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Codere Online Reports Financial Results for the Second Quarter 2023

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  • Total revenue was €37.1 mm in Q2 2023, while net gaming revenue[1] was €39.1 mm in the period, 35% and 34% above those from Q2 2022, respectively.
  • Mexico revenue was €16.2 mm in Q2 2023, while net gaming revenue was €18.0 mm in the period, 51% above of Q2 2022.
  • Spain revenue (and net gaming revenue) reached €17.5 mm in Q2 2023 (24% above Q2 2022).
  • Net loss was €1.7 mm in Q2 2023 versus a net loss of €6.7 mm in Q2 2022.
  • Total cash position of over €45 mm as of June 30, 2023.
  • Increasing full year 2023 net gaming revenue and Adjusted EBITDA outlook to €150-160 mm and negative €15-25 mm, respectively, and reiterating plan to be EBITDA and cash flow positive for the full year in 2024.

Madrid, Spain and Tel Aviv, Israel, August 31, 2023 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO

/ CDROW, “the Company”), a leading online gaming operator in Spain and Latin America, has released its financial results for the second quarter ended June 30, 2023.

Attached are the main financial and operating metrics of the period.

Aviv Sher, CEO of Codere Online, stated, “We’re glad to present a strong set of second quarter results and to continue building upon the momentum from the first quarter. Our net gaming revenue grew 34% to €39 million, in line with the level from the first quarter despite the seasonal decline in sporting events. Our casino product, which has been a strategic priority for some time, contributed 54% of our revenue in the period”.

Mr. Sher further added, “Mexico posted impressive top line growth of 51% in the second quarter, reaching €18.0 million and surpassing Spain for the first time since launching operations in the country. In Spain, net gaming revenue grew by an equally impressive 24% to €17.5 million.”

Oscar Iglesias, CFO of Codere Online, stated, “We continue delivering strong revenue growth, despite a lower level of marketing investment, on the back of strong brand recognition, higher quality customers and continued improvement in our product offering. This has allowed us to reduce our Adjusted EBITDA loss by more than half to negative €4.5 million in the second quarter.”

Mr. Iglesias further added, “We feel very encouraged by first half results, which continue to exceed our original expectations, and now expect to generate between €150-160 million of net gaming revenue in 2023, a 7% increase at the midpoint versus our prior outlook. In regards to Adjusted EBITDA, we expect to deliver negative €15-25 million, and believe we are well on track to deliver positive EBITDA and cash flow for the full year in 2024.”

Recent Events

Board Member Appointments:

  • In its meeting held on August 30, 2023, our Board of Directors appointed Gonzaga Higuero as a new member, replacing Daniel Valdez as one of five directors nominated by Codere Newco S.A.; o Mr. Higuero was recently appointed CEO of Codere Group and brings an extensive experience in top management positions, leading refinancing processes, turnarounds and acquisitions, both in Europe and Latam;

o The Company thanks Mr. Valdez for his valuable contribution to the Board over his nearly two years of service and for his unwavering support of the Company and its management team;

  • In our Annual General Meeting held on June 22, 2023, Michal Elimelech was appointed as a new member of our Board of Directors, replacing Oscar Iglesias as one of five directors nominated by Codere Newco S.A. Mr. Iglesias will continue working in his current executive role as CFO of Codere Online.

SBC Awards:

We have been invited to participate in the SBC Awards that will take place on September 21, 2023, in Barcelona, and have been nominated in the following categories:o Best affiliate program; o Southern European operator of the year; o Sportsbook operator of the year.

Spanish Retail Withdrawal Fraud:

We recently became aware of a successful fraud committed against the Company in Spain, related to a series of withdrawals totaling €0.5 million made by a customer from his online account in a third-party retail gaming hall (i.e. affiliate). An investigation is underway and the Company will be pursuing a recovery of the misappropriated funds.

Conference Call Information

Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, August 31, 2023. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.

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ONLY FIVE DAYS UNTIL ACR POKER UNLEASHES MASSIVE DUAL VENOM EVENTS WITH $12 MILLION IN GUARANTEED PRIZES

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The $10 Million NLH and $2 Million PLO events start Sunday, April 13th, with top prizes projected at $1 million and $400,000 respectively

The countdown is on as ACR Poker’s flagship Dual Venom tournaments take center stage in just five days, boasting $12 million in guaranteed prize pools and spotlighting two major events: the $10 million NLH and $2 million PLO.

This Sunday, April 13th at 1:05pm ET marks the start of the two massive Venom events running side by side, offering players a chance to compete in some of the biggest tournament action on ACR Poker’s 2025 calendar.

The $10 Million NLH Venom starts with the first of five Day 1s this Sunday. Day 1 survivors will return for Day 2 on Monday, April 28th, and if they advance, continue to Day 3 on Tuesday. Day 3 survivors will compete for the Venom NLH title at the Final Table on Wednesday, April 30th at 4:05pm ET. With a $2,650 buy-in, the champion is set to win an estimated $1 million.

Meanwhile, the $2 Million PLO event spans three days and features a 6-max format. Also offering five Day 1 flights starting this Sunday, this tournament ties as the largest PLO event in ACR Poker’s history. The PLO champion is projected to win a top prize of $400,000, and players have the option to enter multiple Day 1s to build their stack heading into Day 2.

