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

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 |
||||||
2022 |
2023 |
Chg. % |
2022 |
2023 |
Chg. % |
||
Net Gaming Revenue (EUR mm)1 |
|||||||
Spain |
17.8 |
20.8 |
17% |
60.0 |
75.7 |
26% |
|
Mexico |
16.3 |
25.1 |
54% |
51.1 |
81.7 |
60% |
|
Colombia |
2.3 |
2.3 |
– |
7.9 |
8.5 |
8% |
|
Other |
1.3 |
1.8 |
38% |
3.9 |
6.0 |
54% |
|
Total |
37.7 |
50.1 |
33% |
122.9 |
171.9 |
40% |
|
Avg. Monthly Active Players (000s)[3] |
|||||||
Spain |
41.3 |
47.4 |
15% |
38.1 |
42.3 |
11% |
|
Mexico |
50.8 |
59.1 |
16% |
38.5 |
52.5 |
37% |
|
Colombia |
38.5 |
23.0 |
(40%) |
28.7 |
24.3 |
(15%) |
|
Other |
11.2 |
9.6 |
(14%) |
7.9 |
9.2 |
17% |
|
Total |
141.8 |
139.2 |
(2%) |
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.”
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.
Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)
Quarter ended December 31 |
Year ended December 31 |
||||||
Figures in EUR mm |
2022 |
2023 |
Chg. % |
2022 |
2023 |
Chg. % |
|
Total |
|||||||
Revenue |
35.6 |
46.9 |
32% |
115.7 |
162.6 |
41% |
|
(+) Accounting Adjustments[4] |
2.1 |
3.1 |
48% |
7.2 |
9.2 |
28% |
|
Net Gaming Revenue |
37.7 |
50.1 |
33% |
122.9 |
171.9 |
40% |
|
Spain |
|||||||
Revenue |
17.8 |
20.8 |
17% |
60.0 |
75.7 |
26% |
|
(+) Accounting Adjustments3 |
– |
– |
n.m. |
– |
– |
n.m. |
|
Net Gaming Revenue |
20.8 |
17% |
60.0 |
75.7 |
26% |
||
Mexico |
|||||||
Revenue |
14.5 |
22.6 |
56% |
45.5 |
73.3 |
61% |
|
(+) Accounting Adjustments3 |
1.8 |
2.5 |
39% |
5.6 |
8.4 |
50% |
|
Net Gaming Revenue |
16.3 |
25.1 |
54% |
51.1 |
81.7 |
60% |
|
Colombia |
|||||||
Revenue |
2.4 |
2.8 |
17% |
7.0 |
9.3 |
33% |
|
(+) Accounting Adjustments3 |
(0.1) |
(0.5) |
n.m. |
0.9 |
(0.8) |
n.m. |
|
Net Gaming Revenue |
2.3 |
2.3 |
– |
7.9 |
8.5 |
8% |
|
Other |
|||||||
Revenue |
0.9 |
0.7 |
(22%) |
3.2 |
4.4 |
38% |
|
(+) Accounting Adjustments3 |
0.4 |
1.1 |
n.m. |
0.7 |
1.6 |
129% |
|
Net Gaming Revenue |
1.3 |
1.8 |
38% |
3.9 |
6.0 |
54% |
Press Releases
WINPOT TUXTLA: “THE ARRIVAL OF CONCEPT HAS TRANSFORMED OUR GAMING FLOOR”

Zitro continues to expand its presence in southeastern Mexico with the recent installation of its brand-new CONCEPT cabinet and its new games at Winpot Tuxtla. This addition brings a completely renewed gaming experience to the casino, powered by an unprecedented audiovisual proposal and multimedia features, including a spectacular light show — Magic Lighting — that synchronizes with the game, creating a unique immersive atmosphere on the floor. Added to this is the spacious Screen Deck touch screen, which replaces physical buttons to offer greater comfort and adaptability for both players and the operations team.
Players at Winpot Tuxtla are already enjoying Zitro’s hit titles such as Fortune Legacy, Legendary Sword, Fairyland Quest, and Cash Totems, which feature stunning graphics, innovative mechanics, and attractive prizes.
Anuar Haua, Director of Operations at Winpot, stated: “The arrival of CONCEPT and Zitro’s new games has had an immediate impact on our floor. The level of acceptance has been extraordinary, and the atmosphere around these machines is simply spectacular. Betting on Zitro is always a guarantee of results.”
Johnny Ortiz Viveiros, founder of Zitro, added: “We are very pleased to continue strengthening our presence in Mexico, this time in Tuxtla, alongside an operator like Winpot. CONCEPT was designed to transform gaming floors and connect with players from the very first moment. We appreciate their trust in Zitro and look forward to continuing our shared success.”
The post WINPOT TUXTLA: “THE ARRIVAL OF CONCEPT HAS TRANSFORMED OUR GAMING FLOOR” appeared first on European Gaming Industry News.
Press Releases
GR8 Tech and Ready to Fight Made the iGaming Industry Sweat

