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Codere Online Reports Financial Results for the Fourth Quarter and Full Year 2023

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Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited[2] financial results for the fourth quarter and year ended December 31, 2023.

Below are the main financial and operating metrics of the period.

Quarter ended December 31

Year ended December 31

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2022

2023

Chg. %

2022

2023

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Chg. %

Net Gaming Revenue (EUR mm)1

Spain

17.8  

20.8  

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17%

60.0  

75.7  

26%

Mexico

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16.3  

25.1  

54%

51.1  

81.7  

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60%

Colombia

2.3  

2.3  

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7.9  

8.5  

8%

Other

1.3  

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1.8  

38%

3.9  

6.0  

54%

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Total

37.7  

50.1  

33%

122.9  

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171.9  

40%

Avg. Monthly Active Players (000s)[3]

Spain

41.3  

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47.4  

15%

38.1  

42.3  

11%

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Mexico

50.8  

59.1  

16%

38.5  

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52.5  

37%

Colombia

38.5  

23.0  

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(40%)

28.7  

24.3  

(15%)

Other

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11.2  

9.6  

(14%)

7.9  

9.2  

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17%

Total

141.8  

139.2  

(2%)

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113.1  

128.3  

13%

 

Aviv Sher, CEO of Codere Online, stated, “In Q4 2023 we delivered an impressive 33% growth in net gaming revenue to €50 million, our highest ever quarterly figure, despite a tough comp with the World Cup in the prior year period. Our strategic focus on Mexico and Spain, where we are seeing a strong return on marketing investment, has proven successful, with significant increases in both our active customer base and spend per customer. Casino continued to exceed our expectations with a second consecutive quarter contributing 58% of total net gaming revenue in the period.”

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Mr. Sher further added, “Our net gaming revenue in Mexico grew by 54% in the fourth quarter, reaching more than €25 million, whereas net gaming revenue in Spain, grew by 17%, to nearly €21 million. We were able to grow our active customer base by more than 15% in both markets in the quarter which we believe is impressive considering the similar level of marketing investment in these countries in 2023 versus the prior year.”

Oscar Iglesias, CFO of Codere Online, stated, “Our fourth quarter results have allowed us to reach nearly €172 million of net gaming revenue for the full year, 19% above the midpoint of the initial €140-150 mm outlook we provided early last year. This outperformance, combined with the overall lower level of marketing investment, also allowed us to deliver a better than expected negative €12mm in Adjusted EBITDA versus the initial outlook of negative €20-30mm.”

Mr. Iglesias further added, “We are very encouraged by our performance in 2023 which further supports our expectation that we will generate positive Adjusted EBITDA and cash flow for the full year in 2024, a year in which we expect net gaming revenue of €185-200 mm. In short, we expect to deliver upon our original commitment to investors to be a profitable company in the third year after de-SPAC and are more committed than ever to creating meaningful value for our shareholders.”

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, February 29, 2024. 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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Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

Quarter ended December 31

Year ended December 31

Figures in EUR mm

2022

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2023

Chg. %

2022

2023

Chg. %

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Total

Revenue

35.6  

46.9  

32%

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115.7  

162.6  

41%

(+) Accounting Adjustments[4]

2.1  

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3.1  

48%

7.2  

9.2  

28%

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Net Gaming Revenue

37.7  

50.1  

33%

122.9  

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171.9  

40%

Spain

Revenue

17.8  

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20.8  

17%

60.0  

75.7  

26%

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(+) Accounting Adjustments3

     –  

                –  

n.m.

    –  

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     –  

n.m.

Net Gaming Revenue

17.8  

20.8  

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17%

60.0  

75.7  

26%

Mexico

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Revenue

14.5  

22.6  

56%

45.5  

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73.3  

61%

(+) Accounting Adjustments3

1.8  

2.5  

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39%

5.6  

8.4  

50%

Net Gaming Revenue

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16.3  

25.1  

54%

51.1  

81.7  

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60%

Colombia

Revenue

2.4  

2.8  

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17%

7.0  

9.3  

33%

(+) Accounting Adjustments3

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(0.1) 

(0.5) 

n.m.

0.9  

(0.8) 

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n.m.

Net Gaming Revenue

2.3  

2.3  

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7.9  

8.5  

8%

Other

Revenue

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0.9  

0.7  

(22%)

3.2  

4.4  

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38%

(+) Accounting Adjustments3

0.4  

1.1  

n.m.

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0.7  

1.6  

129%

Net Gaming Revenue

1.3  

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1.8  

38%

3.9  

6.0  

54%

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Press Releases

Meridianbet Launches ‘Scan. Help.’ Humanitarian Initiative to Support Maternity Hospitals in Southeast Europe

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Meridianbet, a member of the Golden Matrix Group (NASDAQ: GMGI), in partnership with Meridianbet Foundation, Expanse Studios, and BC Crvena zvezda Meridianbet announces the launch of a significant humanitarian initiative, ‘Scan. Help.’, aimed at supporting maternity hospitals across Southeast Europe.

The rollout of this action to other market territories is expected in the remainder of 2024.

How It Works

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For every scanned QR code and subsequent registration on the Meridian Foundation’s website, funds will be allocated towards equipping five maternity hospitals in Serbia. This innovative approach not only raises awareness but also actively involves the community in our CSR activities.

The initiative is currently ongoing with high media presence and is broadcasted during Southeast Europe’s regional basketball Finals series (ABA League). BC Red Star players wear jerseys featuring the QR code, with additional promotion through basketball arena ads, TV ads, and more, encouraging fans and supporters to participate.

