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Codere Online Reports Financial Results for the Third Quarter 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 financial results for the third quarter and nine month period ended September 30, 2023.

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

  Quarter ended September 30   Nine Months ended September 30
  2022 2023 Chg. %   2022 2023 Chg. %
Net Gaming Revenue (EUR mm) 1              
Spain 14.9 18.9 27%   42.2 54.9 30%
Mexico 12.9 21.0 63%   34.8 56.6 63%
Colombia 1.9 1.8 (5%)   5.6 6.2 11%
Other 0.9 1.5 67%   2.7 4.1 52%
Total 30.6 43.2 41%   85.2 121.8 43%
Avg. Monthly Active Players (000s) 2              
Spain 35.2 41.0 16%   37.1 40.6 10%
Mexico 37.4 51.8 39%   34.3 50.3 46%
Colombia 24.2 22.7 (6%)   25.4 24.7 (3%)
Other 7.5 9.0 20%   6.8 9.1 34%
Total 104.3 124.5 19%   103.6 124.7 20%

Aviv Sher, CEO of Codere Online, stated, “We’re very pleased with our performance in the third quarter and to be presenting another set of impressive results. This quarter we not only posted significant net gaming revenue growth of 41% to €43 million, but also took a significant step in our path to profitability with break even Adjusted EBITDA in the period. It was a solid quarter for sports betting, with the return of the major sporting events, but also for our casino product, which contributed 58% of our revenue in the period.”


Mr. Sher further added, “Mexico continued to exceed our expectations with revenue growth of 63% in the third quarter, reaching €21.0 million and consolidating its position as our largest market (by revenue) ahead of Spain, where net gaming revenue also grew by an impressive 27%, to €18.9 million.”

Oscar Iglesias, CFO of Codere Online, stated, “Our third quarter results have shown that the combination of a strong brand, high-quality customer acquisitions and an attractive product offering has allowed us to deliver not only strong top line growth but also a significant improvement in profitability, with our first quarter of breakeven Adjusted EBITDA less than two years following our U.S. listing.”

Mr. Iglesias further added, “Based on these strong results and recent trading activity, we now expect to generate between €155-165 million of net gaming revenue and negative €10-18 million in Adjusted EBITDA in 2023, and reaffirm that we expect to generate positive Adjusted EBITDA and cash flow for the full year in 2024.”

Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

  Quarter ended September 30   Nine Months ended September 30
Figures in EUR mm 2022 2023 Chg. %   2022 2023 Chg. %
Revenue 28.9 41.1 42%   80.1 115.7 44%
(+) Accounting Adjustments3 1.7 2.2 29%   5.1 6.1 20%
Net Gaming Revenue 30.6 43.2 41%   85.2 121.8 43%
Revenue 14.9 18.9 27%   42.2 54.9 30%
(+) Accounting Adjustments3 n.m.   n.m.
Net Gaming Revenue 14.9 18.9 27%   42.2 54.9 30%
Revenue 11.4 18.8 65%   31.0 50.7 64%
(+) Accounting Adjustments3 1.4 2.3 64%   3.8 5.9 55%
Net Gaming Revenue 12.9 21.0 63%   34.8 56.6 63%
Revenue 1.8 1.8   4.6 6.5 41%
(+) Accounting Adjustments3 0.1 (0.1) n.m.   1.0 (0.3) (130%)
Net Gaming Revenue 1.9 1.8 (5%)   5.6 6.2 11%
Revenue 0.7 1.5 114%   2.3 3.6 57%
(+) Accounting Adjustments3 0.2 (0.0) (100%)   0.4 0.5 25%
Net Gaming Revenue 0.9 1.5 67%   2.7 4.1 52%

Industry News

Kindred Group Announces North America Exit and Actions to Accelerate Profitable Growth





As part of its strategic review, Kindred Group will exit the North American market with the expectations to have fully exited operations in the market by the end of Q2 2024, subject to the regulatory process. The Group also announced decisive actions to drive growth on core markets and dedicated cost reduction initiatives, which includes a reduction of over 300 employees and consultants during 2024. In total, these initiatives are expected to result in annualized gross cost savings of approximately GBP 40 million.

