Codere Online continued its robust momentum in Q2 trading as strides were made across its European and Latin American active markets.
The Nasdaq enterprise, which focuses on Spanish-speaking betting markets, reported total revenue growth of 35% year-on-year to €37m [$40m] (Q2 2022: €34m), with a similar uptick of 34% for net gaming revenue to €39m (€26m).
This enabled the company to further reduce its net loss from €6.7m last year to €1.7m, a drop of 75%, and close the quarter with a cash position of €45m. Adjusted EBITDA rose 49% from a €9m loss to a €4.5m loss.
“We’re glad to present a strong set of second quarter results and to continue building upon the momentum from the first quarter,” said Aviv Sher, CEO of Codere Online.
