Latest News
Codere Online Reports Financial Results for the Second Quarter 2023

- 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.
Greece
Playzia Strengthens Presence in Regulated Markets Through Strategic Partnership with Novibet

Playzia, a rapidly growing force in the iGaming industry, is excited to announce a strategic partnership with Novibet, a leading international operator. This collaboration significantly extends Playzia’s footprint in the regulated Greek market and other key regions where Novibet operates.
The expansion marks another milestone in Playzia’s commitment to regulated markets, as it continues to broaden its reach while reinforcing its position as an innovator in the iGaming sector.
As part of this agreement, Novibet players will now have access to Playzia’s extensive and engaging catalog of in-house developed games. The lineup includes fan-favorites such as Billionaire Rhino and Cosmos Cash, as well as recent top-performing releases Medusa Mystic Reels Megaways™, Zeus’s Thunderstrike, and T-Rex Treasure Hunt Megaways™. With focus on innovation, Playzia continues to introduce groundbreaking game mechanics such as Hold and Win & Hold and Win Jackpot, Retrigger & Stacked Wilds in Free Spins, Bonus Hold and Win, Persistent Collection & 50 Symbols, and its highly anticipated Love Island content.
Vlad Modorcea, CPO at Playzia, shared his thoughts on the partnership: “Teaming up with Novibet is a significant milestone for Playzia as we continue to grow our presence in regulated markets. Novibet has a stellar reputation for delivering top-tier gaming experiences, making them an ideal partner for us. We are eager to see players engaging with our games and experiencing the unique entertainment Playzia brings to the table.”
Foteini Matthaiou, Casino Product & CRM Director at Novibet commented: “At Novibet, we are committed to elevating the player experience through strategic alliances. Welcoming Playzia’s dynamic game portfolio is a natural next step in delivering innovative, high-quality content that resonates with our players in Greece and beyond.”
This latest agreement further strengthens Playzia’s standing as a premier game supplier, offering a diverse mix of game formats, including crash, table, instant, and probability-based games. With an exciting roadmap ahead, players can look forward to innovative features, engaging gameplay, and thrilling jackpot opportunities.
The announcement follows Playzia’s recent nomination in two key categories at the prestigious EGR B2B Awards 2025: Slot Supplier (Under 5 Years) and Software Rising Star, further underscoring the company’s momentum and industry recognition.
Playzia is also making waves in the branded content space. The company has secured an exclusive content partnership with ITV, the UK’s leading commercial broadcaster, to develop online games inspired by the global phenomenon Love Island. This upcoming series will blend the excitement of reality TV with Playzia’s signature gaming innovations.
The post Playzia Strengthens Presence in Regulated Markets Through Strategic Partnership with Novibet appeared first on European Gaming Industry News.
Latest News
Relax Gaming adds fast-paced Daily Jackpots to its Dream Drop network

Relax Gaming, the iGaming aggregator and supplier of award-winning content, has raised the temperature of its record-breaking Dream Drop Jackpot by introducing Daily Jackpots across the entire network.
The latest evolution of the red-hot jackpot product will see players benefit from three guaranteed Daily Jackpots every day, adding a fresh layer of excitement and more frequent must-drop moments.
Alongside this, the Mega Jackpot has been fine-tuned with an adjusted must-drop value, delivering a smoother, more engaging jackpot experience.
This network-wide update applies to all Dream Drop titles, including the highly anticipated release of Bonsai Dragon Blitz Dream Drop, which arrives on 21st May 2025.
Launched in 2022, the Dream Drop Jackpot has already created millions of euros in prizes across more than 20 lucky Mega Jackpot winners. Today’s update marks the next stage in its evolution, offering players the same beloved product with a hotter-than-ever format.
Alastair Smith, Jackpot Business Owner at Relax Gaming, said: “We’ve listened to player and partner feedback and turned up the heat with a new twist on Dream Drop. The introduction of Daily Jackpots ensures excitement at all hours of the day and builds on what makes Dream Drop the most thrilling jackpot experience on the market.”
Martin Stålros, CEO at Relax Gaming, added: “Dream Drop has revolutionised jackpots since day one, and we’re not slowing down. With Daily Jackpots added into the mix, we’re delivering more value, more often, while continuing to lead the way in jackpot innovation. This is a natural next step for a product that’s all about pushing boundaries.”
The Dream Drop Jackpot is available across the Relax Gaming portfolio, with smash-hit titles such as Temple Tumble 2, Wild Chapo 2 Dream Drop, The Great Pigsby Dream Drop, and the upcoming Bonsai Dragon Blitz Dream Drop all boasting access to its six-tiered prize pool.
The post Relax Gaming adds fast-paced Daily Jackpots to its Dream Drop network appeared first on European Gaming Industry News.
Compliance Updates
UK Gambling Commission Publishes Further Data on the Gambling Industry in Great Britain

The UK Gambling Commission (UKGC) has published further data on the gambling industry in Great Britain.
This data, sourced from operators, reflects the period between March 2020 and March 2025, inclusive, and covers online and in-person gambling covering Licensed Betting Operators (LBOs) found on Britain’s high streets.
This release compares Quarter 4 (Q4) of financial year 2024 to 2025, with Q4 of 2023 to 2024, looking at how the market has changed in comparative periods over a year.
The latest operator data shows:
• online total Gross Gambling Yield (GGY) in Q4 (January to March) was £1.45 billion, an increase of 7% from Q4 the previous year. The overall number of total bets and/or spins increased 5% Year-on-Year (YoY), to 25.2 billion, whilst the average monthly active accounts in the quarter increased 2%, to 13.5 million.
• real event betting GGY increased by 5% YoY to £596 million. The number of bets decreased 1%, while the average monthly active accounts in Q4 decreased 2%.
• slots GGY increased 11% to £689 million YoY. The number of spins increased 6% to 23.4 billion while the average monthly active accounts in Q4 increased 6% to 4.5 million per month.
• the number of online slots sessions lasting longer than an hour increased by 5% YoY to 10.1 million. The average session length stayed consistent at 17 minutes. Approximately 6% of all sessions lasted more than one hour, the same as the Q4 the previous year.
• LBO GGY decreased by 3% to £554 million in Q4 2024 to 2025, compared to the same quarter last year. The number of total bets and spins decreased by 5% to 3.1 billion.
The post UK Gambling Commission Publishes Further Data on the Gambling Industry in Great Britain appeared first on European Gaming Industry News.
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