Codere Online closed 2024 with a strong performance, reporting a net gaming revenue (NGR) of €211.6 million for the full year, reflecting a 23% increase compared to 2023. The company’s growth was also evident in the final quarter, with Q4 NGR reaching €52.6 million, marking a 5% rise year-over-year from €50.1 million in Q4 2023. These results highlight Codere Online’s ability to expand its market presence and optimize operations in a competitive iGaming landscape.
Q4 Performance: Revenue Growth and Increased Player Engagement
Codere Online’s fourth-quarter performance showcased steady momentum across key financial and operational metrics. Total Q4 revenue stood at €50 million, while NGR reached €52.6 million, with 62% generated from casino operations and 38% from sports betting.
The company also experienced a 6% year-over-year increase in average monthly active players, reaching 147,500 in Q4 2024 compared to 139,200 in Q4 2023. Meanwhile, the average monthly spend per active player remained stable at €119. 
In terms of geographic performance, Spain reported a 10% YoY revenue increase to €22.8 million, while Mexico’s revenue remained flat at €25.1 million, primarily due to the depreciation of the Mexican peso. However, on a constant currency basis, Mexico’s growth would have been 14%. Other regions contributed €4.6 million, reflecting a 10% increase from €4.1 million in Q4 2023.
Profitability and Nasdaq Listing Compliance
Q4 2024 also marked a significant financial improvement, with adjusted EBITDA reaching €1.9 million, a turnaround from a €4.1 million loss in Q4 2023. This reflects Codere Online’s strong cost management and revenue growth strategy.
Additionally, the company secured approval from the Nasdaq Hearings Panel on February 12 to maintain its listing, contingent on filing its 2023 annual report by May 12. Codere Online’s CEO, Aviv Sher, acknowledged the challenges surrounding compliance but expressed confidence that the company is on track to meet the extended deadline.
Full-Year 2024 Results and Strategic Outlook
For the full year, NGR increased by 23% to €211.6 million, significantly surpassing the €171.9 million recorded in 2023. Codere Online also saw a 13% increase in average monthly active players, reaching 144,900 in 2024 compared to 128,300 in 2023.
The company’s adjusted EBITDA for the full year was €6.4 million, a significant turnaround from the €11.7 million loss in 2023. CFO Oscar Iglesias highlighted that Codere Online’s strong fourth-quarter performance helped exceed the midpoint of its initial NGR outlook of €185 million – €200 million and that the company ended 2024 with four consecutive quarters of positive adjusted EBITDA.
Challenges and Market Developments in 2025
Codere Online also addressed regulatory challenges in Colombia, where the government introduced a new 19% value-added tax (VAT) on all online deposits, effective February 21, 2025, through December 31, 2025. The company expects legal challenges from the industry regarding the constitutionality of this tax and is currently evaluating its legal and operational response.
Looking ahead to 2025, Codere Online projects NGR in the range of €220 million to €230 million and adjusted EBITDA between €10 million and €15 million. Furthermore, the company announced a share buyback program of up to $5 million, pending shareholder approval at the March 3 general meeting.
Iglesias emphasized that, despite currency headwinds, Codere Online remains confident in its long-term financial performance and ability to generate strong cash flows in 2025.
For iGaming providers and industry decision-makers, Codere Online’s Q4 and full-year 2024 results offer valuable insights into the impact of market expansion, cost discipline, and strategic investment in technology. As the company continues strengthening its foothold in key markets, its 2025 outlook signals further growth opportunities and financial resilience in a dynamic industry.
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