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Codere Online Reports Financial Results for the Second Quarter 2023

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  • 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”.

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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.

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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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Press Box PR strengthens team with addition of ex-Betway and Stats Perform content editor Will Rook

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Fast-growing digital PR agency has offices in London and Manchester 

Digital PR agency Press Box PR has strengthened its content team with the appointment of Will Rook as Senior Creative Content Manager.

Rook spent seven and a half years at Betway Group in various editorial roles between 2016 and 2023. He later worked with Stats Perform as Project Manager and Content Editor to help manage the delivery of its sports betting editorial content for their clients and produce much of the English language content himself.

He joins the content team at Press Box to develop engaging sports campaigns that leverage global trending topics from ideation through to execution, to earn top-tier media coverage for clients across multiple sectors, including sports, betting and gaming.

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Press Box is an earned-first digital PR and content agency, delivering B2C and B2B communications, with specialisms in sport, betting and gaming, finance, consumer lifestyle and hospitality and catering brands.

Founded in 2019 by former Ladbrokes PR manager Alex Donohue, Press Box PR now employs more than 40 people across its offices in London and Manchester.

Rook said: “I’m really grateful for the opportunity at this stage of my career and can’t wait to get started. I’m excited to be joining a team that is growing and am looking forward to contributing to the success of the agency and our clients.”

Greg Johnson, Head of Content at Press Box PR, said: “Brilliant content is at the heart of what we do at Press Box and Will’s arrival further strengthens our team. His deep knowledge of sport and betting, combined with his proven ability to come up with great ideas and produce relevant and newsworthy content will help us continue to exceed expectations for our clients.”

The post Press Box PR strengthens team with addition of ex-Betway and Stats Perform content editor Will Rook appeared first on European Gaming Industry News.

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HELLISH 7 HITS FROM HÖLLE

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“Hellish 7 Hold & Win”, (Höllische 7 Hold & Win in German) is now live, a spicy Classic Series slot from the Berlin-based developer Hölle Games.

This is a new summer edition in the Hellish Seven franchise, known for its high volatility, hellishly good payouts, and hard rock riffs. The new entry features Hold & Win, where, if players can fill the reels with (any) cash symbol, they will win the impressive 7777x main prize! Mini, Major and Mega jackpot payouts can be scooped up along the way too, awarding more instant cash wins, and ladder & card gamble mini-games also allow potential bonus winnings.

Players can directly buy entry into the feature if they want to skip the base game, or they can opt to use Feuer Stake which is a Stake Boost feature that increases the chances of hitting the Hold & Win for only a 1.5x stake multiplier spin cost.

The game is now available for MGA with other territories following soon. Hölle Games will release another flamin’ good slot later this month with Dragon’s Diamonds, a 5×6 scatter cascade featuring the titular dragon and huge multiplier win potential.

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The post HELLISH 7 HITS FROM HÖLLE appeared first on European Gaming Industry News.

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Booming Games Partners with Bitville Gaming to Strengthen African Presence

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Booming Games, a top-tier developer of high-end slot content for the global iGaming industry, is proud to announce a strategic partnership with Bitville Gaming, a leading provider of innovative and compliant gaming solutions across South Africa and emerging markets.

This collaboration marks a significant milestone in Bitville Gaming’s ongoing mission to deliver world-class gaming content to licensed operators and regulated markets. The partnership enables Bitville Gaming to integrate Booming Games’ full portfolio of award-winning slot titles, featuring engaging themes, innovative mechanics, and premium-quality graphics into its content distribution network.

Booming Games continues to expand its global footprint, and this new partnership represents a significant step in bringing its games to emerging regulated markets. With a shared focus on integrity, entertainment, and compliance, both companies are well-positioned to offer enriched player experiences while meeting the highest standards of regulatory oversight.

This partnership is effective immediately, and integration efforts are already underway to ensure Booming Games titles are readily accessible to licensed operators across the region.

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Solomon Godwin, Head of Africa at Booming Games, said: Partnering with Bitville Gaming offers an exciting opportunity for Booming Games as we expand our reach across Africa. This collaboration allows us to deliver our premium gaming experiences to a broader audience while continuing to meet the evolving needs of our players. We’re thrilled to introduce our high-quality, immersive titles, including Buffalo Hold and Win Extreme, 64 Gold Coins Hold and Win, Gold Gold Gold 5000, and Ronaldinho Spins to players on the Bitville Gaming platform”.

Andrew von Hoesslin, CEO at Bitville Gaming, added: “The Bitville team is delighted and thrilled to announce our partnership with Booming Games. Their innovative, entertaining and cutting-edge online slot games are a perfect fit for Bitville’s platform. We can’t wait to bring this exciting gaming experience to operators in the African market. This collaboration is a testament to our commitment to delivering the best in online entertainment.”

The post Booming Games Partners with Bitville Gaming to Strengthen African Presence appeared first on European Gaming Industry News.

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