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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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Swintt journeys back through the sands of time in Egypt King Book Hunt

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Calling all treasure hunters, thrill seekers and intrepid explorers with a thirst for the unknown – this month, popular premium casino software provider, Swintt, is inviting you back on an epic journey through the sands of time in its action-packed slot, Egypt King Book Hunt.

Set to a backdrop of a long-forgotten temple where mystic relics abound, Egypt King Book Hunt is the third instalment of the popular SwinttPremium series and this time combines simple gameplay and classic graphics and sound with the studio’s much-loved “Book” free spins feature.

Activated whenever three or more of the iconic ‘Book’ symbols appear anywhere on the reels, players will first be prompted to leaf through the pages of an ancient tome until one icon is chosen at random to be the game’s lucky symbol, after which a series of 10 free spins will get underway.

During these bonus games, any instances of the lucky symbol that complete a payline will expand to fill their entire reel – and what’s more, payouts will be awarded for all winning combos regardless of whether the symbols are adjacent or not. On top of that, further free spins can be won for landing additional book symbols and players can even opt to buy into the feature directly.

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With Egypt King Book Hunt being available to play with 5 or 10 fixed paylines, players will be able to customise their experience to the level of variance that they’re most comfortable with and they’ll also have the chance to try and double any winnings they collect in an optional risk feature.

David Mann, Chief Executive Officer at Swintt, said: “The fact that the pyramids have stood for thousands of years is testament to them being a design classic – and we feel our Premium slots fall into much the same category! Combining iconic graphics and sound, intuitive gameplay and popular ‘Book’ free spins, we’re sure Egypt King Book Hunt will be a great addition.”

The post Swintt journeys back through the sands of time in Egypt King Book Hunt appeared first on European Gaming Industry News.

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7777 gaming partners with Relum

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Leading online casino game developer 7777 gaming has joined forces with Relum, a trusted casino engine, to deliver an unparalleled gaming experience to operators worldwide.

This collaboration enables 7777 gaming to bring its extensive portfolio of over 140 thrilling games to Relum’s network of esteemed operators across the globe. Through this integration, online casinos powered by Relum will gain instant access to 7777 gaming’s engaging and diverse selection of games, such as Cash 100, Barbarian, Candy Anyway, Sea of Treasure, Diamonds of Majesty, and Cash 20x. These immersive games promise an unparalleled gaming experience, combining cutting-edge technology with engaging narratives. .

Relum, a trusted name in the industry, has rapidly ascended to a leading position by developing a state-of-the-art casino aggregation platform. The platform provides instant access to a vast array of games, boasting over 20,000 titles from more than 240 content providers through a single API integration and toolbox such as free round, jackpots, tournaments and partner success service to support player engagement and revenue growth opportunities.

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Elena Shaterova, Chief Commercial Officer at 7777 gaming, shared her enthusiasm about the partnership: “Our goal at 7777 gaming has always been to set new standards in the gaming industry. Collaborating with Relum allows us to showcase our commitment to innovation and excellence. We look forward to a successful partnership that will satisfy the players’ requirements for next level of entertainment in any online casino.”

Ashot Sahakyan, Chief Operating Officer at Relum said: “Relum is committed to providing our operators with the most diverse and engaging content available in the market. 7777 gaming’s portfolio perfectly aligns with our vision, and we are confident that this partnership will elevate the gaming experience for our clients and their players.”

This partnership exemplifies the commitment of both 7777 gaming and Relum to delivering top-tier gaming solutions and reinforces their positions as leaders in the online casino industry.

The post 7777 gaming partners with Relum appeared first on European Gaming Industry News.

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Atlas-IAC Unveils Transformation to Atlaslive

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In May 2024, Atlas-IAC underwent a rebranding, resulting in a change of name and company design to Atlaslive, the dynamic iGaming platform. These changes were developed in collaboration with the Banda agency.

The main objective of the rebranding was to communicate the internal transformations as Atlaslive experiences rapid growth and continuous technological advancement, while also capturing the dynamic nature of the iGaming market.

In today’s world, technology is not stagnant; rather, it embodies an ongoing process of evolution that resonates with the dynamism of our surroundings. This philosophy underscores the transition from Atlas-IAC to Atlaslive. The best tech is — the more it looks alive. That’s why the company decided to embrace the concept of “live”. The descriptor of the company further reinforces this notion, emphasizing its evolution into a dynamic iGaming platform.

As a globally recognized leader in providing high-quality solutions for the iGaming industry, Atlaslive is set to redefine the landscape with its innovative technology and unwavering dedication to excellence. Maxim Slobodyanyuk, CEO of Atlaslive, said:

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We are thrilled to introduce Atlaslive. The best tech is live tech. The success of any tech is the quality of connections between people. Our tech is a living entity, not static code. Imagine technology that breathes with the world, evolves, expands, changes, reacts, and adapts to deliver the best results possible. All of this is embodied in Atlaslive.”

The company’s CEO added: “Our rebranding signifies a pivotal moment in our journey as we evolve alongside our global partners. Our strategy revolves around leadership in the iGaming industry, expanding our solutions to enhance the iGaming experience, making it more effective, profitable, responsible, and intelligent. Atlaslive is a dynamic iGaming platform that delivers unparalleled results and enriches every interaction.”

With a focus on trustworthiness, scalability, customization, adaptiveness, sustainability, and security, Atlaslive is poised to set new benchmarks in the iGaming industry and beyond. Experience the impulse of innovation with Atlaslive.

About the company

Atlaslive embarked on creating a multifunctional and automated platform designed to optimize the workflow of sports betting and casino operators. Opportunities  of the Atlaslive Platform include Sportsbook, Casino, Bonus Engine, Payment Systems, Risk management and Fraud Prevention tools, Retail module,  Business Analytics, CRM and CMS. Atlaslive is recognized as one of the leading  Sportsbook Platforms and the absolute winner in both the “Best Sports Betting Provider” and “Rising Star in Sports Betting Technology” categories for Central and Eastern Europe. Follow Atlaslive on LinkedIn to stay updated on the company’s latest news.

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The post Atlas-IAC Unveils Transformation to Atlaslive appeared first on European Gaming Industry News.

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