Lifted by Mexico, Codere Online raises forecast after first breakeven quarter

Lifted by Mexico, Codere Online raises forecast after first breakeven quarter

Article brief provided by iGaming Business
  • Richard Mulligan, iGaming Business
November 15, 2023 7:39 PM
  • Richard Mulligan, iGaming Business

Gaming group Codere Online has achieved its first breakeven quarter some two years after listing in the US.

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Strong growth in its largest markets, Mexico and Spain, contributed towards a double-digit uptick in Codere Online’s net gaming revenue (NGR). The Q3 period to 30 September also saw the NASDAQ-listed group avoid posting negative EBITDA for the first time.

On the back of the Q3 performance, Codere Online has raised its forecast for the second successive quarter. It now expects NGR in 2023 to be between €155m and €165m, up from €150m-€160m. Adjusted EBITDA is now forecast to be negative €10m-€18m, rather than €15m-€25m.