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Codere Online Reports Financial Results for the First Quarter 2024

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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 quarter ended March 31, 2024.

Aviv Sher, CEO of Codere Online, commented on the results, “We are off to a strong start in 2024, with net gaming revenue of €53 million in the first quarter, 34% above that of last year and once again our highest ever quarterly figure. Our focus on Mexico and Spain continues to yield impressive results, with net gaming revenue in Mexico growing by 51% in the first quarter to nearly €27 million. In Spain, meanwhile, net gaming revenue grew by 21% to over €22 million. In both markets, our targeted marketing efforts allowed us to grow our active customer base by c. 25% as a result of the acquisition of higher quality customers (i.e. lower churn) but also with an increased spend per active.”

Oscar Iglesias, CFO of Codere Online, stated, “Once again, top line growth exceeded our expectations in the first quarter, with Mexico continuing to put distance on Spain as our largest market by revenue. We are particularly excited, however, to see Mexico now also contributing positive Adjusted EBITDA for the first time. This, together with a strong performance by Spain, allowed us to generate €1.7 million in total Adjusted EBITDA in the first quarter, which represents a significant step towards achieving our full year profitability targets.”

Mr. Iglesias further added, “On the back of this strong performance in the first quarter and based on recent trading activity, we now expect to generate between €195-210 million of net gaming revenue in 2024, and reaffirm that we expect to generate positive Adjusted EBITDA and cash flow for the full year in 2024.”

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Recent Events

Launch in Mendoza

· Subject to obtaining final regulatory authorization, we expect to launch operations in the Province of Mendoza over the coming weeks.

· Mendoza is the 5th most populated province in Argentina with over 2 million people.

· This launch will further increase our presence in the country, where we started operations in the City of Buenos Aires in December 2021, and continue pursuing a license in the Province of Buenos Aires.

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Rayados Renewal

· On March 15, 2024, Codere Online agreed to extend its relationship with the Monterrey Rayados Football Club as its Official Betting Partner for the next four seasons.

· With this renewal, Codere Online also became the Main Sponsor of the women’s team, Rayadas.

· Codere Online expects to continue to deliver on its growth plan in Latin America, relying on this and other sponsorships and local activations.

Board Appointment

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· On April 9, 2024, the Board of Directors of Codere Online appointed Daniel Valdez as a member of the Board and the Audit Committee.

· Mr. Valdez previously served as a member of the Board between the consummation of the business combination in November 2021 and August 2023.

The post Codere Online Reports Financial Results for the First Quarter 2024 appeared first on European Gaming Industry News.

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Pai Gow Poker Jackpot of nearly $220,000 won at the Plaza Hotel & Casino Same day, slot machine hits for $45,000

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On May 20, a Las Vegas local won nearly $220,000 playing Pai Gow poker at the Plaza Hotel & Casino in downtown Las Vegas.

His original buy in was $200, and he hit a 7-card straight flush for a total progressive hit of more than $206,000 plus a Fortune Bonus bet for another $12,500. After his exciting win, the jackpot was reset back to the $10,000 reseed amount.

That same day, a player who bet $2.25 on a buffalo slot machine won a $45,000 progressive jackpot. The lucky winner was visiting from California to attend the Electric Daisy Carnival (EDC).

 

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XSOLLA JOINS FORCES WITH GAMES FOR CHANGE TO EMPOWER NEXT-GENERATION GAME DEVELOPERS TO DRIVE SOCIAL CHANGE

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Xsolla, a global video game commerce company, is honored to announce its participation in the upcoming 2024 Games for Change Festival, the annual must-attend event for anyone interested in the power of games and immersive media to foster social impact. This Games for Change collaboration highlights Xsolla’s commitment to fostering innovation and education within the gaming community.

This year’s Festival theme, “The 2030 Marker: A Catalyst for Global Change,” emphasizes gaming’s transformative power in addressing global sustainability goals. Xsolla is set to play a significant role at the event, showcasing its pioneering educational programs, such as the recent opening of the Xsolla Curine Academy in Kuala Lumpur, the unveiling of the Xsolla Online Academy, and the future vision of Xsolla Global Academies around the world, which are designed to accelerate learning and development in game creation.

Berkley Egenes, Chief Marketing and Growth Officer at Xsolla, will speak about these impactful initiatives to provide equal access to the gaming industry at the Festival. Berkley stated, “At Xsolla, we are committed to driving innovation and supporting the next generation of game developers. Our programs, like the Xsolla Online Academy and the Xsolla Global Academy, are designed to empower participants with the necessary tools and knowledge to thrive in the dynamic gaming industry – now and into the future.”

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Xsolla will present the gaming industry’s Most Innovative Award at the Games for Change Awards Ceremony, celebrating exceptional creativity and advancement in game development. This award is part of Xsolla’s ongoing effort to support and promote excellence in the gaming sector.

Susanna Pollack, President of Games for Change, commented on the partnership: “We are delighted to collaborate with Xsolla for the 2024 Games for Change Festival. Their commitment to education and innovation in the gaming industry perfectly aligns with our goals. Together, we aim to demonstrate how games can be a powerful force for social and environmental good.”

The two-day Festival will take place June 27-28 in New York City (The New School/Parson’s School of Design), bringing together global voices to ignite community engagement and drive social change through games and immersive technologies. For more information on Xsolla’s involvement in the Games for Change Festival and details on how to participate in or attend the event, please visit gameforchange website.

 

 

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The post XSOLLA JOINS FORCES WITH GAMES FOR CHANGE TO EMPOWER NEXT-GENERATION GAME DEVELOPERS TO DRIVE SOCIAL CHANGE appeared first on European Gaming Industry News.

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OpticOdds Launches New Same Game Parlay Pricer and Suite of Data-Driven Trading Tools

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 OpticOdds, the premier feed provider for top operators, has unveiled three innovative tools in its expanding product suite: Trading Screen, Market Intelligence, and the SGP Pricer.

The OpticOdds Trading Screen, supporting over 150 sportsbooks in real-time, processes over one million odds per second across hundreds of servers. This ensures clients receive the fastest pre-match and in-play data, crucial for making informed decisions. Features like outlier, arbitrage, injury, and consensus alerts directly impact operators’ bottom lines. The enhanced data depth allows operators to drill into specific player markets, improving their pricing accuracy in historically challenging areas.

Market Intelligence offers the first programmatic view, enabling operators to see in real-time what markets their competitors are offering that they are not. It refreshes daily and provides insights into competitors’ holds, alternate markets, uptime, and release times.

The Same Game Parlay (SGP) Pricer allows operators to query top sportsbooks to see how correlations are priced in real-time. For instance, during the Chiefs vs. 49ers 2024 Super Bowl, SGPs accounted for roughly 25% of the betting volume at major online sportsbooks. SGPs, particularly those with numerous legs, are notoriously difficult to price due to correlations. The OpticOdds SGP Pricer also algorithmically generates pre-packaged SGP recommendations.

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Ryan Weinstock, Chief Commercial Officer at OpticOdds, commented: “Last year, I spent many days on the road meeting with clients. The most frequent conversation was about the lack of automated solutions in trading. More operators recognize the power of real-time data and want to leverage it. While many operators have internal solutions, these often rely on legacy providers using outdated technology. That’s why we are building real-time, low-integration trading solutions to deliver immediate value to our clients.”

The post OpticOdds Launches New Same Game Parlay Pricer and Suite of Data-Driven Trading Tools appeared first on European Gaming Industry News.

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