{"id":299125,"date":"2023-11-16T08:40:35","date_gmt":"2023-11-16T14:40:35","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=299125"},"modified":"2023-11-17T18:54:28","modified_gmt":"2023-11-18T00:54:28","slug":"codere-online-sees-turnover-drop-as-revenue-rises-in-q3","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/codere-online-sees-turnover-drop-as-revenue-rises-in-q3\/","title":{"rendered":"Codere Online Sees Turnover Drop as Revenue Rises in Q3"},"content":{"rendered":"

Codere Online’s latest financial results, covering the third quarter of 2023, show promising results, indicating that the multinational gambling and betting company is on the right track.<\/p>\n

\"The
The Codere sign on top of its offices. Codere Online continues to rebound, enjoying strong growth in 2023. (Image: Europa Press)<\/figcaption><\/figure>\n

Codere Online, which went public on NASDAQ<\/a> two years ago, reported net gaming revenue (NGR) of $46.97 million for the third quarter. This marks a 41% year-on-year increase for the company.<\/p>\n

The growth was mostly attributable to improvements in Mexico<\/a> and Codere\u2019s home country of Spain. Mexico saw a 63% improvement, achieving $22.56 million, and Spain\u2019s NGR increased by 27% to $20.17 million.<\/strong><\/p>\n

Codere Online\u2019s gaming revenue was responsible for 58% of the total third-quarter revenue and was 5% better than last year. Sports betting added 42% to the total.<\/p>\n

In Colombia, where Codere Online has a smaller presence, its gaming operations only delivered $1.6 million, a year-on-year decline of 5%.<\/p>\n

The company didn\u2019t provide specific figures for Argentina or Panama. They were included in the category of \u201cother,\u201d which was worth $977K in NGR.<\/p>\n

Smarter Spending<\/h2>\n

Coinciding with the increased NGR in its two biggest markets was an increase in the operator\u2019s number of players. Mexico reported 39% more average monthly players than the previous month, while Spain<\/a> received a 16% boost.<\/p>\n

Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) closed at a breakeven point, neither negative nor positive. However, it improved over the -$13.67 million adjusted EBITDA a year ago.<\/p>\n

This was made possible by controlled spending, including in Codere Online\u2019s marketing. The company spent $21.04 million on marketing in the quarter, whereas it had spent $25.96 million a year earlier.<\/p>\n

Reaching Goals<\/h2>\n

The across-the-board improvements left Codere executives more optimistic about the future. They believe that the NGR for the year could reach $179.4 million, compared to the $174.4 million the company previously forecast.<\/p>\n

\n

Adjusted EBITDA could be around -$10.9 million. In its last update, Codere Online said it could be as low as -$16.35 million. It lost $25.42 million in 2021 and $54.7 million in 2022. Achieving its adjusted EBITDA goal means it will have recovered by 70% compared to last year.<\/p>\n<\/div>\n

Through September, Codere Online has reported a total NGR of $130.05 million, a 43% year-on-year improvement. Adjusted EBITDA is -$8.13 million, a significant 79.2% jump.<\/p>\n

As a result, and provided there are no surprises, Codere Online expects to \u201cgenerate positive Adjusted EBITDA and cash flow for the full year in 2024,\u201d according to CFO Oscar Iglesias.<\/p>\n","protected":false},"excerpt":{"rendered":"

Codere Online’s latest financial results, covering the third quarter of 2023, show promising results, indicating that the multinational gambling and betting company is on the right track. Codere Online, which went public on NASDAQ two years ago, reported net gaming revenue (NGR) of $46.97 million for the third quarter. This marks a 41% year-on-year increase […]<\/p>\n","protected":false},"author":64,"featured_media":299124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[81919,81903,81948],"acf":[],"yoast_head":"\nCodere Online Sees Turnover Drop as Revenue Rises in Q3 - Casino.org<\/title>\n<meta name=\"description\" content=\"Codere Online continues to rebound following the restructuring of its parent company, seeing strong growth in Q3.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/codere-online-sees-turnover-drop-as-revenue-rises-in-q3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Codere Online Sees Turnover Drop as Revenue Rises in Q3 - Casino.org\" \/>\n<meta property=\"og:description\" content=\"Codere Online continues to rebound following the restructuring of its parent company, seeing strong growth in Q3.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/codere-online-sees-turnover-drop-as-revenue-rises-in-q3\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-16T14:40:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-18T00:54:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/11\/The-Codere-sign-on-top-of-its-offices.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erik Gibbs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Erik Gibbs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/codere-online-sees-turnover-drop-as-revenue-rises-in-q3\/\",\"url\":\"https:\/\/www.casino.org\/news\/codere-online-sees-turnover-drop-as-revenue-rises-in-q3\/\",\"name\":\"Codere Online Sees Turnover Drop as Revenue Rises in Q3 - Casino.org\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/codere-online-sees-turnover-drop-as-revenue-rises-in-q3\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/codere-online-sees-turnover-drop-as-revenue-rises-in-q3\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/11\/The-Codere-sign-on-top-of-its-offices.jpg\",\"datePublished\":\"2023-11-16T14:40:35+00:00\",\"dateModified\":\"2023-11-18T00:54:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/21bf33e35290a1da9c572298dac6b7ca\"},\"description\":\"Codere Online continues to rebound following the restructuring of its parent company, seeing strong growth in Q3.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/codere-online-sees-turnover-drop-as-revenue-rises-in-q3\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/codere-online-sees-turnover-drop-as-revenue-rises-in-q3\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/codere-online-sees-turnover-drop-as-revenue-rises-in-q3\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/11\/The-Codere-sign-on-top-of-its-offices.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/11\/The-Codere-sign-on-top-of-its-offices.jpg\",\"width\":1200,\"height\":800,\"caption\":\"The Codere sign on top of its offices. 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