Codere Online Luxembourg posted 62.6 million euros in revenue for the third quarter, marking a 31% increase from the same period last year, according to financial disclosures reported by Maeil Business Newspaper.
Third-Quarter Financial Results
The Luxembourg-based operator of online sports betting and casino games in Spain and Latin America announced its unaudited third-quarter results ending September 30, reflecting an adjusted EBITDA of 4.2 million euros, up 45% year-over-year. Gaming win for the quarter reached 67.1 million euros, representing a 30% rise. Alongside these figures, the company reaffirmed its full-year financial outlook.
Net income under IFRS standards climbed to 5.5 million euros for the quarter, compared to 1.4 million euros in the same period last year. For the first nine months of the year, cumulative net income reached 11.1 million euros, recovering from a net loss of 1.7 million euros during the corresponding period in 2023. Total cash reserves stood at 65.6 million euros as of September 30, with zero financial debt.
Regional Growth Drivers
Mexico drove the company’s regional expansion, posting 32.9 million euros in revenue, a 37% increase that accounted for more than half of the total quarterly revenue. Spain contributed 24.8 million euros, representing a 13% rise, while other markets generated 4.9 million euros, up from 1.6 million euros a year earlier. In terms of gaming win, Mexico led with 37.2 million euros, up 39%.
Monthly active players averaged 166,800 during the quarter, a 5% increase overall. While Spain and other regions saw user growth of 5% and 37% respectively, monthly active players in Mexico declined by 3% to 85,600. Company disclosures indicated that the revenue jump in Mexico occurred despite the lower user count, driven instead by higher yield per user and favorable currency movements.
Gaming Win Grows 30% During Third Quarter
“The third quarter was another strong growth period with gaming win up 30% year-over-year, driven by a 39% increase in Mexico and continued momentum in Spain,” said Aviv Sher, chief executive officer of Codere Online, told Maeil Business Newspaper.
The company also pointed to non-operating items affecting quarterly net income, including a 3.4 million euro fair value gain on public warrants and an interest income shift. Adjusted EBITDA figures accounted for a 1.4 million euro long-term incentive plan expense.
“While continuing to invest in growth, we delivered 62.6 million euros of revenue, 4.2 million euros of adjusted EBITDA, and 67.1 million euros of gaming win,” said Marcus Arildsson, chief financial officer of Codere Online, told Maeil Business Newspaper.
He added that while the third quarter benefited from July World Cup carryover effects and favorable exchange rates, growth rates in the coming months are expected to normalize against a high baseline from the fourth quarter of last year.
Codere Online Maintains Annual Guidance and NFL Partnership
Codere Online maintained its annual guidance, projecting full-year gaming win between 255 million and 265 million euros, and adjusted EBITDA between 20 million and 25 million euros. The company also highlighted its multi-year agreement announced on September 10 to become the official betting partner of the NFL in Mexico, which includes sponsorship of the 2026 NFL Mexico City Game scheduled for November 22 and Super Bowl LXI in Los Angeles.
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