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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.
Vixio, a leading provider of regulatory intelligence solutions, has unveiled its 2025 Global Regulatory Awards (GRAs) shortlist.
Now in their ninth year, the GRAs continue to recognise and celebrate the achievements of individuals, teams, and organisations in the gambling industry that have excelled in compliance, corporate social responsibility, and safer gambling. This year’s awards shortlist features 21 award categories, over 190 finalists and more than 100 unique organisations represented. “Congratulations to all of this year’s finalists. Achieving a place on the shortlist is no small feat, especially in our most competitive year yet. The continued growth of the GRAs reflects how seriously the industry takes compliance and the ongoing drive for excellence in this field,” stated Mike Woolfrey, CEO of Vixio. Woolfrey added: “Our thanks go to the judging panel for their diligent and independent evaluation, which ensures the integrity of these awards. We look forward to celebrating with so many of you in November.”
The 2025 GRA presentation will take place on November 19, 2025, at the Grand Connaught Rooms in London. Due to the event’s popularity, the remaining tables will sell out fast. Vixio strongly advises booking now to ensure you don’t miss out. You can now secure your table online in minutes using Vixio’s quick and easy booking portal. Additional information on table bookings can be found here.
The GRAs 2025 shortlist is as follows:
| AML or MLR Professional of the Year | |
| 1 | Carlos Suárez, Catena Media |
| 2 | Cecile O’Connell, LeoVegas |
| 3 | Dave Foppert, DraftKings |
| 4 | Eleni Panagiotopoulou, SOFTSWISS |
| 5 | Georgi Iliev, Delasport |
| 8 | Kate Faulkner, BoyleSports |
| Award for Commitment to Compliance by a Supplier | |
| 1 | BETBY |
| 2 | Digitain |
| 3 | Docaposte |
| 4 | GBG |
| 5 | GeoComply |
| 6 | GeoLocs by mkodo |
| 7 | Kambi |
| 8 | OpenBet |
| 9 | Play’n GO |
| 10 | Pragmatic Solutions |
| 11 | Soft2Bet |
| 12 | Wazdan |
| Award for Commitment to Compliance by an Operator Sponsored by: Gaming Associates | |
| 1 | Betinia |
| 2 | CampoBet |
| 3 | DraftKings |
| 4 | Genting Casinos |
| 5 | LeoVegas |
| 6 | Tipico Games |
|
Chief Compliance Officer of the Year Sponsored by: eCOGRA |
|
| 1 | Abby Cosgrave, LeoVegas |
| 2 | Anton Sikström, Catena Media |
| 3 | Corinne Valletta, Betsson Group |
| 4 | Ed Bedrosian, Xpoint |
| 5 | Filippo Ferri, Delasport |
| 6 | Jennifer Aguiar, DraftKings |
| 7 | Lloyd Lemmon, Pragmatic Solutions |
| 8 | Ray Dunkle, Virginia Lottery |
| 9 | Sara Cass, IFX Payments |
| 10 | Sophie Bowler, Zodia Custody |
| 11 | Steve Richardson, Scientific Games |
| 12 | Tommaso Di Chio, Bragg Gaming |
| Compliance Innovator of the Year | |
| 1 | BetComply |
| 2 | BizAcuity Solutions |
| 3 | GeoComply |
| 4 | Mindway AI |
| 5 | OneComply |
| 6 | OpenBet |
| 7 | Rightlander |
| 8 | Sharp Vision |
| 9 | Soft2Bet |
| 10 | Xpoint |
| Compliance Professional of the Year | |
| 1 | Andrew Poole, Light & Wonder |
| 2 | Ardie Manuel, Virginia Lottery |
| 3 | Arshak Muradyan, Digitain |
| 4 | Bill Curtis, DraftKings |
| 5 | Christopher Lottering, Pragmatic Solutions |
| 6 | Denzil Mason, Genting Casinos |
| 7 | Jeremie Kanter, Continent 8 |
| 8 | Jessica Feil, OpenBet |
