Tag Archives: Codere Online

Codere Online losses widen despite revenue growth

Codere Online losses widen despite revenue growth

Online gaming operator Codere Online has announced that losses increased 73% quarter-on-quarter from €6.7m (£5.8m/ $7.0m) to €11.6m in Q3 despite revenue growth on both a sequential and annual basis.

Much of the increased losses can be explained by increased marketing spend. Codere spent €5m more on marketing in Q3 than it did in Q2, with an increase from €19.3m to €24.3m. Other costs remained largely static quarter-on-quarter.

Total revenue increased to €28.9m in Q3 2022, a 51% year-on-year increase, while net gaming revenue increased 54% to €30.6m. This compares with the €27.4m in total revenue and €29.2m in net revenue the company received in the preceding quarter. The increased losses can be explained by revenue not increasing at the same speed as marketing spend.

Moshe Edree, CEO of Codere Online, said this growth was driven primarily by the company’s continued expansion in its critical markets of Mexico and Spain, which make up the majority of the business’ total revenue.

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Codere Online debuts first Buenos Aires ad campaign

Codere Online debuts first Buenos Aires ad campaign

Codere Online has launched its first marketing campaign in the City of Buenos Aires after obtaining a licence to offer its services in Argentina’s capital city.

The group has developed its “The next big move is yours” campaign to promote its online gaming, sports betting and online casino services.

Developed by the Italia agency, the campaign will broadcast six spots related to its offering via television and social networks. The campaign begins this month and will continue throughout the year.

Codere said the ads recreate different everyday situations, such as at a bus stop, where players share the excitement of playing games.

Alberto Telias, chief marketing officer of Codere Online, said: “With the launch of this campaign, we continue to strengthen the Codere brand in the region and develop content, experiences and products that, together with the main soccer teams, bring us closer to the local customer.”

Codere Online began operating in the City of Buenos Aires in December 2021..

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