’s net revenue last year increased by a solid 70%, which, according to him reaffirms the dedication of Codere’s team members.
Edree spoke about the unique gaming experiences delivered to the company’s customers and pointed out that the World Cup undoubtedly helped boost the fourth quarter results. Additionally, he outlined that the global soccer event helped engage new customers and retain existing ones. Finally, Edree said that Codere saw strong results from Spain and Mexico and said that those “achievements underscore the effectiveness of our growth strategy and our ability to successfully deploy marketing spend.”
The growth of Codere’s customer base played an important role in the results in Q4 and 2022. Overall, the number of average monthly active players for the year ended December 31, 2022, hit 113,100, marking an increase of 35% when compared to the prior year. On the other hand, strong growth was observed in terms of the monthly average players in Q4 which increased by 54.8% to 141,800.