| 9 | Juan Jose Daruich, Daruich |
| 10 | Martin Crowe, NexaCompliance |
| 11 | Ryan Farrah, LeoVegas |
| 12 | Tatevik Grigoryan, BetConstruct |
| Compliance Rising Star Special Award | |
| 1 | Attila Hunter, Betika |
| 2 | Birgit Strauszberger, Greentube |
| 3 | Jasmine Yasin, Delasport |
| 4 | Kate Faulkner, BoyleSports |
| 5 | Kevin Kostreci, GLI |
| 6 | Kizzie Fenner, Evoke |
| 7 | Maša Tičar, Pragmatic Solutions |
| 8 | Medisha Moodley, Games Global |
| 9 | Robert Lo Giudice, BetMGM |
| 10 | Shacke Manukyan, BetConstruct |
| 11 | Sheena Patel, DraftKings |
| 12 | Vanessa Hurt, Paysafe |
| Compliance Team of the Year
Sponsored by: Docaposte |
|
| 1 | AGS |
| 2 | BetConstruct |
| 3 | Bragg Gaming |
| 4 | Continent 8 |
| 5 | Delasport |
| 6 | Digitain |
| 7 | DraftKings |
| 8 | OpenBet |
| 9 | Playtech |
| 10 | San Manuel Tribal Gaming Commission |
| 11 | Scientific Games |
| 12 | Wazdan |
| Head of Regulatory Affairs or Government Relations of the Year | |
| 1 | Carl Brincat, LeoVegas |
| 2 | Devon Dalbock, GLI |
| 3 | Emeline d’Ollone, Catena Media |
| 4 | Emőke Péter, Worldline |
| 5 | Filippo Ferri, Delasport |
| 6 | Hartwig Gerhartinger, Paysafe |
| 7 | Michael Karloutsos, Hard Rock International |
| 8 | Travis Foley, BMM Innovation Group |
| Legal Team of the Year | |
| 1 | Alea |
| 2 | Altenar |
| 3 | Betika |
| 4 | Betsson Group |
| 5 | Bragg Gaming |
| 6 | Catena Media |
| 7 | Kambi |
| 8 | LeoVegas |
| 9 | Light & Wonder |
| 10 | OKTO |
| 11 | Paysafe |
| 12 | Virginia Lottery |
| Marketing Compliance Team of the Year
Sponsored by: White Bullet |
|
| 1 | BetMGM |
| 2 | Better Collective |
| 3 | Catena Media |
| 4 | Gentoo Media |
| 5 | LeoVegas |
| Outstanding Contribution to Safer Gambling | |
| 1 | AiR HUB – UNLV International Gaming Institute |
| 2 | Betting and Gaming Council |
| 3 | Casino Guru |
| 4 | EPIC Global Solutions |
| 5 | Flutter Entertainment |
| 6 | GamProtect |
| 7 | Genting Casinos |
The post Vixio Announces the Finalists for the 2025 Global Regulatory Awards appeared first on European Gaming Industry News.
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BC.GAME Named Main Sponsor of St. Kitts & Nevis Patriots, 2021 Caribbean Premier League Champions
BC.GAME has announced it will be the main sponsor of the St. Kitts & Nevis Patriots, the professional cricket team representing the Caribbean nation of St. Kitts and Nevis and winners of the 2021 Caribbean Premier League (CPL) championship. Under the agreement, the BC.GAME logo will appear on the front of the Patriots’ playing jerseys, supported by in-stadium branding, official digital channel integration, and fan engagement initiatives.
Founded in 2015, the St. Kitts & Nevis Patriots play their home matches at Warner Park in Basseterre. The team claimed the CPL championship in 2021 and won the inaugural men’s The 6ixty tournament in 2022. Warner Park has a regular seating capacity of approximately 8,000, which can be expanded to around 10,000 for major events. With consistent results and strong home support, the Patriots remain one of the league’s most competitive teams.
BC.GAME stated that the decision to become the Patriots’ Main Sponsor was based on three key considerations:
- Team influence: The Patriots have delivered strong performances in the CPL and built a large, loyal fan base, aligning closely with BC.GAME’s brand positioning.