Push-ups in parks, plank jacks in playgrounds, burpees in boardrooms—with the launch of the #SelfPerformanceChallenge, GR8 Tech and Ready to Fight turned LinkedIn into a high-performance fitness arena, and the iGaming industry rose to the challenge.
Several dozen professionals, from managers to CEOs and founders, joined in from across the world, representing iGaming companies and media groups like SiGMA, HIPTHER, and G3 Media. We saw wall sits with arms raised, skater jumps, overhead walking lunges, mountain climbers, jump rope sessions, and even headstands performed everywhere from stadiums, gyms, and gardens to home offices and city streets.
The challenge was to show what true high performance means: either through a short burst of physical effort or by sharing the story of your most epic professional fail. It all started with a powerful message from Ready to Fight co-founder and undisputed boxing champion Oleksandr Usyk.
“High-performance is about being str8forward. That’s why Ready To Fight and GR8 Tech are launching the Self-Performance Challenge—kicked off by the Undisputed Champion, Oleksandr Usyk. The champion pushes himself every day to stay on top—now he’s calling you to step up,” the initial post by RTF said.
More than just a viral campaign, the challenge reflected what unites GR8 Tech and Ready to Fight: an unwavering commitment to pushing limits and delivering excellence, whether in tech, sport, or business. It offered a glimpse into the shared mindset of GR8 Tech and Ready to Fight—relentless, unapologetic, and built for performance.
Now, with iGB Live! 2025 approaching, the collaboration is moving into a new phase, marked by a distinct heavyweight attitude that will be hard to miss. Stay tuned to GR8 Tech’s website and LinkedIn to be the first to see what happens when a champion’s drive meets GR8 execution.
About GR8 Tech
GR8 Tech is a high-performance Sportsbook and iGaming platform provider.
GR8 Tech’s core strengths lie in its robust technology and focus on a personalized approach based on business needs, geographic focus, or operational verticals. From comprehensive offerings like Hyper Turnkey to specialized solutions such as the ULTIM8 Sportsbook iFrame, Infinite Casino Aggregation, or Platform Acceler8 set, GR8 Tech provides UNbeatable flexibility and performance to drive operators’ growth and success.
Trusted by top operators worldwide, GR8 Tech has over 50 successful cases and earned multiple recognitions for its high-performance sportsbook-driven platform, including accolades from the SiGMA Awards, International Investor Awards, and GamingTECH Awards.
The post GR8 Tech and Ready to Fight Made the iGaming Industry Sweat appeared first on European Gaming Industry News.
partnerships
Elantil expands online marketplace with Sumsub partnership

Game-changing platform solutions provider joins forces with a full-cycle verification platform to improve operators’ customer onboarding and fraud prevention measures
Elantil, the pioneering iGaming platform solutions provider on a mission to redefine how operators and suppliers work together, has announced it has expanded the range of services available via its innovative online marketplace by forming a new partnership with Sumsub, a global full-cycle verification platform.
Offering advanced verification and compliance solutions that support the entire customer journey, Sumsub is a revolutionary product in the iGaming industry that’s capable of verifying users, businesses and transactions while helping manage cases and assisting operators with their fraud prevention.
Built to handle every conceivable ID verification from a single, easy-to-use dashboard, Sumsub offers a true turnkey solution that can be used to orchestrate code-free checks at any stage of the customer lifecycle, resulting in the highest-scoring anti-fraud protection and pass rates globally.
Following the addition of Sumsub’s services to Elantil’s Marketplace, operators will now be able to access the company’s powerful data and document verification platform via a simple one-click integration, with Elantil empowering operators to reach out to the supplier directly to form their own agreements.
Not only does this ensure that Elantil never dictates the length or terms of any contracts, but it also means that clients avoid any additional charges by cutting out the middleman, making it a simple and cost-effective solution that puts complete control back into the hands of the operator.
To benefit from Sumsub’s full-cycle verification platform, operators simply need to submit their request to the supplier and once a deal has been signed, Elantil will take care of all the rest by providing the operator a place where they can configure the credentials they need to enjoy an easy plug-in-and-play integration.
John Debono, Chief Technical Officer at Elantil, said: “Rather than being a run-of-the-mill game aggregation service, Elantil’s Marketplace is an open space where operators can connect with best-in-class content suppliers, no matter what it is they’re seeking. By adding Sumsub’s comprehensive solutions to our growing list of services, we can help improve our clients’ customer onboarding and fraud prevention, and all at a more reasonable price point than our competitors.”
Kris Galloway, Head of iGaming Product at Sumsub, added: “At Sumsub, we’ve always believed there’s a smarter way to tackle iGaming’s trickiest challenges, and just like Elantil, we’re not here to follow the rulebook – we’re here to rewrite it. Unlike clunky, monolithic systems, our full-cycle verification platform is built to safeguard the entire player journey, ensuring robust fraud protection and compliance without compromising user experience and pass rates: it is compliance and fraud protection that actually works for the business, not against it. We’re also very excited to connect with Elantil’s clients and help them scale securely, smoothly, and, just like Elantil, with the freedom to focus on growth.”
The post Elantil expands online marketplace with Sumsub partnership appeared first on European Gaming Industry News.
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