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Directors refuse to sign financial results of Codere
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Three directors of Codere, a Spanish gaming service provider, have refused to sign off the latest financial results of the company. This is likely to ignite further boardroom battles, as the three rebelling directors include the company’s founders as well.
For the record, the company’s results showed growth in Europe, but there was 7 per cent dip in turnover, largely because of the fluctuations in exchange rates, especially Argentina’s Peso.
Operating income was at €759.3m (£681m/$880m) as a result of the collapse of revenue in Argentina, which was down 22.5 per cent to €232.6m. Codere pointed out that at a constant exchange rate, revenues would have grown by more than 11 per cent.
The Bolsa Madrid operator recorded group-wide consolidated losses of €34m across all its operating divisions. Corporate debt balance is at approximately €840m, down slightly on 2017.
Codere’s European segment registered an increase in turnover of almost 10 per cent to €273m, which it said was mainly due to its growth in online and face-to-face sports betting in Spain.
President Raúl Sorensen, appointed to replace founder José Antonio Martínez Sampedro in a boardroom coup earlier this year, was among those to sign off the accounts. Martínez Sampedro, his brother Luis Javier and Pío Cabanillas would not put their names to it.
The Martínez Sampedro founded the company and were the controlling shareholders until financial restructuring in 2014.
They kept their positions until January 2018, when the main shareholder funds appointed Vicente di Loreto as the new CEO and Sorensen as non-executive chairman. The Martínez Sampedro became proprietary board members.
Codere was recently linked with a takeover by private equity group Blackstone.
Source: iGaming Business
Source: Latest News on European Gaming Media Network
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KingMidas Games and Notix.Games Forge Strategic Partnership to Accelerate Global Reach and Innovation in iGaming
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KingMidas Games, a leading iGaming provider, has announced a new strategic partnership with Notix.Games, a leading game aggregator and developer.
KingMidas Games is integrating its portfolio of creative and IP-driven titles into the Notix.Games platform, expanding its global presence and offering operators unique, engaging, and next-generation gaming experiences. This collaboration strengthens Notix.Games’ content portfolio and reinforces its commitment to delivering diverse, high-performing, and innovative content to its network of partners.
Sean Auret, Global Head at KingMidas Games, commented, “KingMidas Games is always focused on pushing the boundaries of creativity and player engagement. By joining forces with Notix.Games, we can bring our unique and IP-driven titles to a wider audience and deliver truly memorable gaming experiences. This partnership aligns with our mission to expand globally while ensuring operators and players access the very best in next-generation content.”
“At Notix.Games, we collaborate with partners who redefine gaming experiences through innovation and quality. KingMidas Games brings a unique creative approach and a strong commitment to delivering games that truly engage players worldwide,” said Ahikam Raviv, CCO at Notix.Games.
Together, KingMidas Games and Notix.Games are setting new standards in creativity and collaboration within the iGaming ecosystem. The partnership embodies a shared vision of empowering operators through innovation, compliance, and exceptional player engagement — driving the next phase of growth and evolution in the global iGaming industry.
The post KingMidas Games and Notix.Games Forge Strategic Partnership to Accelerate Global Reach and Innovation in iGaming appeared first on European Gaming Industry News.
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Introducing Red Papaya – a studio powered by Microgaming
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New developer promises to get player pulses racing with slots that blend creativity, features and data
There’s a new studio in town, and it’s a bold and bright one. Red Papaya is the flagship studio powered by Microgaming and blends creativity, features and data to craft edge-of-the-seat slot experiences that captivate players around the world.
The studio has been founded by an award-winning team with a proven track record in delivering top-performing, data-driven slots that have quickly risen to the top of the charts. When it comes to themes, features and markets, they’ve done it all.
Features will be an area of strong differentiation, with the studio incorporating formats such as Hold & Win, Cash Collect, Bonus Buy, Jackpot, Pot Link and Maxways into each of its titles.
The bar for production value will be set incredibly high, with cinematic visuals, superior sound design and compelling narratives, storylines and characters.
Red Papaya’s debut slot, Kong’s Jungle Tower, is set for launch in a matter of weeks, with players taken on an epic expedition where fortunes can be found hidden within a forgotten temple, hidden deep within the undergrowth.
New games will launch regularly with a strategic product roadmap aimed at meeting a wide range of player preferences. Red Papaya will also offer exclusive launch periods with custom branded game opportunities on the table, too.
Madelein Ozok, Head of Studio at Red Papaya, said: “We are so excited to finally break cover – Red Papaya has been built on many decades of industry experience, so we’re ready to hit the ground running. Of course, this would not be possible without the backing of Microgaming.
“Our product roadmap is incredibly strong with our first slot set to hit the market later this month. And make no mistake about it, our pipeline is packed with hits.
“Red Papaya is all about colourful disruption via cutting edge slots that combine creativity, features and data to deliver world-class experiences that hit the mark with players spin after spin. We are ready, but are you?
“In the meantime, make sure to learn more about Red Papaya on the newly-launched microgaming.io website”
The post Introducing Red Papaya – a studio powered by Microgaming appeared first on European Gaming Industry News.
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EveryMatrix acquires Goma Gaming to boost front-end development firepower
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EveryMatrix has acquired UX specialist Goma Gaming to boost the Group’s front-end development firepower.
Specialising in delivering innovative front-end solutions for the betting industry, the Goma Gaming team bring 20 years consumer product design and digital UX experience.
The acquisition will instantly enhance EveryMatrix’s existing front-end capabilities with experience from both sports betting and casino projects that have included delivering bespoke solutions for tier-1 brands.
The Goma team will continue to operate as a standalone unit, side-by-side with the existing EveryMatrix front-end division.
Its capacity will be upscaled to provide additional bandwidth and capabilities to the Group’s sports and casino products with the objective of delivering superior customer experience and even more alternatives for EveryMatrix clients.
Goma Gaming’s UX player experience platform has delivered strong results for tier-1 operators, generating higher retention and longer engagement with an average 30% margin uplift, while adding enhanced functionality for next generation players.
Ebbe Groes, Group CEO & Co-founder EveryMatrix, said: “Our front-end development has made huge strides, creating bespoke sites and features for some of our largest customers such as Bet-at-home and the Hungarian Lottery.
“The addition of Goma means we will immediately have more front-end firepower to deploy and deliver to both existing and new sports and casino turnkey customers who require differentiation that moves the dial when it comes to higher retention, engagement, margin and revenues.”
“I’d like to welcome Andrew and his team and look forward to having them with us to further accelerate our rapid business growth.”
Andrew Brown, CEO, Goma Gaming, said: “We’ve made great progress developing Goma in the last five years, but joining the EveryMatrix Group now means we have greater resources to rapidly scale our capacity whenever it’s needed and to make an even bigger impact.
“Thank you to everyone who has supported us along the way and enabled us to get us to this stage. We can’t wait for the next phase of our journey as part of EveryMatrix.”
The post EveryMatrix acquires Goma Gaming to boost front-end development firepower appeared first on European Gaming Industry News.
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