Codere Online reported a net gaming revenue (NGR) of €51.7 million for Q3 2024, marking a 20% year-on-year (YoY) increase compared to the same period in 2023.
Total revenue for the three months ending 30 September was €49.2 million, up from €41 million the prior year.
Breaking it down by market, revenue in Mexico reached €24.2 million for the quarter, with NGR at €26.7 million – a 27% YoY increase. The average number of monthly active players in the region rose by 23% YoY from 51,800 to 63,700.
In Spain, both revenue and NGR were €20.9 million for Q3, an 11% YoY increase, with average monthly users growing by 18% from 41,000 to 48,500.
In Codere Online’s other markets across Latin America, NGR grew 24% YoY to €4.1 million. However, average monthly active players slightly decreased by 2%, from 31,700 to 31,200.
Adjusted EBITDA for the third quarter was €1.5 million, up from zero in Q3 2023.
For the nine months ending 30 September, total NGR increased 31% YoY to €159.1 million. In Mexico, NGR stood at €81.5 million, a 44% YoY jump, while in Spain it saw an 18% YoY increase to €64.9 million.
Aviv Sher, Codere Online CEO, stated: “In Mexico, net gaming revenue reached €26.7 million, 27% above the previous year, despite the significant devaluation of the Mexican peso following the presidential election in June. In constant currency terms, our net gaming revenue in the country would have grown by 43%. Meanwhile, performance in Spain remained strong, with net gaming revenue of €20.9 million in the quarter, 11% above last year.”
Oscar Iglesias, Codere Online CFO, commented: “Beyond the significant top-line growth, we also generated €1.5 million of adjusted EBITDA and €3.5 million of cash in the quarter. This is now the third consecutive quarter of positive adjusted EBITDA and brings the year-to-date total to €4.5 million.”
Codere Online expects to close 2024 at the upper end of its guidance, with an NGR forecast of between €205 million and €215 million and an adjusted EBITDA outlook of €2.5 million to €7.5 million.
On that outlook, Iglesias added: “With respect to our existing outlook for 2024, we expect to finish the year in the upper part of the range for both our net gaming revenue and adjusted EBITDA guidance.”
The operator noted among significant events for the quarter that its [request for a hearing](https://www.egr.global/intel/news/codere-online-lodges-appeal-against-nasdaq-delisting/), regarding delisting from the Nasdaq Stock Market, was accepted and is scheduled for 16 January 2025.
The post [Codere Online posts double-digit NGR spike with growth across all markets](https://www.egr.global/intel/news/codere-online-posts-double-digit-ngr-spike-with-growth-across-all-markets/) first appeared on [EGR Intel](https://www.egr.global/intel).