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Codere Online Reports Financial Results for the Second Quarter 2023
- 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”.
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.
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.
Latest News
Meridianbet Doubles Down on Belgium: New Casino License Unlocks €455m Market Segment
Editor’s Take
Why this matters: This is a classic “Cross-Sell” play. Meridianbet has already spent seven years building a sports betting database in Belgium. By securing this B+ license, they can now monetize those same users with higher-margin casino products (slots, table games) without needing to acquire new traffic from scratch. With the Belgian casino sector growing at 20% year-over-year, this is a significant revenue unlock for the GMGI portfolio.
The Full Story
Meridianbet, the sports betting and gaming operator owned by Golden Matrix Group Inc. (NASDAQ: GMGI), has successfully expanded its regulatory footprint in Europe by securing a B+ online gaming license in Belgium.
The new license (B+ 4016) authorizes the company to launch a comprehensive online casino platform—featuring slots, table games, and automated live games—starting in January 2026. This move significantly broadens the operator’s capabilities in the country, complementing its existing sports betting operations which have been active in the Belgian market for seven years.
Targeting the Largest Market Segment The strategic rationale behind the license is clear: Casino is now the dominant force in Belgian gambling. According to the Belgian Gaming Commission, the online casino vertical generated €455 million in Gross Gaming Revenue (GGR) in 2023, representing a 20.2% year-over-year increase.
By entering this vertical, Meridianbet gains access to the largest and fastest-growing segment of a market that generated a total of €944.6 million last year.
Tech-First Entry Meridianbet plans to deploy its proprietary AI Casino Recommender technology for the Belgian launch. This system analyzes player behavior and preferences in real-time to deliver personalized game suggestions, a crucial differentiator in a highly concentrated market where just ten operators account for 94% of all online wagers.
Regulatory Context Belgium is known for having one of Europe’s strictest regulatory frameworks, characterized by rigorous compliance standards and player protection protocols. Securing this license validates Meridianbet’s operational standards and deepens its foothold in a “mature” market that is notoriously difficult for new entrants to penetrate.
The post Meridianbet Doubles Down on Belgium: New Casino License Unlocks €455m Market Segment appeared first on Gaming and Gambling Industry Newsroom.
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LinkDataMedia Drops ‘Startup’ Look with Major 5th Anniversary Rebrand
Editor’s Take
Why this matters: In the iGaming affiliate space, the five-year mark is a critical survival threshold. Many media startups fade away before reaching it. LinkDataMedia’s decision to rebrand now is a classic “graduation” signal. By shedding their startup skin for a more corporate, “blue-chip” aesthetic (the stability-focused blue triangle), they are telling operators and partners that they are no longer just an affiliate project, but a stable infrastructure partner ready for larger commercial deals.
The Full Story
LinkDataMedia, the parent company behind the popular affiliate portal Gamblers Connect, has announced a comprehensive corporate rebrand to coincide with its fifth anniversary.
The overhaul includes a completely refreshed brand identity, a redesigned logo, and a fully revamped website, all of which are now live. The move is described by the company not as a mere cosmetic update, but as a strategic pivot designed to distance the business from its “startup roots” and reflect its current status as an established player in the competitive iGaming media landscape.
Visualizing Maturity The new visual language features a modernized blue triangular logo, a shape chosen to represent “stability and forward momentum.” The digital user experience has also been streamlined, offering partners a cleaner interface that aligns better with the company’s matured operational capabilities.
Management Commentary Gjorgje Ristikj, Founder and CEO of LinkDataMedia, commented on the significance of hitting the half-decade milestone in such a volatile industry:
“Surviving the first five years in business takes more than luck. It takes belief, resilience, and the right people around you. This milestone, and the rebrand, reflect exactly that.”
Implementation The new branding has already been deployed across the main corporate website and is currently being rolled out across LinkDataMedia’s social media channels and internal communication platforms. As the company enters its sixth year, the refreshed identity aims to set the stage for a new phase of expansion and innovation.
The post LinkDataMedia Drops ‘Startup’ Look with Major 5th Anniversary Rebrand appeared first on Gaming and Gambling Industry Newsroom.
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Win Systems to Debut New ‘Gold Club Colors’ and WIGOS Upgrades at ICE Barcelona
Editor’s Take
Why this matters: As ICE makes its historic move to Barcelona, established tech providers like Win Systems are under pressure to bring their “A-game” to the larger venue. The focus here isn’t just on cabinets; it’s the ecosystem. By highlighting WIGOS (their CMS) alongside WIN PAY, Win Systems is positioning itself as an infrastructure partner, not just a hardware supplier. The debut of the Gold Club Colors roulette specifically targets the growing demand for visually customizable electronic table games (ETGs).
The Full Story
Win Systems, the global provider of technology for the gaming and entertainment industry, has confirmed its product roadmap for ICE Barcelona 2026, the sector’s most significant international event taking place from January 19 to 21.
Exhibiting at Stand 3M30 at the Fira Barcelona Gran Via, the company will leverage the new venue to showcase a broad portfolio designed to cover the entire casino floor—from management systems to the gaming floor itself.
Systems and Fintech At the core of the showcase is WIGOS, the company’s flagship Casino Management System (CMS). WIGOS is widely recognized for connecting thousands of machines across multiple countries, and the Barcelona display will focus on advanced tools that streamline daily operations and optimize player retention.
Complementing the CMS, Win Systems will present WIN PAY, its secure transaction platform. As cashless and seamless payment solutions become standard requirements for operators, WIN PAY offers the necessary efficiency and security controls for modern gaming environments.
Hardware: Roulette and Slots On the hardware side, Win Systems is refreshing its electronic table game offering with the new Gold Club Colors electronic roulette. The Gold Club line has long been a staple in the company’s portfolio, known for its compact footprint and reliability; the “Colors” iteration promises to maximize visual impact on the floor.
Alongside the roulette, the company will display its latest slot hardware, including the Sublime and Rhapsody cabinets. These units are designed to house the company’s extensive game library, which has been adapted to suit diverse market profiles from Europe to Latin America.
Strategic Goals Win Systems aims to use the three-day event to reinforce its 30-year legacy in the industry. The company described its participation as a commitment to “continuous innovation,” inviting operators and regulators to explore how their integrated solutions can improve in-room performance.
The post Win Systems to Debut New ‘Gold Club Colors’ and WIGOS Upgrades at ICE Barcelona appeared first on Gaming and Gambling Industry Newsroom.
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