Codere Online, an online gambling company, announced a robust performance in the second quarter of 2022, achieving total earnings of €27.4 million (roughly $27.36 million). This signifies a 36% surge in comparison to the corresponding period the previous year. The firm witnessed particularly remarkable expansion in the Mexican market, where earnings escalated by 84% to hit €10.6 million. Spain also demonstrated steady expansion with a 12% rise, generating €14.1 million for the quarter.
This accomplishment can be linked to a substantial leap in online gaming earnings, which reached €29.2 million, indicating a 41% increase from the second quarter of 2021. Codere Online also succeeded in reducing its net losses to €6.7 million, down from €16.8 million during the same timeframe last year.
Chief Executive Officer Moshe Edree conveyed contentment with the company’s results, emphasizing the acceleration of online gaming earnings in the second quarter. He ascribed this triumph to the strong showing in Mexico, where online gaming earnings practically doubled compared to the preceding year, and sustained expansion in Spain despite more stringent marketing rules.
The company also experienced a 29% growth in its clientele, reaching close to 10.5 million average monthly active users in the second quarter. Nearly 8.5 million users made their initial deposit during this period, a notable 47% jump from the prior year. As of June 30th, 2022, Codere Online declared €85 million in cash reserves.
We observed significant progress toward a profitable fiscal year, with our digital games unit’s exceptional Q2 results serving as a prime example.”
“In advance of this financial report, Coderes experienced a cyberattack and, regrettably, suffered a €700,000 loss due to the fraudulent activity. We are diligently pursuing the retrieval of these assets and have accounted for this event as a singular, pre-tax charge.”
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