Online Gaming Company, Codere, Reports Robust Q2 Income and an Upsurge in Average Monthly Active Users
Codere Online, the leading online sports betting and casino division, has published its Q2 2025 financial results. The company has shown a modest growth trend, with a net gaming revenue of €54.8 million, up 1% year-over-year (12% in constant currency).
In Mexico, Codere Online experienced robust growth, with net gaming revenue increasing by 3% year-over-year (23% in local currency) to €29.0 million. This growth was achieved despite a 19% devaluation of the Mexican peso and an increase in the portfolio of active customers by 36% versus Q2 2024. Spain remained stable both in revenue and user base, with net gaming revenue of around €22.1 million and active players slightly decreasing by 3% to 49,700. The revenue reported by Codere Online from other markets decreased by 16%, recording €3.7 million.
Oscar Iglesias, Codere Online's CFO, stated that strong underlying trends were seen in Mexico, where net gaming revenue grew by 23% in local currency. Despite the currency headwinds, Codere Online maintained revenue growth mainly driven by Mexico's performance.
The company reported a net loss of €3.1 million for the first half of 2025, worsened from €0.2 million loss the previous year. This loss is largely due to exchange rate impacts, but Codere Online maintains its 2025 full-year outlook of net gaming revenue between €220-230 million and Adjusted EBITDA of €10-15 million.
Overall, Q2 2025 shows stable performance in Spain and robust growth in Mexico, both in revenue and active users, indicating positive market dynamics for Codere Online in Latin America despite macroeconomic challenges.
[1] Codere Online Q2 2025 Financial Results Press Release [2] Codere Online Q2 2025 Earnings Call Transcript [3] Codere Online Q2 2025 Financial Presentation Slides
- The surge in net gaming revenue by 23% in local currency in Mexico suggests a promising market for sports betting and gambling as part of Codere Online's business, portraying a positive influence of technology in the industry.
- The finance and investing sector reveals mixed results for Codere Online, with a net loss of €3.1 million for the first half of 2025, yet maintaining a forecast of €220-230 million net gaming revenue for the full year 2025.
- The growth experienced by Codere Online in Mexico, accompanied by the stability in Spain, demonstrates that sports, particularly sports betting, may serve as a substantial asset for the company in its expansion, given the positive business dynamics in Latin America.
