Codere Online, an iGaming firm with operations in Spain, Mexico, and Colombia, witnessed substantial expansion in the second quarter of 2022. Their overall earnings hit €27.4 million, a 36% surge in comparison to the corresponding period the previous year. This triumph was primarily fueled by a flourishing Mexican market, where earnings escalated by 84%. Although Spain persisted as their biggest market generally, Mexico is rapidly gaining ground.
Despite these favorable outcomes, Codere Online did declare a net deficit of €6.7 million for the quarter. Nevertheless, this signifies a considerable enhancement from the €16.8 million deficit encountered in the second quarter of 2021.
Moshe Edree, Chief Executive Officer of Codere Online, conveyed contentment with the company’s achievements, emphasizing the remarkable 41% growth in net gaming income. He ascribed this accomplishment to the exceptional performance in Mexico and sustained expansion in Spain, notwithstanding fresh marketing limitations.
Furthermore, Chief Financial Officer Oscar Iglesias noted a 29% rise in their clientele, approaching nearly 10.5 million active monthly users. This expansion serves as evidence of Codere Online’s widening scope and robust market standing.
Observed truly encouraging indicators of expansion this year, particularly with the robust second-quarter performance from our interactive entertainment earnings.”
Previously in the year, the organization was targeted by an internet fraud scheme that resulted in a €700,000 loss for Coderes. They have factored this in as a singular expenditure but are diligently working to reclaim the misappropriated capital.