Kindred Group announced an interim update on the strategic review initiated by the Board of Directors on 26 April 2023. As part of the strategic review, Kindred will immediately start an exit process from the North American market with the expectations to have fully exited operations by the end of Q2 2024, subject to the regulatory process. The re-allocation of financial and tech resources towards existing core markets will improve ability to capitalize on core market potential and gain market share.

The re-allocation of financial and tech resources enables Kindred to initiate growth initiatives across its core market footprint. These initiatives include, but are not limited to;

  • Additional brand extensions of hyper local casino brands in selected markets
  • Re-allocation of marketing investments and tech resources to selected markets and strategic projects with convincing growth opportunities
  • Continued product differentiation through exclusive content.

Additionally, Kindred introduces further cost reduction initiatives. In addition to non-headcount opex savings, Kindred has also addressed its organizational structure with the intent to achieve a leaner and more efficient organization focused on selective growth initiatives. This will include a reduction of over 300 employees (including employees in North America) and consultants during 2024. The cost reduction initiatives are expected to result in annualized gross cost savings (opex and capex) of approximately GBP 40 million.

“The cost reduction actions announced today are both necessary and decisive. While it is never a desire to inform valued colleagues of redundancies, this puts us in a stronger position to secure long-term growth for Kindred across our locally regulated core markets. We can now focus our resources and tech capacity towards strategic initiatives and selected markets where we see clear potential to grow our market share,” Nils Andén, Interim CEO of Kindred Group, said.

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Industry News

PIN-UP Global Launches New Business Line Named PIN-UP.INVESTMENTS


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The international ecosystem PIN-UP Global, representing a set of businesses in various segments of the gaming industry, has launched a new business line named PIN-UP.INVESTMENTS.

PIN-UP.INVESTMENTS was created to stimulate the development of technologies and products for the gambling market and related industries by providing financial and expert resources, high-value industry contacts, the opportunity to enter new markets and integrate into the ecosystem.

PIN-UP.INVESTMENTS invests in projects and products in gambling, traffic, software development, customer service, payment systems, advertising platforms, arbitrage teams, artificial intelligence based products.


INVESTMENTS provides funding, training and consulting opportunities through in-house ecosystem experts, practice on PIN-UP product and business model testing, accelerated product growth and entry into new markets, access to a network of industry contacts, strategic planning support and possible integration into the ecosystem.

“PIN-UP.INVESTMENTS is a logical step for our ecosystem, which always supports the passion and drive to succeed. Our new direction is aimed to help projects and teams both to develop independently and to successfully integrate into PIN-UP Global. We believe in daring solutions and new technologies that can be effective,” Marina Ilyina, CEO of PIN-UP Global, said.

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Industry News

Valley View Casino & Hotel Earns Prestigious Top Workplaces 2023 Award and Two National Awards by The San Diego Union-Tribune



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Valley View Casino & Hotel in San Diego has received the Annual Top Workplaces Award and national honours for “Employee Appreciation” and “Professional Development”, as presented by The San Diego Union-Tribune.

The accolades are the result of an engagement survey. With a 62% response rate and an 82% satisfaction rating, Valley View Casino & Hotel’s team members echoed their positive experiences within the organisation.

Joe Navarro, President and Chief Executive Officer of the San Pasqual Casino Development Group, said: “Our tribe has worked hard to create a trusted environment for team members and guests, and we are proud to be recognized with this prestigious award, as well as recognized nationally.”


Judy Wright, Vice President of Human Resources at Valley View, said: “Being recognized with the Top Workplaces Award and the two national awards validate all the best practices and benefits we’ve put in place for our team members over the past 22 years. It truly is an honor to receive this award and a privilege to work for a company as great as Valley View Casino & Hotel.”

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