Codere Group's leading online sports betting and casino division, Codere Online, released its preliminary financial results for the second quarter of 2025.
The company reported strong revenue during the latest trading period, complemented by an increase in average monthly active players.
Net gaming revenue grows year-over-year
Codere Online's newly released report reveals that net gaming revenue in Q2, or the quarter period ended June 30, 2025, hit €54.8m.
A year-over-year comparison to the €54.4m result reported for the corresponding period in 2024 reveals that this year, the revenue increased by 1%.
According to a breakdown provided by Codere Online, the company's operations in Mexico reported the highest revenue.
In Q2, Codere Online's operations in Mexico reported €29.0m in revenue, up by 3% when compared to the same period last year.
On the other hand, the revenue from the company's Spain operations increased by 1% to €22.1m.
The revenue reported by Codere Online from other markets recorded a 16% decrease, halting at €3.7m, down from €4.4m in Q2 2024.
The company reported strong results despite headwinds
Oscar Iglesias, Codere Online's CFO, said about the recently released results: "We continue to see strong underlying trends in Mexico, where our net gaming revenue grew by 23% in local currency."
Moreover, the executive pointed out: "With the first half of the year now behind us, and notwithstanding that a number of challenges still remain, we continue to expect to meet our net gaming revenue outlook of €220-230m and Adj. EBITDA outlook of €10-15m that we shared earlier this year."
Aviv Sher, the company's CEO, acknowledged that despite some headwinds the company faced in most of the markets where it operates, it was still able to deliver solid net gaming revenue in Q2.
"In Mexico, we were successful in growing net gaming revenue despite the 19% devaluation of the Mexican peso and grew our portfolio of active customers in the country by an impressive 36% versus Q2 2024," Sher said in conclusion.
When it comes to the bigger picture, Codere Online reported strong growth for the first six months of this year.
In total, the company reported net gaming revenue of €111.8m for the six months ending June 30, 2025.
This figure, compared to the €107.4m result from the corresponding period in 2024, points to a year-over-year increase of 4%.
A breakdown of the revenue reported by Codere Online for the first six months of this year shows a notable growth in the company's revenue in Mexico, which soared year-over-year by 9% to €59.5m.
While Codere Online's Spain operations reported revenue of €44.0m for the first six months this year, a result that was on par with the figure from 2024, the revenue from other operations dipped by 4%.
Equally as important, the average monthly active players in Q2 this year increased by 7% to 155,100.
When it comes to the first six months of 2025, the average monthly active players recorded an increase of 10% year-over-year.
