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% |
|
The PGA of America is partnering with the American Gaming Association’s (AGA) Have A Game Plan.® Bet Responsibly. public service campaign to promote responsible sports wagering.
Announced ahead of the 2024 PGA Championship—May 16-19 at Valhalla Golf Club in Louisville, KY—the partnership will feature co-branded responsible gaming content, educational materials and strategic activations across PGA of America’s digital and social platforms.
“As the PGA of America welcomes ESPN BET as the Official Sports Betting Sponsor of the 106th PGA Championship, it is core to our values to ensure golf fans have the right tools in their bag to bet responsibly,” said PGA of America Chief Commercial Officer Jeff Price. “Activating AGA’s Have A Game Plan campaign during this year’s PGA Championship and beyond will be an integral part of our strategy as interest in golf wagering grows.”
Launched in 2019, Have A Game Plan brings legal gaming operators, sports teams, leagues, media companies and other organizations together around a common consumer education message, focusing on the core principles of responsible wagering:
- Set a budget and stick to it.
- Keep it social—sports betting is a form of entertainment for adults.
- Know the odds.
- Play with legal, regulated operators.
“We look forward to our partnership with the PGA of America amplifying Have A Game Plan’s principles with golf enthusiasts and bettors across the country,” said AGA Senior Vice President of Strategic Communications Joe Maloney. “Together, we’re driving the message home: set a budget, stick to it, and wager responsibly.”
Other league Have A Game Plan partners include the MLB, NASCAR, NBA, PGA TOUR, NHL and WNBA. For more information about the Have A Game Plan initiative and resources on responsible gambling, visit HaveAGamePlan.org.
Scientific Games, in partnership with Loto-Québec, Sustana Papers and Recyc-Québec, won the 2024 Gutenberg Award for sustainability at the 42nd Gala Gutenberg. The Gutenberg Awards are the Québec printing industry’s premier event, highlighting the talent, creativity and expertise of printing artisans.
The partnership’s winning entry was the Le Billet Vert (The Green Ticket) lottery instant scratch game launched by Loto-Québec in April 2024. The game was printed on 100% recycled board provided by Sustana Papers, with 100% water-based inks. Scientific Games enhanced the sustainability of the production process by packing completed games in boxes containing 60% recycled fiber and delivering them on reused European Pallet Association pallets.
The game promotes the recycling of lottery tickets, inviting players to download Recyc-Québec’s Ça va où? (Where Does It Go?) mobile app. The app teaches users to correctly sort recyclables and shows them drop-off locations for various types of household waste.
Isabelle Jean, Executive Vice-President and Chief Operating Officer of Lottery Games for Loto-Québec, said, “Since our first scratch game printed on 100% recycled paper stock debuted in 2021, our sustainability efforts have only increased. Congratulations to our team members from Loto-Québec, Scientific Games, Sustana Papers and Recyc-Québec for their vision. Together, we are reducing the environmental footprint of our games.”
The sustainable materials and game production techniques used for Le Billet Vert saved 110 mature trees, the equivalent of 326 10-minute showers, and the electrical power of 882,587 60-watt lightbulbs in one hour (Sustana Solutions eco calculator).
Marc-Andre Doyon, Vice President Canada for Scientific Games, said, “Through this collaboration, Scientific Games and our partners lead the global lottery industry in instant game sustainability. It’s truly an honor to win the Gutenberg Award for our efforts.”
Le Billet Vert is the thirteenth 100% recyclable game created for Loto-Québec since 2021 when Scientific Games and the Lottery began collaborating on a project to bring sustainable instant games to the lottery industry. Another game from this collection, Folie des plantes (Plant Madness), won the Gutenberg Award for sustainability in 2022. Other 100% recyclable Loto-Québec games produced by Scientific Games include Evasion (Escape), Code secret (Secret Code), SLINGO 10X and C’est quoi ton signe? (What’s Your Sign?).
Scientific Games is Loto-Québec’s primary instant game partner, producing the Lottery’s first instant game more than 50 years ago. The company has employed generations of Québécois professionals from their Montréal production facility, which produces instant games for Canadian and European lotteries.
With products that generate more than 70% of global instant game retail sales, Scientific Games is the world’s largest instant games creator, producer and services provider, and the primary provider to nine of the Top 10 performing instant game lotteries in the world (La Fleur’s 2024 World Lottery Almanac).
BLAST expands into Dota 2 with five events set to be rolled out in 2024/25
- BLAST to start hosting regular Dota 2 tournaments in 2024/25
- First studio event to take place in November 2024
- BLAST.tv will become new home of Dota 2 esports, platform will allow fans to tailor their viewing experience, get closer to the action and impact the entertainment unfolding before their eyes
Esports entertainment company BLAST has revealed plans to enter Dota 2 with a full schedule of events to be rolled out in 2024/25. BLAST will become the new home of Dota 2 esports through arranging a tournament series focused on unparalleled production quality and game changing fan-first moments.
The tournament organiser will host a first Dota 2 studio event in November, ahead of four events taking place in 2025. The full extent of the new Dota 2 tournament series will be revealed in the summer, where further information on format, prize pool and locations will be shared.
Andrew Haworth, VP of Ecosystems, Valve & Riot Games, said: “We are delighted to be entering Dota 2 and have plans for BLAST to bring a new level of production and excitement that Dota fans haven’t seen before. It’s a game we love as fans and players, we’ve been following closely as an interested tournament organiser for the last few years. As we’ve grown as a business and expand into further titles, Dota has always been on our wish list.
With the recent changes to the Dota ecosystem we feel it’s the perfect opportunity for BLAST to come in, provide the community with the next level of tournaments and become the new home of Dota 2.
“BLAST prides itself on unparalleled production quality and game changing fan-first moments while bringing together the very best teams and biggest superstars to fight it out for glory on the server. We look forward to bringing this approach to the world of Dota 2 and providing fans with the best esports entertainment on offer.”
This strategic move marks a significant expansion of BLAST’s tournament portfolio, further diversifying its offerings beyond its successful ventures in Fortnite (FNCS), Rocket League (RLCS), Counter-Strike, and Rainbow Six Siege.
BLAST.tv, a custom made esports live viewing platform, will add Dota 2 to its offering meaning fans will be able to enjoy a tailor made competitive esports viewing experience and platform. Fans will never miss a key moment of the action with the BLAST.tv interactive timeline feature, which catalogues standout highlights to be replayed instantly on the playback timeline.
The platform has a custom built video player with 4K capabilities and a moderated live chat feature that will enable fans to connect with a like-minded community, where fans will be able to impact the events unfolding before their eyes through interactive polls.
Outside of the live experience, BLAST.tv will be a one-stop-shop for Dota 2 esports fans. Providing them with the latest player stats, team standings, mini-games, news and exclusive content and experiences.
Sign up to BLAST.tv for all the latest news, updates and BLAST’s future plans for Dota 2.
The post BLAST expands into Dota 2 with five events set to be rolled out in 2024/25 appeared first on European Gaming Industry News.
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