Codere Online achieved revenue of €23.9 million in the first quarter of 2022, an increase of 20% year-over-year.
Net gaming revenue from the online business amounted to €25.5 million, up 24%.
Spain saw the highest levels of net gaming revenue at €13.2, an increase of 1.5%. Gaming revenue in Mexico amounted to €10 million, up 56.2%. Revenue from games in Colombia amounted to €1.5 million, up 81.4%.
Moshe Edree, CEO of Codere Online, said: “The business got off to a good start, with a 24% increase in net gaming revenue in the first quarter, thanks to a very good performance in Mexico and strong results in Spain, where net gaming revenue is higher than it was before the sweeping marketing restrictions put in place in May last year.
Oscar Iglesias, CFO of Codere Online, added that the company expects a significant increase in revenue in the second half.
“The business continued to do well in the first quarter of the year, with revenue growth in line with our expectations,” Iglesias said. “We expect revenue growth to accelerate in the coming quarters and a significant improvement in second half results.”
Codere Online was spun off from Codere, its parent company, as a separate listed company after parent company Codere was taken over by creditors in November last year.