- Season focus: The CPL’s compact schedule ensures concentrated and measurable brand exposure, with the front-of-shirt position guaranteeing visibility in key broadcast moments.
- Community connection: The team enjoys strong support both locally and among diaspora communities, making it an ideal platform to pair in-stadium excitement with digital engagement and global fan interaction.
The partnership includes: Main Sponsor status for the 2025 season, front-of-shirt placement on both home and away jerseys (as confirmed by the club), in-stadium and broadcast-visible assets (including perimeter boards and interview backdrops), integration with the club’s official website and social media channels, and a series of fan engagement and reward activities around matchdays and player content.
Jack Dorset, CEO of BC.GAME, said: “Becoming the Patriots’ Main Sponsor puts BC.GAME at the heart of the CPL action. The front-of-shirt position ensures our brand appears at the most important moments of the season. We will pair this visibility with interactive products and experiences that bring the matchday energy to our global online community.”“We are excited to welcome BC.GAME as our Main Sponsor for the 2025 season. From jerseys to the stadium, from broadcast to social media, this partnership will deepen fan engagement and bring the energy of Caribbean cricket to a wider audience.” said Navneet Ganapathi – Sponsorship head of St Kitts and Nevis Patriots
About BC.GAME
BC.GAME is a global online igaming platform that supports multiple cryptocurrency payment options and emphasizes fair, transparent, and mobile-first experiences. The brand continues to expand its international presence through sports sponsorships and community-driven initiatives, serving players worldwide.
About St. Kitts & Nevis Patriots
Founded in 2015, the St. Kitts & Nevis Patriots compete in the Caribbean Premier League. The team won the 2021 CPL championship and the men’s 2022 The 6ixty title. Home matches are played at Warner Park in Basseterre.
The post BC.GAME Named Main Sponsor of St. Kitts & Nevis Patriots, 2021 Caribbean Premier League Champions appeared first on European Gaming Industry News.
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BGaming Marks the First Anniversary of Viral Hit Aviamasters™ with Record-Breaking Metrics
Popular iGaming content provider BGaming celebrates the first anniversary of the release of its viral casual game, Aviamasters™. The game has broken multiple records over the last six months and has redefined what players can expect from aviation-inspired casual gaming.
Launched in July 2024, the game has proven to be a viral banger, demonstrating continued growth throughout the year. In the past six months, it has received over 500 million TikTok views, with over 200 new videos being posted daily on the platform. This incredible social media presence, combined with ad campaigns and affiliate strategies, has built a strong community of players around the game.
Beyond its viral popularity, Aviamasters™ distinguishes itself from the aviation-style crash games that have flooded the market in the last couple of years. Its unique physics-based mechanic shifts the focus from avoiding a crash to mastering a successful landing, making Aviamasters™ stand out as both intuitive and deeply engaging for players worldwide.
This unique approach has clearly resonated with players, with Aviamasters™ delivering excellent metrics. The game reported a 740% increase in new players over the course of five months, with a consistent week-on-week growth, including significant increases across Asia, Eastern Europe, and Latin America.
All of this success has also led to strong market demand, with top-tier casinos adapting the product to fit their own brand, including Shuffle’s “Happy Bird” and RainBet’s “Aviamasters™.
Aviamasters™ and BGaming’s full portfolio of products will be on display at the upcoming SBC Lisbon event in September. The BGaming team will be on hand to discuss the game’s success in person and explore the value that other games in its portfolio can deliver, learn more.
Kate Puteiko, CMO at BGaming, said: “When we launched Aviamasters™ a year ago, we could have only dreamed about how successful it has been. The game’s viral popularity and strategic value are clear. Not only has it helped establish BGaming as a leading voice in the casual gaming space, but it has also helped our partners attract millions of customers. We can’t wait to showcase the game, as well as many of our other gaming products, at SBC Lisbon this September.”
The post BGaming Marks the First Anniversary of Viral Hit Aviamasters™ with Record-Breaking Metrics appeared first on European Gaming Industry News.
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