Codere Online has reported an 8% year-on-year increase in net gaming revenue (NGR) for the first quarter of 2025, with Mexico emerging as the standout performer.
NGR in Mexico rose by 15%, from €26.6m in Q1 2024 to €30.5m this year, significantly contributing to the group’s total NGR increase from €53m to €57m.
This growth came despite a 2% dip in revenue from Spain, which fell from €22.3m to €21.9m. Meanwhile, Codere’s other markets – including Colombia – delivered a 10% rise in NGR, climbing from €4.1m to €4.5m.
Across all regions, the average number of monthly active players grew 13% year-on-year, from 143,200 to 161,300. Mexico alone saw a 31% surge in active players.
Oscar Iglesias, Chief Financial Officer at Codere Online, commented:
“We are very pleased with our performance in Mexico and the underlying trends in local currency. Also, our portfolio of active customers grew by an impressive 31% versus the prior year quarter, which is quite encouraging.”
He added that the company remains on course to meet its full-year targets:
“Based on these results, we believe that we are on track to meet our net gaming revenue outlook of €220-230m and adjusted EBITDA outlook of €10-15m that we provided to investors earlier this year.”