Mexico saw the largest increase of any of its regions during the 4th quarter.
Codere Online has reported its fourth quarter and full year results for last year. This shows significant growth in the markets it operates in.
During the Q4 of 2023, the company recorded total revenue of €46.9 million or $50.7 million. It is a figure 32% above the one during the fourth quarter of 2022.
Net gaming revenue also grew going up by 33% to €50.1 million. Mexico reflects about 50% of this, with the region’s net gaming revenue being €25.1 million. It was also a 54% increase for the country.
Spain’s net gaming revenue was the next highest. It amounts to €20.8 million, a 17% rise from fourth quarter of 2022. Meanwhile, Columbia’s figure saw no change. The number being €2.3 million in both the Q4 in 2022 and 2023. Other markets grew to €1.8 million or 38%.
In spite of the growth of net gaming revenue, average active players actually saw a decrease during the fourth quarter down to 2%. Although, looking at individual markets, Spain has 15% and Mexico has 16%. They increased their average monthly active players.
Compared with €17.4 million in the year prior, net loss was €1 million for the quarter.
Net gaming revenue was 40% higher than 2022, looking at the full year. It values at €171.9 million for the previous year.
Each market saw increases in net gaming revenue. But like in the fourth quarter, Mexico saw the highest. It rose to 60% to €81.7 million.
Aviv Sher is the Codere Online CEO. He said that in Q4 2023 they delivered an impressive 33% growth in net gaming revenue to €50 million, their highest ever quarterly figure, despite a tough comp with the World Cup in the prior year period.