A Unified Effort for Community Impact

The ‘Scan. Help.’ campaign is a collaborative effort involving Meridianbet, Meridianbet foundation, Expanse Studios, and basketball club Crvena zvezda Meridianbet, Southeast Europe’s leading basketball club, of which Meridianbet is the name sponsor. The initiative is designed to leverage our collective resources and influence to make a meaningful impact on local communities.

Multi-Stakeholder Support and Growing Participation

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The ‘Scan. Help.’ campaign has received institutional support ad backing from the Ministry of Health, reinforcing the importance and legitimacy of this cause. Additionally, several companies have already expressed their desire to contribute, with provisions made for donations through the Meridian Foundation’s account. This broadening support network amplifies the initiative’s reach and potential impact.

This campaign exemplifies Meridianbet’s dedication to sustainable development and community well-being. In 2023 alone, the company has launched 225 CSR campaigns, reflecting the commitment to making a lasting impact.

The post Meridianbet Launches ‘Scan. Help.’ Humanitarian Initiative to Support Maternity Hospitals in Southeast Europe appeared first on European Gaming Industry News.

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Press Releases

PopOk Gaming Unveils Exciting New Instant Game: “Dice”

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PopOK Gaming, a leading innovator in the gaming industry, is thrilled to announce the launch of its latest Instant game sensation: “Dice”.

“Dice” is a dynamic game that puts players’ instincts and strategies to the test. Participants can jump in at any moment and predict whether the resulting number will be higher or lower than their selected number. With every roll, the excitement mounts as players watch the green fields light up, indicating their path to victory.

It’s not just about luck – it’s about strategy too. Players have the opportunity to adjust their multiplier, choose their odds, and press start for a thrilling gaming experience.

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Here’s how it goes down:

📈 Move the dice higher or lower on the screen.
🚀 Choose over or under.
⏳ Place your bet and hold on tight.
🎲 Launch the dice!
🏆 Win big, with potential rewards of up to x9600!

With its user-friendly interface and exciting gameplay, “Dice” promises to captivate players of all skill levels. Whether you’re a seasoned gamer or new to the world of Instant games, “Dice” offers endless opportunities for fun and excitement.

Join the action today and roll the dice for your chance to win big! Visit PopOK Gaming to start playing now.

 

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The post PopOk Gaming Unveils Exciting New Instant Game: “Dice” appeared first on European Gaming Industry News.

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eSports

SuperGaming Reveals Nationwide Grassroots Indus Battle Royale Esports Tournament Series With Rs. 5,50,000 Prize Pool

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Made-in-India battle royale Indus is hosting its first ever series of nationwide grassroots esports tournaments dubbed Indus Inferno. This is SuperGaming’s summer special of tournaments with prizes and bragging rights on the line — but most importantly: a chance for players to experience Indus at the highest skill level and be the best in India’s first new-generation battle royale.

Created by award-winning Pune-based developer SuperGaming, Indus is an Indo-Futuristic battle royale slated for mobile, PC, and consoles with pre-registrations live on Google Play for Android. Pre-registrations for the game have crossed 10 million already.

Indus Inferno kicked off with the Regional Scrims featuring a Rs. 50,000 prize pool this week. The scrims were met with immense excitement, with players hailing from multiple cities across India.

The Indus Inferno Finale scheduled to take place on 1st June will feature a lucrative prize pool of Rs. 5,00,000.

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Player registration for the Open Qualifiers is now open and will end on 19th May. The Qualifiers are set to run from 20th May to 24th May. It is important to note that only the top 2,000 players from the Inferno in-game Leaderboard will be eligible to register for the qualifiers. The top 10 winning teams from the Open Qualifiers will earn coveted spots in the finale, joining the invited esports teams for an epic showdown.

The following teams have been invited for the Indus Inferno Finale:

  • Team Moggers

  • Team Redlock

  • Team Pushpa

  • Destruction of Game

In addition to this, teams of Indus content creators, community members, several esports organizations as well as winners of past playtests will be present for the tournament. There’s a total prize pool of Rs. 5,00,000 with the winners netting Rs. 2,50,000 and the runners-up, third-place, and fourth place getting Rs. 1,00,000, Rs. 75,000, and Rs. 50,000 respectively. The most valuable player will get Rs. 25,000.

More importantly, the finale will feature India’s top esports team owners so Indus’ best players can have face to face opportunities to be scouted for a career in esports playing Indus. These include:

  • Godlike Esports

  • Revenant Esports

  • Orangutan

  • Entity Gaming

  • Reckoning Esports

  • Carnival Gaming

  • Chemin Esports

  • True Rippers

  • Enigma Gaming

  • Team Tamilas

  • Marcos Gaming

  • TWOB

“With Indus Inferno and previous Indus esports tournaments that we’ve been running since last year such as the Indus Invitational and Indus Unchained, we want to lay the foundation for a sustainable esports ecosystem for our community and the nation at large,” says SuperGaming CEO and Co-Founder Roby John. “Having India’s best esports team owners at the finale is our small way of making that happen.”

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SuperGaming is also going to have exclusive rewards, developer panels, and more, so head on over to the official Indus Discord server for all the details.

Players will be able to share their thoughts on various aspects of the game and impact the direction of how SuperGaming crafts its most ambitious title yet through this official esports tournament.

This is inline with how SuperGaming has crafted its biggest hits — MaskGun and Silly Royale. Popular multiplayer shooter MaskGun has amassed over 80 million players since its launch with a relentless focus on putting its players first leading to some of its biggest community members featuring in-game as well as celebrating India-specific events like Diwali.

The post SuperGaming Reveals Nationwide Grassroots Indus Battle Royale Esports Tournament Series With Rs. 5,50,000 Prize Pool appeared first on European Gaming Industry News.

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