Online gaming operator Codere Online expects to finish 2024 in the “upper part” of its net gaming revenue and adjusted EBITDA guidance after publishing its Q3 report.
Total net gaming revenue for the third quarter rose 20 per cent year-on-year to €51.7m, with revenue in Codere’s core market of Mexico climbing 27 per cent to €26.7m.
In Spain, revenue rose 11 per cent to €20.9m.
For the nine-month period to the end of September, total revenue hit €159.1m, up 31 per cent on the €121.8m posted this time last year.
Codere said it expects to be close to the top line of its FY24 revenue guidance of between €205m and €215m, and of its adjusted EBITDA guidance of between €2.5m and €7.5m.
Aviv Sher, CEO of Codere Online, said revenue Mexico was strong despite the “significant devaluation of the Mexican peso following the presidential election in June.”
“In constant currency terms, our net gaming revenue in the country would have grown by 43 per cent,” he added.
Oscar Iglesias, chief financial officer of Codere Online, said: "Beyond the significant top-line growth, we also generated €1.5m of adjusted EBITDA and €3.5m of cash in the quarter.
“This is now the third consecutive quarter of positive adjusted EBITDA and brings the year-to-date total to €4.5m."
