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Codere Online off to a strong start in Q1 2023

11 May 2023

(PRESS RELEASE) -- Codere Online, a leading online gaming operator in Spain and Latin America, has released its financial results for the first quarter ended 31 March 2023.

“We are off to a very strong start in 2023, with net gaming revenue growing by 55% in the first quarter to nearly €40mm,” said Aviv Sher, CEO of Codere Online. “The significant investment that we made in the prior quarter around the World Cup allowed us to meaningfully grow our customer base versus pre-World Cup levels. These customers remained engaged throughout the first quarter, in particular in Spain and Mexico. Also, our cross-sell efforts between sports betting and casino played an important role in that engagement, with the latter contributing 53% of our net gaming revenue.”

“In Mexico, net gaming revenue grew by 75% versus the prior year quarter to nearly €18 mm,” said Sher. “In Spain, net gaming revenue grew by an impressive 40% to over €18 mm despite the relatively flat number of active customers compared to last year, reflecting a higher quality portfolio of customers.”

“We are excited to be presenting both strong top line growth in the quarter and, more importantly, a significant improvement in Adjusted EBITDA,” said Oscar Iglesias, CFO of Codere Online. “This was partially driven by the lower level of marketing spend in the quarter in furtherance of our plans to deliver sustainable growth for our shareholders. For the full year, we continue to expect to generate between €140-150 mm of net gaming revenue and Adjusted EBITDA of negative €20-30 mm, although given our strong performance in Q1, we now expect to be at the higher end of the range and are well on track to deliver positive EBITDA and cash flow for the full year in 2024.”

Recent Events:

COO Appointment:
  • Deborah Guivisdalsky has recently been appointed as COO, replacing Aviv Sher after his appointment as CEO in March;
  • Mrs. Guivisdalsky previously served as the Head of CRM/VIP of Codere Online, overseeing all the day-to-day operations across the different teams in Malta such as Fraud, Payments, VIP and CRM. Prior to Codere Online, Mrs. Guivisdalsky worked at Ladbrokes as Head of VIP in Gibraltar;
  • Aviv Sher, CEO of Codere Online, stated: “We are thrilled to announce the promotion of Deborah to the role of COO. She has been an integral part of our team for many years and we are confident she will continue to drive our company's success with her exceptional leadership skills and deep understanding of our business.”

Licenses in Argentina:
  • We have been awarded a license in the Province of Mendoza, where we expect to begin operations in 2023, and continue pursuing a license in the Province of Buenos Aires.
  • We have formally withdrawn from the Province of Córdoba tender process due to lack of a viable tax structure.

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Codere Online off to a strong start in Q1 2023 is republished from iGamingNews.com.