“We’ve all dreamed of that deep run in a big tourney. The best part about the Venom is anyone can take that shot,” said ACR Pro Chris Moneymaker. “Whether you buy-in directly or satellite in for a few bucks, NLH and PLO players are in for huge prize pools, great structure, and big poker action.”

For players still looking to lock in their Venom entry, ACR Poker is awarding over 1,000 seats through Venom Fever Satellites, with qualifiers starting at $0. The Beast, Venom Madness, Direct and Mega Satellites offer players affordable routes into both headline tournaments. Additional opportunities include the Venom Vault, which has already awarded over $150,000 in prizes and 22 X $2,650 seats.

ACR Poker is also hosting Venom Specials during every Day 1 and Day 2 of the Dual Venoms, featuring over $14 million in guaranteed prizes. Plus, the $500,000 GTD Venom Warmup has daily Day 1 flights running April 14th-27th, for a $66 buy-in.

For further details on the $12 Million guaranteed Dual Venom tournaments and other promotions, visit ACRPoker.eu.

The post ONLY FIVE DAYS UNTIL ACR POKER UNLEASHES MASSIVE DUAL VENOM EVENTS WITH $12 MILLION IN GUARANTEED PRIZES appeared first on Gaming and Gambling Industry in the Americas.

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NEW YORK CASINO IN MEXICO WELCOMES CONCEPT AND NEW GAMES FROM ZITRO

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The renowned Mexican operator Logrand has installed Zitro’s new CONCEPT cabinets and a selection of its latest games at the New York Casino in Monterrey.

Building on its global success, the CONCEPT cabinet line stands out for its Magic Lighting, immersing players in a synchronized light display, resulting in a unique sensory experience. Furthermore, the cabinet’s large Screen Deck blends comfort with intuitive functionality, optimizing the experience for players and operational teams.

The installation of the CONCEPT cabinets is complemented by the addition of the medieval-themed multi-game Legendary Sword, in which players can double their prizes through unique mechanics with the help of a magic sword.

On the other hand, Fairyland Quest takes players to an enchanted forest where Magic Mushrooms give access to a different bonus each, while a friendly Fairy will give a special bonus that doubles the playing area.

Juan David Baracaldo, Director of Operations and Product, highlighted: “The addition of Zitro’s CONCEPT cabinets is a great step to continue offering unique and high-quality experiences to our players. The unique combination of technology, spectacular graphics, and the experience these cabinets offer will further elevate our casino’s entertainment offering.”

For his part, Johnny Ortiz Viveiros, founder of Zitro, expressed: “We are very excited to strengthen our partnership with Logrand, a strategic partner that shares our vision of providing exceptional gaming experiences. The new CONCEPT cabinets and games like Legendary Sword and Fairyland Quest are just the beginning of what will transform how players enjoy entertainment.”

 

The post NEW YORK CASINO IN MEXICO WELCOMES CONCEPT AND NEW GAMES FROM ZITRO appeared first on Gaming and Gambling Industry in the Americas.

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Logifuture enters Mexico as Zoom Soccer via Aristocrat Interactive partnership

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Logifuture, a leading supplier of award-winning iGaming products, has entered the Mexican market with Zoom Soccer, via its partnership with Aristocrat Interactive.

Zoom Soccer is a one-of-a-kind 24/7 virtual sports feed that delivers ultra-realistic, fully simulated matches and outcomes, featuring teams and leagues designed to feel familiar to fans. Built to complement real football offerings, it provides a non-stop, immersive betting experience.

With over 30,000 additional pre-match and in-play betting events each month, Zoom Soccer ensures sportsbooks stay engaging – not just during off-seasons but also during quieter moments of the day or week when real football options are limited. Thanks to existing partner integrations, it attracts tens of millions of bets every month.

The integration of Zoom Soccer is facilitated by Logifuture’s existing collaboration with Aristocrat Interactive. Through Aristocrat’s digital gaming platform, Logifuture is bringing its sophisticated products to millions of players across emerging markets, including Africa, Eastern Europe, Latin America and Central America.

Niccolo Cassettari, Chief Business Development Officer at Logifuture, said : “We’re thrilled that sports fans in Mexico will now be able to experience Zoom Soccer, our 24/7 feed of virtual leagues built for sportsbook users. Offering both pre-match and in-play betting, it delivers an experience that closely mirrors real football, keeping users always engaged.

“As the demand for engaging nonstop sports content grows, this integration helps operators deliver. With a broader pre-match lineup and a live section constantly packed with soccer events, Zoom Soccer enhances the sportsbook experience for customers in Mexico.”

Morten Hauge, Head of Sports at Aristocrat Interactive iGaming & Sports, said: “Our partnership with Logifuture allows us to bring innovative and engaging virtual sports experiences to new audiences.

“The addition of Zoom Soccer in Mexico is a great example of how we’re expanding our digital portfolio to meet the growing demand for high-quality, immersive betting content. We’re excited to see how players respond and look forward to continued collaboration with Logifuture.”

The post Logifuture enters Mexico as Zoom Soccer via Aristocrat Interactive partnership appeared first on Gaming and Gambling Industry in the Americas.

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