Summary
- Codere Online has revealed its financial performance for the second quarter of 2025.
- The company experienced a remarkable boost in net gaming revenue, soaring to €54.8 million, marking a significant year-over-year rise.
- In the second quarter and throughout the first half of 2025, we saw an inspiring rise in the number of average active monthly players.
Codere Online, the leading force in Codere Group's online sports betting and casino realm, proudly announced its preliminary financial results for the second quarter of 2025. The company celebrated robust revenue growth this period, driven by a surge in average monthly active players.
Net gaming revenue grows year-over-year
Codere Online recently unveiled their latest report, showing that net gaming revenue for the second quarter, which wrapped up on June 30, 2025, reached an impressive €54.8 million. When you look at this figure alongside last year’s €54.4 million for the same period, there's a clear 1% growth. Delving into the details, it's evident that Mexico is the shining star of Codere Online's operations. The revenue from Mexico hit €29.0 million this quarter, marking a healthy 3% rise from last year. Meanwhile, Spain also made gains, seeing its revenue climb by 1% to €22.1 million. However, it's not all smooth sailing. Revenue from the company's ventures in other markets took a hit, dropping 16% to €3.7 million, down from the €4.4 million recorded in the second quarter of 2024.
The company reported strong results despite headwinds
Oscar Iglesias, Codere Online's CFO, expressed optimism as he shared the latest results, highlighting, We continue to experience robust growth in Mexico, with our net gaming revenue climbing by 23% in local currency. He added, Although challenges persist, as we move beyond the first half of the year, we remain on track to achieve our net gaming revenue target of €220-230 million and our adjusted EBITDA goal of €10-15 million, as previously projected. Aviv Sher, the company's CEO, also shared insights, emphasizing that despite encountering hurdles across various markets, the company still managed to post impressive net gaming revenue in Q2. In Mexico, Codere Online demonstrated resilience by growing its net gaming revenue, even in the face of a 19% devaluation of the peso, while simultaneously expanding its active customer base by 36% compared to Q2 2024. Looking at the broader picture, Codere Online experienced considerable growth in the first half of the year. The company reported net gaming revenue of €111.8 million for the six months ending June 30, 2025, marking a 4% increase from the €107.4 million captured over the same period in 2024. Breaking it down further, Mexico exhibited notable revenue growth, rising by 9% year-over-year to €59.5 million. Meanwhile, operations in Spain maintained steady revenue of €44.0 million, consistent with the previous year, although revenues from other sectors saw a 4% decline. Moreover, the average monthly number of active players in Q2 saw a healthy 7% increase to 155,100. Over the first six months of 2025, the average monthly active players surged by 10% year-over-year.
