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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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Booming Games marks two years in South Africa, targets top supplier spot

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Booming Games says it is marking two years in South Africa and is setting a target to be “recognised as the market’s leading games provider in the next 1-2 years,” according to a company statement dated 14 July 2026.

The Malta-based supplier entered the market in July 2024 and says it has since grown from a single partner relationship to working with “a host of tier one operators across Africa.” The company also claims its local team has doubled in size, with further hiring planned in the coming months, and noted shortlistings at the SiGMA Africa Awards and iGA Summit Awards earlier this year.

In South Africa, Booming Games said it has more than 145 titles “tested, approved and live” in Mpumalanga, Western Cape and Eastern Cape. The company also pointed to a partnership announced last month with World Sports Betting (WSB), under which a selection of its titles will be integrated into WSB’s platform.

Solomon Godwin, Head of Africa at Booming Games, said: “Close partnerships with operators is central to our ability to innovate and deliver at speed. These collaborations allow us to establish a comprehensive feedback loop that informs future games. Put simply, we listen to our punters through our partners.”

Looking ahead, Booming Games said it plans to expand into “every remaining province” and increase investment in local presence and operator partnerships, including targeting new aggregator platforms entering the market. The supplier also said it will expand its release pipeline with localised titles and is developing new games across crash and instant categories, alongside updates to existing games.

Max Niehusen, Founder of Booming Games, said: “South Africa already drives the largest proportion of our revenues in Africa, and as we celebrate two successful years here, we are well placed to build out our offering even further over the years ahead.”

The post Booming Games marks two years in South Africa, targets top supplier spot appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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Tonybet awards €7,000 silver prize in World Cup Card Collection campaign

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Tonybet has awarded a €7,000 prize to a player in Kilcock, Ireland, after the customer found the campaign’s silver card in the operator’s World Cup Card Collection promotion. The update was announced Tuesday 14th July 2026.

The World Cup Card Collection includes 51 cards: 48 digital cards representing each participating World Cup nation, plus three unique cards—gold, silver and bronze—tied to prize payouts. Tonybet said the bronze card was available during the group stage and was previously found by a customer in Canada.

According to the operator, the silver card was available during the knockout rounds through the quarter-finals. The gold card is now in play for the semi-finals, third-place play-off and final.

Tonybet Head of Product Kiryl Liudvikevich said: “Our Tonybet World Cup Card Collection Bronze prize went during the group stage; now Silver has gone too!

“A massive congratulations to our lucky winner in Kilcock, County Kildare. Silver was always the knockout-round card, available once the World Cup reached the stage where a single result ends a team’s tournament. It has found its winner just as the field thins to the last handful of nations.

“Now we’re down to the final four, that’s where the competition really hots up, leaving just the golden card still hidden somewhere for our lucky winner to find. Best of luck to all of our players as this amazing World Cup reaches its conclusion this week.”

Tonybet said its World Cup Card Collection runs until 31 July. With the bronze and silver cards already claimed, the remaining campaign prize depends on when the gold card is found before the promotion ends.

The post Tonybet awards €7,000 silver prize in World Cup Card Collection campaign appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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Tequity signs Koom Games to its RGS platform

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Tequity has agreed a Remote Gaming Server (RGS) deal with slot studio Koom Games, with the partnership announced on 14 July 2026. Koom Games will use Tequity’s licensed modular RGS to develop and roll out new titles for distribution to operators worldwide.

Under the agreement, Koom Games will use Tequity’s infrastructure to handle game delivery while keeping control of its creative and development roadmap. The studio said its approach is to build content closer to mobile and social gaming than traditional casino titles.

Tequity said it currently supports 31 RGS clients and manages more than 130 integrations across regulated markets. The company positioned the Koom Games deal as part of a wider run of commercial agreements with providers and operators.

Tanja Bergman, VP of Partnerships at Tequity, said: “Koom Games is a studio that is looming to enter the global market by making a big splash. The team’s dedication to creating content that is genuinely fresh is highly impressive. We are thrilled to offer the stable, high-performance environment needed to transform this creative vision into a market-leading reality.”

Marko Zulj, CEO & co-founder at Koom Games, said: “Whenever operators and aggregators ask us what category our games fit into, we actually struggle to give a traditional answer. Instead, we tell them, ‘you’ll need to try them, because you haven’t played this before’.

“Our games come with completely new mechanics, fresh math, and features built for social engagement. To scale such a vision and remain agile, we needed more than a reliable RGS — we were looking for a robust iGaming platform that lets us confidently develop in any direction, and we found exactly that in Tequity.”

The post Tequity signs Koom Games to its RGS platform appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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