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Codere Online Reports Financial Results for the Second Quarter 2023

Published

3 years ago

September 1, 2023

Wladimir P.

codere-online-reports-financial-results-for-the-second-quarter-2023

Reading Time: 3 minutes

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.

game releases

Greentube launches Cash Connection – Golden Sizzling Hot with guaranteed Winning Spins

Published

2 minutes ago

July 14, 2026

Wladimir P.

greentube-launches-cash-connection-–-golden-sizzling-hot-with-guaranteed-winning-spins

Greentube, the NOVOMATIC Interactive division, has launched Cash Connection – Golden Sizzling Hot on 14th July 2026. The new title extends the supplier’s Cash Connection series and introduces a gold-themed variant with updated bonus mechanics.

Cash Connection – Golden Sizzling Hot is played on a 5×3 grid with five win lines. Landing six or more disc symbols triggers a Lock & Spin feature, with access to four jackpots across the game and two bonus prizes. The Grand Jackpot can be triggered by landing 15 discs during the feature, which also ends the round.

Greentube said the Mini and Minor jackpots are tied to a separate Winning Spins feature. In this mode, played on a different set of reels without disc symbols, “every spin is a guaranteed win,” according to the company.

Richard Ganster, Director of Games Strategy and Games Portfolio Management at Greentube, said: “Cash Connection has grown into one of our most consistently popular game families, and Golden Sizzling Hot shows exactly why we keep coming back to expand it.

The Lock & Spin feature has always been a strong draw for players, but what really sets this edition apart is the guaranteed Winning Spins feature. Landing a Mini or Minor jackpot doesn’t just add a cash value; it opens the door to a round where every spin wins, and that’s a great incentive for players.

“Giving the game a golden makeover was about more than just a new look. It’s part of how we keep our most established franchises feeling fresh, and Golden Sizzling Hot is a great example of that balance between familiarity and evolution.”

The post Greentube launches Cash Connection – Golden Sizzling Hot with guaranteed Winning Spins appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

game-launch

Habanero releases Galaxy Babies slot with Black Hole Wild blocks

Published

2 minutes ago

July 14, 2026

Wladimir P.

habanero-releases-galaxy-babies-slot-with-black-hole-wild-blocks

Habanero has launched Galaxy Babies, a new 5×3 slot released on 14 July 2026, built around a Black Hole mechanic that randomly drops blocks of Wild symbols onto the reels.

The game runs on 25 paylines. In the base game, the Black Hole can appear at random and “warp in” Wild symbol blocks across the reels. Habanero said Wilds in the title are only triggered through the Black Hole feature.

A free spins mode triggers when three or more Scatter symbols land, with up to 50 free spins available and retriggers during the bonus round. In free spins, Habanero said the Black Hole “grows,” creating larger 3×3 and 4×4 Wild blocks.

Galaxy Babies also supports Habanero’s Jackpot Race, Buy Feature and Super Bet, which the supplier said gives operators options when configuring the game for different player preferences. The release follows recent titles including Happy Hatchlings, Nuwa Deluxe and Steampunk Plinko.

Toni Karapetrov, Head of Corporate Communications at Habanero, commented: “Galaxy Babies is a title with a lot of personality and a mechanic that delivers real impact. The Black Hole Wild is simple to understand but creates moments that feel genuinely exciting.

“It is a game that will appeal to a broad range of players, and we are looking forward to seeing how it performs across our operator network.”

The post Habanero releases Galaxy Babies slot with Black Hole Wild blocks appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

casino content

ICONIC21 distributes full casino portfolio via Blue Ocean Gaming

Published

2 minutes ago

July 14, 2026

Wladimir P.

iconic21-distributes-full-casino-portfolio-via-blue-ocean-gaming

ICONIC21 has signed a distribution agreement with Blue Ocean Gaming that makes the supplier’s full portfolio—live casino, slots and RNG titles—available through Blue Ocean Gaming’s operator network. The companies announced the deal on 14 July 2026.

Blue Ocean Gaming said it aggregates content from more than 140 providers and offers operators a catalogue of over 13,000 casino titles across categories including slots, live casino, virtual sports and sportsbook.

The integration includes ICONIC21’s live casino Gravity Series game-show formats, including Gravity Wheel. ICONIC21 said the title runs multipliers on every spin and includes four multiplier symbols—Saturn, Moon, Comet and Sun—with the Sun multiplier offering wins of up to 1,000x.

The agreement also covers ICONIC21 slots including Buffalo Wild Collection and Las Piggas, alongside RNG titles such as Chicken Run, Mines and Crash.

Alina Mihaela Popa, Chief Commercial Officer at ICONIC21, said: “Being distributed through a platform of this scale, alongside such a strong roster of providers, gives our content exceptional exposure and reach. What makes us proud is that our footprint keeps growing, and it keeps growing very quickly. Each new partnership is a reflection of our strength and potential, and Blue Ocean Gaming is a very meaningful addition to that journey.”

Dejan Jović , CEO at BlueOcean Gaming commented: “ICONIC21 is doing something truly exciting in the live casino space, raising the bar when it comes to player immersion and showmanship. Their ability to take classic table games and supercharge them with dynamic twists like the Gravity series adds a fantastic new layer of entertainment to GameHub. It’s exactly the kind of high-vibe, retention-driven content our operators look for to stand out in a crowded market, and we are thrilled to welcome them on board.”

The post ICONIC21 distributes full casino portfolio via Blue Ocean Gaming appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.