Industry News
Codere Online Reports Financial Results for the Third Quarter 2023
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. % | |
Total | |||||||
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% | |
Spain | |||||||
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% | |
Mexico | |||||||
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% | |
Colombia | |||||||
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% | |
Other | |||||||
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
BC.GAME Unveils Comprehensive Brand Upgrade, Embracing a New Era with Fresh Visuals and Enhanced User Experience
BC.GAME, a global leader in the iGaming industry, has announced a significant evolution in its brand journey with the launch of a comprehensive upgrade. This initiative marks a transformative shift, featuring a revitalised visual identity, an enhanced user interface and innovative product offerings, all designed to elevate its brand presence on the global stage.
A Visual Evolution: Embodying Core Mission and Values
BC.GAME’s brand transformation extends beyond a mere logo update; it represents a significant enhancement of the brand narrative. The newly designed logo encapsulates the brand’s mission and values, imbuing the story with renewed vigor and direction. With a sophisticated design, this evolution propels BC.GAME into its next chapter with a fresh and dynamic expression.
The visual style, characterised by vibrant green gradients, conveys BC.GAME’s vitality and innovative spirit. The meticulously crafted interface employs clean and modern aesthetics to elevate the user experience. This distinctive visual direction underscores the brand’s ongoing commitment to innovation and excellence.
Refined Interaction: Revamped Interface
The brand upgrade includes a comprehensive redesign of the user interface, adopting a modular layout to ensure seamless and efficient information delivery. This innovative design simplifies navigation, enhancing user decision-making and overall experience. BC.GAME has restructured pages into a more intuitive multi-level format based on feedback, further refining platform usability.
Interactive features have been introduced to enrich the gaming experience, making the platform more engaging and user-friendly. This thoughtful redesign reflects BC.GAME’s dedication to providing an immersive and enjoyable experience.
Innovative Developments: Product Enhancements
At the core of this brand upgrade is BC.GAME’s dedication to continuous innovation. The introduction of Coco Rush, a new mini-app game, enriches the ecosystem and demonstrates the brand’s commitment to seamless Web3 access. Continuous innovation is a core commitment, ensuring users enjoy limitless opportunities within the ecosystem. After a decade of service, BC.GAME’s commitment to enhancing user experience remains steadfast. The bar is consistently raised, seeking new avenues to provide top-tier services and experiences.
BC.GAME will continue to explore emerging technologies and trends to drive platform development. The company is dedicated to enhancing user experience, proactively adapting to industry changes and offering innovative solutions to meet evolving market demands. Each step forward reflects BC.GAME’s commitment to excellence and forward-thinking vision for the industry’s future.
The post BC.GAME Unveils Comprehensive Brand Upgrade, Embracing a New Era with Fresh Visuals and Enhanced User Experience appeared first on European Gaming Industry News.
Industry News
Affiliates welcome dynamic pairing of iGB Affiliate Awards with iGB L!VE in London
Alongside the migration of iGB L!VE to London in July 2025, Clarion Gaming has confirmed that the world acclaimed iGB Affiliate Awards will be held alongside the London expo.
The decision to run the Awards as part of the iGB L!VE experience was made in collaboration with key igaming and affiliate stakeholders, with the announcement warmly welcomed by the affiliate community.
Richard Moffat, Chief Executive of OLBG, one of the UK’s leading sports betting affiliates, reflected the industry view stating: “I’m delighted to hear that the iGB Affiliate Awards will be staying in London and running alongside iGB L!VE. As home to the largest regulated online gambling market in the world, it makes a lot of sense for the UK to hold a big annual industry event.
“By combining the growing iGB L!VE with the longstanding and respected iGB Affiliate Awards, we have a fantastic show to look forward to. OLBG will be supporting iGB L!VE with our biggest ever presence at a conference and we can’t wait to see our team and our partners enjoying London in the summer.”
Naomi Barton, iGB Events’ Global Portfolio Director, also shared her vision: “The iGB Affiliate Awards which are known for their integrity and merit-based recognition have become a cornerstone event for igaming affiliates. Furthermore, the UK igaming market is worth a phenomenal £5.1 bn (2024) and leads the way in marketing and tech innovation globally.
“Keeping this spirit alive, we’re committed to further enhancing the Awards’ importance by pairing it with iGB L!VE, the world’s fastest-growing Tier 1 online gaming exhibition, an event with an outstanding reputation for delivering real value and business returns for our customers.
“We can’t wait to celebrate with the industry in London, where the heart of the igaming affiliate community beats strongest. My advice is to mark your calendars and get ready for an unforgettable event!”
Further information about how to enter the iGB Affiliate Awards will be available shortly.
The post Affiliates welcome dynamic pairing of iGB Affiliate Awards with iGB L!VE in London appeared first on European Gaming Industry News.
Industry News
Novomatic Netherlands Appoints Alexander Legat as CEO
Novomatic Netherlands has appointed Alexander Legat as its CEO.
Legat takes over from Zane Mersich, who has moved onto the company’s Supervisory Board.
His appointment has bolstered Novomatic Netherlands’ management team with two decades of legal and operational experience in the gaming industry.
Legat will also bring knowledge gained at Novomatic’s Austrian subsidiaries into his new role.
“I am grateful for the new operational role in the dynamic Dutch market and look forward to working with the local team and the opportunities that lie ahead,” he said.
The Novomatic Netherlands’ management board said in a statement: “With Dr. Alexander Legat, Novomatic Netherlands is gaining a first-rate legal expert who not only knows the group extremely well but has also already worked closely with the national subsidiaries.
“His appointment is an important step in our work to successfully meet the future challenges in the Dutch market and further expand our position.”
The post Novomatic Netherlands Appoints Alexander Legat as CEO appeared first on European Gaming Industry News.
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