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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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ELA Games Partners With Superbet to Expand Offerings in Serbia

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ELA Games, an innovative game development studio, announces its strategic partnership with Superbet, a tech and entertainment company operating in various key markets across the globe.

Founded in 2008, Superbet’s mission is to deliver exciting, technology-based entertainment in the sports and gaming industries. The company currently has a major presence in 12 countries, including Romania, Belgium, Poland, Serbia, and Brazil.

As part of the collaboration, Superbet will host various ELA Games titles on its Serbian platform, including creative, award-nominated Joker Winpot, high-quality designed It’s Shark Time 2, and renowned classic slot Flame Fruits Frenzy. Players in the region will have access to a diverse portfolio of games that prioritize visual quality, unique gaming experiences, and fun. ELA Games’ titles have a history of commercial success for operators due to their casino-centric features that boost growth metrics such as player acquisition and retention, GGR, and more.

Yaroslav Soloshenko, ELA Games’ Business Development Team Lead, commented on the partnership: “We’re excited to kick off our partnership with Superbet and grab a foothold in Serbia. We’ve identified the market as crucial to our expansion, so we’re looking forward to serving players in the region and becoming a well-known name. The ELA Games team is committed to producing the best games that provide unforgettable memories and fun experiences for all.”

Tanja Nauparac, Country Manager, Superbet Serbia, also commented: “Our company has established a regional reputation of being a champion of customer-centricity, due to the unique and immersive experience that we offer to our players. We are always looking at ways to improve the quality of this experience and diversify our product offering.

ELA Games is the right partner for us in Serbia, having a product portfolio with high quality and variety in terms of content. We are very pleased to start working with them and we look forward to great customer feedback.”

ELA Games continues to grow into one of the premier game development companies, balancing operator-friendly performance with exceptional player experiences. As the studio’s portfolio develops, platforms like Superbet will have more content to ensure its player base remains active, loyal, and satisfied.

The post ELA Games Partners With Superbet to Expand Offerings in Serbia appeared first on European Gaming Industry News.

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EGTs RK6C roulette with a first-ever installation at Volcano Casino in Montenegro

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EGT’s RK6C roulette made its debut on a global level. The product was installed at the sophisticated Volcano Casino in Ulcinj, Montenegro, earlier this month.

We are very happy that the first installation of RK6C was accomplished here,” said Milen Dimitrov, Director of EGT’s office, responsible for Croatia, Montenegro, and Slovenia. “We have a long-term, fruitful cooperation with the operator, which we have now strengthened once again. This roulette has enormous potential to become a favorite of the casino’s customers and the results it has demonstrated so far are eloquent testimony.”

RK6C is the latest member of the company’s portfolio of ETG solutions. Standing out with a sleek design featuring 6 play stations and numerous advanced features, including dynamic LED lighting and engaging sound effects, it provides players with a state-of-the-art gaming experience. Guests of the establishment enjoy unparalleled comfort while trying their luck with Blue Power HD and Green Power HD multigame mixes, containing some of EGT’s well-known slot titles combined with widely preferred multiplayer games such as Baccarat, Blackjack, European, and American Roulette.

Adi Plakalo, Chief Executive Officer, Vezuv d.o.o., highly appreciated the product’s performance. He stated: “Having in mind the great popularity that EGT’s slot games and cabinets from General, Phoenix, and General Series have gained among clients on all our casino floors, we had very high expectations for the RK6C. It not only met, but even exceeded them. That is why, next month, another roulette of this model will be available at one of our other locations. We are also considering more installations in the future.”

The post EGTs RK6C roulette with a first-ever installation at Volcano Casino in Montenegro appeared first on European Gaming Industry News.

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Premier Bet expands partnership with Logifuture by launching Simulate across Africa

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Premier Bet & Partners, one of Africa’s most established online gambling brands, has now integrated Logifuture’s Simulate, further expanding its ongoing relationship with the provider.

Following the successful rollout of Zoom Soccer last year, Simulate is the next step in Premier Bet’s adoption of Logifuture’s portfolio across African markets.

This latest launch strengthens the collaboration between the two companies and brings new levels of entertainment to Premier Bet & Partners customers across the continent.

Simulate brings a fresh layer of engagement to sports betting by allowing users to instantly simulate the outcome of their betslip using the same real teams, events, and markets – without the waiting time of real matches.

The result is instant action, instant results, and instant fun, all of which combine to enhance the classic sportsbook experience.

Niccolò Cassettari, Chief Business Development Officer at Logifuture, said: “Simulate is about innovation and answering players’ demand for instant fun. By creating an additional layer of excitement around the standard betting journey, we are bringing something truly new to users while strengthening Premier Bet’s offering.”

The launch of Simulate highlights the growing collaboration between Premier Bet and Logifuture while underscoring a shared focus on innovation. With further launches planned, the aim is clear: deliver 24/7 engaging iGaming experiences for players across Africa.

Karen Hope, Chief Operations Officer at Premier Bet & Partners, said: “Following on from the successful launch of the Zoom product, Simulate was the next logical step to provide our players with new options for instantly betting on their preferred events. Taking the live odds from real matches is a game changer in Virtual Games, adding even more instant excitement and fun to our customers’ betting experience.”

Logifuture will be exhibiting at SBC Lisbon 16-18 September 2025 on Stand C50 in Hall 3.

 

Please get in touch with James McMath if you would like to interview Logifuture CEO Vincenzo Rocco in-person at the Summit, or another member of the senior leadership team.

The post Premier Bet expands partnership with Logifuture by launching Simulate across Africa appeared first on European Gaming Industry News.

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