The digital gaming platform, Codere Online, has announced a robust commencement to 2024, exhibiting a substantial 34% surge in net gaming income for the initial quarter compared to the previous year. This remarkable upswing was propelled by exceptional outcomes in the company’s principal territories, Mexico and Spain.
The organization’s chief executive, Aviv Sher, ascribed this triumph to Codere’s targeted promotional initiatives, which have successfully drawn in a broader and more committed clientele. This signifies that not only is there a rise in the number of participants, but their expenditure has also escalated.
CFO Oscar Iglesias emphasized that Mexico has now ascended to become the company’s highest-yielding market, outperforming Spain. This favorable trajectory in the first quarter establishes an encouraging foundation for Codere Online’s sustained expansion throughout the year.
We were incredibly excited to witness Mexico achieving profitability in EBITDA for the first time in its history. This accomplishment, coupled with the exceptional results observed in Spain, has driven us to a consolidated group adjusted EBITDA of €1.7 million for the initial quarter. This achievement firmly positions us to realize our financial targets for the current year.”