Brand Finance Spain ranking

Codere celebrates 85th spot in Spain's top 100 brands ranking

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Codere Online announced Monday that the Codere brand has been ranked 85th among the 100 most valuable brands in Brand Finance Spain's 2024 ranking. 

This marks the twelfth time since 2010 that the Codere brand has received this recognition in its home market, alongside global companies such as Santander, Seat, and San Miguel. Most notably, it is the only company in the gaming industry to be included in the ranking, according to a press release.

The recognition is the latest milestone in what the company calls "a strong year", in which Codere delivered solid financial results both across its Spanish and Mexican operations.

It reported revenue of €50.4 million ($54.3 million) in the first quarter of 2024, while net gaming revenue reached the highest-ever quarterly figure at €53 million ($57.5 million), up 34% from Q1 2024.

Another highlight of the period, Codere reported that its average monthly active players increased by 16% year-over-year to 143,200, driven by targeted marketing efforts in Spain and Mexico. 

Alberto Telias, Chief Marketing Officer of Codere Online, stated: "We are extremely pleased to once again be named in the top 100 most valuable brands in Spain, in what is now the eighth consecutive year. Spain will always be our home market, and retaining our reputation as a key brand in this market despite our growing global footprint makes us very proud."  

Codere Online started operations in Spain in 2014. In the twelve months ended March 31, 2024, the company generated nearly €80 million ($85.94 million) of net gaming revenue and over €28 million ($30.08 million) of Adjusted EBITDA in Spain, further cementing a path to profitability that the company is seeking to replicate across its high-growth Latin American markets.

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