Codere Online, a purveyor of igaming and sports betting to Spanish-speaking nations, reduced its second-quarter loss from €3.7 million to €2.4 million (US$4.2 million to US$2.7 million) year over year. It also widened its cash flow from €700,000 to €2.1 million (US$2.4 million).
Revenue declined 1% to €51.4 million (US$58.7), which the company blamed on the devaluation of the Mexican peso. Accounting adjustments showed 30% revenue growth.
Mexico remained the primary source of Codere’s revenue, at €29 million during the quarter. This was compared to €21.8 million from Spain and €3.7 million from all other Latin American countries combined, a 16% drop-off.
Active monthly users in Spain declined to 49,700 but vaulted 36% in Mexico, reaching 84,600. All other users plunged to 20,800, down 35%.
