A wide array of elements were integral to fuelling growth for Codere according to the firm’s CMO, Alberto Telias, who provided insight into the firm’s strategy to securing growth whilst remaining efficient.
One of the key focuses for the Spanish-language market focused gaming group was improving the growth of their applications and optimising operations as they have sought to maximise efficiency.
Leveraging data was also cited as vital by Telias who pinpointed key efforts when it comes to improving the approach to acquisition and retention effort.
‘We are very demanding when it comes to the level of data we receive from the companies we are running. How we analyse this data and how we check it, leads us to the way we deliver. By being on top of this, we know where we need to push and when something is going wrong.”
The group reported a total revenue for Q4 of €46.9m, a 32 per cent increase year-over-year (Q4 2022: €35.6m) with net gaming revenue of €50.1m, a 33 per cent uptick (Q4 2022: €37.7m).
At the heart of this was how much casino operations were thriving as they exceeded expectations by contributing towards 58 per cent of the quarter’s total net gaming revenue.
For the full year, total revenue grew by 41 per cent YoY to €162.6m (2022: €115.7m) with a net gaming revenue of €171.9m, up 40 per cent (2022: €122.9m).
Aviv Sher, CEO of Codere Online, added: “In Q4 2023 we delivered an impressive 33 per cent growth in net gaming revenue to €50 million, our highest ever quarterly figure, despite a tough competition with the World Cup in the prior year period.
“Our strategic focus on Mexico and Spain, where we are seeing a strong return on marketing investment, has proven successful, with significant increases in both our active customer base and spend per customer. Casino continued to exceed our expectations with a second consecutive quarter contributing 58 per cent of total net gaming revenue in the period.”
In a recent interview with CasinoBeats, Sher also emphasised the potential of the Latin American gaming sector. Like many other operators, this region has become a key area of focus for Codere. .
Assessing specific markets, he continued: “Then we will continue to nourish Panama. In Chile right now the regulation is not clear. So we are basically sitting on the fence and waiting to see what’s happening.
“Peru, as it moves forward, we are exploring potential partnerships that would allow us to launch operations in the country.
“And Brazil is for me, as I said before, it’s a super growth market and we need to approach it differently with the correct capital in the correct [way].”
