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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.
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Independent evaluation highlights impact of Ygam’s parent programme

An independent evaluation has provided compelling evidence that Ygam’s work is effectively equipping families with the tools and knowledge to safeguard children from gaming and gambling harms.
The evaluation report, conducted by Sherbert Research, examined Ygam’s programme tailored for parents and carers, which includes online workshops, resources, and the Family Hub website.
The evaluation, assessed against Ygam’s comprehensive Theory of Change, found ‘strong evidence across all groups’ of increased understanding of gaming and gambling harms and their impact on behaviour change and the wellbeing of children and young people. It also highlighted that parents regard Ygam as a trusted source of support and information on these subjects.
After attending a Ygam workshop, parents expressed a deeper understanding of their role in supporting children and young people on these issues. The workshops were credited with reducing stigma around gaming and gambling harms and encouraging greater engagement from families. Many parents reported proactively understanding the risks and feeling empowered to start conversations with their children about gaming and gambling, putting boundaries in place before harm occurs.
While parents and professionals are increasingly aware of the risks associated with gaming, fewer recognise children’s potential exposure to gambling and gambling-like features, along with the related harms. The report reinforces that Ygam’s work plays a vital role in closing this critical knowledge gap through awareness raising, offering effective safeguarding tools, and providing the guidance and support required to create a safer digital home environment.
The programme was also commended for shifting perceptions around video gaming and microtransactions. They described taking immediate proactive steps such as adjusting screen time, understanding app spending, and setting clearer rules around their child’s online habits.
One parent who took part in the evaluation said: “After the session, I checked my son’s gaming account and realised he had spent over £200 on in-game purchases. We talked about it, and I’ve now set up parental controls.”
The high quality and standard of Ygam’s educational content was also praised by parents, with many describing it as ‘one of the best’ workshops they had attended for addressing a topical and complex issue, and for delivering accessible knowledge that supports real-life action.
Another parent said: ” A friend mentioned Ygam after I shared concerns about my son’s gaming habits. She had been on the course and said it had really helped her understand how to manage screen time”.
Claire Patel, Programme Lead for the Parents and Carers programme at Ygam, said: “We welcome the findings of this evaluation, which highlight the widespread and meaningful difference our programme is making for families. Parents and carers know their children better than anyone, and they have a crucial role to play – but they consistently tell us they often feel under-informed in today’s fast-moving digital world. We remain committed to listening to families and providing the information and tools they need to promote healthy habits and safeguard their children from potential harms.”
The evaluation was informed by interviews and video diaries from parents, foster carers, and professionals who attended Ygam workshops between 2023 and 2024.
All recommendations for improvement will be incorporated into the ongoing review and development of Ygam’s programmes to ensure they remain as effective and impactful as possible.
The post Independent evaluation highlights impact of Ygam’s parent programme appeared first on European Gaming Industry News.
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Endorphina’s Sticky Lips: Our Joker Returns, Ready to Stick You with Unforgettable Luck!

Prepare for an unforgettable summer as Endorphina announces the highly anticipated release of Sticky Lips, its latest captivating slot, on the 8th of July. This visually striking title invites players into a vibrant world where Endorphina’s Joker makes a remarkable return, blowing irresistible kisses to make their winnings truly stick.
She’s wild, she’s wicked – and her lips are ready to stick you with luck! Dare to stare into her eyes in this 5-reel 4-row slot with 50 fixed paylines and prove your worth to get a lucky, juicy kiss. With every spin, her lips glow and tempt, hungry to lock in golden wins.
Key highlights of Sticky Lips:
- Vibrant Visuals: The captivating graphics and symbols, such as gleaming gold bars, blazing sevens, and shiny bells, bring the world of Sticky Lips to life.
- Mobile Compatibility: Enjoy the sticky-sweet fun anytime, anywhere, with seamless play across all devices.
- Free Games with the Sticky Wild Feature: Land 3 Scatter symbols to trigger 10 Free Games where Wilds become sticky for even more incredible wins. Scatters covered by a Wild still count towards new combinations!
- Classic Risk Game: Dare to double your winnings up to 10 times in our signature Risk Game!
What truly sets Sticky Lips apart is its unique blend of familiar slot charm with an enticing, playful narrative. Sticky Lips features a visually striking design that captures the playful mystery and growing anticipation, drawing players deeper into the narrative with every spin.
Why try Sticky Lips?
For over 12 years, Endorphina has stood out as a premier slot provider in the iGaming industry. Since the beginning of our journey, we’ve developed slot games celebrated for their stunning visuals, engaging features, unique themes, and immersive gameplay. Our player-centered approach to game development ensures every slot delivers a magical, mobile-compatible experience, packed with thrilling features for everyone to enjoy.
The post Endorphina’s Sticky Lips: Our Joker Returns, Ready to Stick You with Unforgettable Luck! appeared first on European Gaming Industry News.
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INSPIRED ENTERTAINMENT CELEBRATES RECORD-BREAKING LAUNCH OF GOLDEN WINNER GRAND CHANCE

Inspired Entertainment, Inc. (NASDAQ: INSE) (“Inspired” or the “Company”), a leading B2B provider of gaming content, systems, and solutions, announced that Golden Winner Grand Chance™ has become the most successful UK and European iGaming launch in the Company’s history.
Released at the end of May across the UK, Gibraltar, and MGA jurisdictions, Golden Winner Grand Chance has rapidly secured the top spot, leading performance charts and setting new records across all industry key engagement and retention metrics. The game has already attracted over 200,000 unique players and boasts a 25% day-one retention rate, with 40% of players returning weekly, demonstrating its broad appeal across diverse demographics.
The game’s success cements Golden Winner Grand Chance as Inspired’s most successful UK release to date, surpassing previous benchmarks and further elevating the Golden Winner franchise, which now includes three of Inspired’s most-played UK titles. These include: Golden Winner™, Piggy Winner™, and the now record-breaking Golden Winner Grand Chance™.
Designed to deliver high-impact entertainment, Golden Winner Grand Chance builds on the original Golden Winner hit with an exciting combination of proven features and innovative twists. Mechanics such as Fortune Spins, Bonus Buy, and the standout Grand Chance Cherry, which offers the potential for significant prize pot wins, have driven both engagement and retention. The inclusion of two RTP rates ensures broad market suitability, while a suite of fun gameplay features keeps players returning for more.
The exceptional performance of Golden Winner Grand Chance highlights Inspired’s ability to develop compelling, feature-rich content that resonates with players and delivers consistent value to operators. With prominent in-lobby visibility and free spins activation strategies driving player acquisition, operators have quickly leveraged the game’s momentum.
Claire Osborne, Vice President of Interactive at Inspired, said: “Golden Winner Grand Chance has been a phenomenal success and a defining moment for our iGaming roadmap. It’s a perfect example of how our deep understanding of player preferences, combined with innovative game design, can lead to record-breaking performance. We’re thrilled with the results and excited to keep that momentum going well into summer with more blockbuster titles to come.”
The post INSPIRED ENTERTAINMENT CELEBRATES RECORD-BREAKING LAUNCH OF GOLDEN WINNER GRAND CHANCE appeared first on European Gaming Industry News.
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