Codere Online has launched into 2024 with exceptional performance, achieving unprecedented milestones with a 34% surge in net gaming revenue in contrast to the initial quarter of the previous year. This remarkable expansion was driven by their calculated emphasis on the Mexican and Spanish sectors, generating €23.8 million and €22.3 million correspondingly. They’ve effectively broadened their engaged user base in these territories – approximately 25%! – by drawing in superior customers who exhibit greater involvement and expenditure. This triumph underscores the effectiveness of their focused promotional endeavors. Notably, Codere Online secured a net income of €3.4 million in Q1, a significant turnaround from their net deficit of €1.3 million during the parallel period last year. Mexico has ascended to become their highest-performing market, spearheading their revenue surge. The outlook appears promising for Codere Online as they persistently exhibit robust momentum and a positive course within the digital gaming landscape.
We were delighted to witness our Mexican operations reach profitability for the first time in history. This accomplishment, coupled with the outstanding results observed in Spain, contributed to a consolidated profit of €1.7 million for the initial quarter. This achievement positions us strategically to attain our financial objectives for the current year.”
