Codere Digital witnessed substantial expansion in the second quarter of 2022, propelled by robust results in Mexico and ongoing growth in Spain. Their overall income hit €27.4 million, a 36% rise compared to the corresponding period last year. Notably, their net wagering income experienced even more remarkable growth, soaring by 41% to hit €29.2 million.
Mexico held a crucial part in this triumph. Earnings from this region nearly doubled in comparison to the previous year, reaching €10.6 million. While Spain persists as their primary market, producing €14.1 million in income, Mexico’s rapid expansion underscores its growing significance for Codere.
Despite these favorable outcomes, the organization still posted a net deficit of €6.7 million for the quarter. Nevertheless, this signifies a considerable enhancement compared to the €16.8 million deficit from the prior year, illustrating progress toward profitability.
Chief Executive Moshe Edree conveyed contentment with the company’s performance, stressing the acceleration of net wagering income growth in the second quarter. He emphasized the remarkable growth in Mexico and the strength of the Spanish market despite new promotional limitations.
This expansion is driven by a swiftly enlarging client base. Codere Digital observed a 29% surge in its clientele during the second quarter, with monthly active users approaching nearly 10.5 million. Notably, almost 8.5 million customers placed their initial deposit during this timeframe, indicating robust client acquisition.
These numbers depict a company on an upward path. Codere Digital’s robust performance in key regions, coupled with its expanding clientele, suggests a promising outlook for the future.
Initial indicators suggest we’re on track to meet our revenue projections for the current year, with digital entertainment income already demonstrating a notable increase in the second quarter.”
Furthermore, the organization acknowledged a recent cybersecurity breach, reporting a €700,000 deficit connected to Coderes capital. As they actively seek to recoup the misappropriated funds, this event has been factored in as a singular, pre-tax expenditure.