Online gaming company, Codere, reduces quarterly loss and boosts cash flow during the second quarter.
In a recent report issued by David McKee from COMPLETE iGAMING, Codere Online, a leading company specializing in igaming and sports betting, announced its financial results for the second quarter of 2025.
Despite facing currency challenges, Codere Online managed to reduce its second-quarter loss from €3.7 million to €2.4 million. The company's operations span Spanish-speaking nations, with a significant focus on Mexico.
The report highlighted a mixed performance across regions. In Mexico, Codere Online experienced strong growth, with a 23% increase in net gaming revenue (NGR) in local currency, reaching €29.0 million. This growth was achieved despite a 19% devaluation of the Mexican peso. The active customer base in Mexico expanded by 36%, contributing to the company's success in the region.
On the other hand, Spain and other Latin American countries, including Argentina, Colombia, Panama, and Uruguay, faced headwinds, leading to flat or slightly lower growth. The report did not provide detailed breakdowns of revenue by country beyond Mexico.
In total, Codere Online's consolidated net gaming revenue for Q2 was approximately €55 million, slightly above the prior-year period. However, when adjusted for constant currency, the company showed growth.
Codere Online continues to invest in market presence, notably via sports sponsorship in Mexico, such as the Rayadas women's soccer team, reinforcing its position in the region.
The report did not disclose specific earnings per share or comprehensive net income figures for Q2 2025. However, H1 2025 showed a net loss partly attributed to exchange impacts.
The decline in revenue was observed in US dollars, with a decrease from $4.2 million to $2.7 million. The company's total revenue for the second quarter was €51.4 million, a 1% decline compared to the previous year.
Spain provided €21.8 million to Codere's second-quarter revenue, while Mexico contributed €29.0 million. Other Latin American countries combined contributed €3.7 million. The company also widened its cash flow from €700,000 to €2.1 million.
In terms of user numbers, the number of active monthly users in all other countries decreased by 35% to 20,800. Conversely, the number of active monthly users in Mexico increased by 36% to 84,600.
Codere Online remains confident in meeting its 2025 guidance of net gaming revenue between €220-230 million and Adjusted EBITDA between €10-15 million, despite the currency and market challenges.
This overview reflects the Q2 2025 trends and financial highlights for Codere Online in Mexico, Spain, and other Latin American markets based on the latest July 2025 reports.
In light of the currency challenges, Codere Online's strategic investments in sports sponsorship in Mexico, such as the Rayadas women's soccer team, have helped reinforce its strong business presence in the technology-driven sports betting and igaming sector. Despite slightly lower revenue in US dollars and a 1% decline compared to the previous year, Codere Online's focus on technology and business expansion in Spanish-speaking countries, particularly Mexico, has led to significant growth in net gaming revenue (NGR) and the active customer base.
