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Codere Online Reports Financial Results for the Third Quarter 2023

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Codere Online (Nasdaq: CDRO / CDROW, “the Company”), a leading online gaming operator in Spain and Latin America, has released its financial results for the third quarter and nine month period ended September 30, 2023.

Below are the main financial and operating metrics of the period.

  Quarter ended September 30   Nine Months ended September 30
  2022 2023 Chg. %   2022 2023 Chg. %
               
Net Gaming Revenue (EUR mm) 1              
Spain 14.9 18.9 27%   42.2 54.9 30%
Mexico 12.9 21.0 63%   34.8 56.6 63%
Colombia 1.9 1.8 (5%)   5.6 6.2 11%
Other 0.9 1.5 67%   2.7 4.1 52%
Total 30.6 43.2 41%   85.2 121.8 43%
               
Avg. Monthly Active Players (000s) 2              
Spain 35.2 41.0 16%   37.1 40.6 10%
Mexico 37.4 51.8 39%   34.3 50.3 46%
Colombia 24.2 22.7 (6%)   25.4 24.7 (3%)
Other 7.5 9.0 20%   6.8 9.1 34%
Total 104.3 124.5 19%   103.6 124.7 20%

Aviv Sher, CEO of Codere Online, stated, “We’re very pleased with our performance in the third quarter and to be presenting another set of impressive results. This quarter we not only posted significant net gaming revenue growth of 41% to €43 million, but also took a significant step in our path to profitability with break even Adjusted EBITDA in the period. It was a solid quarter for sports betting, with the return of the major sporting events, but also for our casino product, which contributed 58% of our revenue in the period.”

Mr. Sher further added, “Mexico continued to exceed our expectations with revenue growth of 63% in the third quarter, reaching €21.0 million and consolidating its position as our largest market (by revenue) ahead of Spain, where net gaming revenue also grew by an impressive 27%, to €18.9 million.”

Oscar Iglesias, CFO of Codere Online, stated, “Our third quarter results have shown that the combination of a strong brand, high-quality customer acquisitions and an attractive product offering has allowed us to deliver not only strong top line growth but also a significant improvement in profitability, with our first quarter of breakeven Adjusted EBITDA less than two years following our U.S. listing.”

Mr. Iglesias further added, “Based on these strong results and recent trading activity, we now expect to generate between €155-165 million of net gaming revenue and negative €10-18 million in Adjusted EBITDA in 2023, and reaffirm that we expect to generate positive Adjusted EBITDA and cash flow for the full year in 2024.”

Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

  Quarter ended September 30   Nine Months ended September 30
Figures in EUR mm 2022 2023 Chg. %   2022 2023 Chg. %
               
Total              
               
Revenue 28.9 41.1 42%   80.1 115.7 44%
(+) Accounting Adjustments3 1.7 2.2 29%   5.1 6.1 20%
Net Gaming Revenue 30.6 43.2 41%   85.2 121.8 43%
               
Spain              
               
Revenue 14.9 18.9 27%   42.2 54.9 30%
(+) Accounting Adjustments3 n.m.   n.m.
Net Gaming Revenue 14.9 18.9 27%   42.2 54.9 30%
               
Mexico              
               
Revenue 11.4 18.8 65%   31.0 50.7 64%
(+) Accounting Adjustments3 1.4 2.3 64%   3.8 5.9 55%
Net Gaming Revenue 12.9 21.0 63%   34.8 56.6 63%
               
Colombia              
               
Revenue 1.8 1.8   4.6 6.5 41%
(+) Accounting Adjustments3 0.1 (0.1) n.m.   1.0 (0.3) (130%)
Net Gaming Revenue 1.9 1.8 (5%)   5.6 6.2 11%
               
Other              
               
Revenue 0.7 1.5 114%   2.3 3.6 57%
(+) Accounting Adjustments3 0.2 (0.0) (100%)   0.4 0.5 25%
Net Gaming Revenue 0.9 1.5 67%   2.7 4.1 52%

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Arena Racing Company awarded United Arab Emirates Gaming-Related Vendor License

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Arena Racing Company (ARC) has been granted a Gaming-Related Vendor license from the United Arab Emirates’ General Commercial Gaming Authority (GCGRA), an independent entity of the UAE Federal Government with exclusive jurisdiction to regulate, license, and supervise all commercial gaming activities.

The license, operational with immediate effect, affords ARC the opportunity to provide its products and services to licensed operators in the region. Notably, the Racing1 Markets service, an all-in-one horse and greyhound racing solution delivered in conjunction with Racing1 alliance media rights partners at 1/ST CONTENT, Racecourse Media Group (RMG), and Tabcorp, alongside technical partner Pythia Sports. ARC has been added to the list of licensed vendors as per the GCGRA website.

Jack Whitaker, Commercial Manager at ARC, said: “Obtaining this license is a great achievement for ARC and its Racing1 partners. The emerging regulated UAE market is incredibly exciting, and we look forward to showcasing our innovative products and services in the region.”

The post Arena Racing Company awarded United Arab Emirates Gaming-Related Vendor License appeared first on Gaming and Gambling Industry Newsroom.

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Play’n GO games now live with Ivy Casino in the UK

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Swedish gaming giant’s industry signals commitment to the UK regulated market by launching it leading portfolio of games with Ivy Casino 

Play’n GO, the world’s leading casino entertainment provider, has today announced that its industry leading portfolio of games is now live with Ivy Casino in the UK. 

Ivy Casino’s players in the United Kingdom can now access global smash hits from Play’n GO, including Book of Dead, Legacy of Dead, and Rise of Olympus 100 among many others. 

Ivy Casino is a UK-facing online casino brand that launched in 2024 with a focus on delivering a premium, player-centric experience tailored specifically for the UK market. 

The brand operates alongside two sister sites, Rose Casino and O’Reels, which also serve UK audiences and share the same commitment to high-quality entertainment, strong user experience and robust responsible gaming standards. 

Play’n GO has been one of the leading game suppliers in the UK for many years and is steadfast in its commitment to regulated markets globally. 

Magnus Olsson, Chief Commercial Officer of Play’n GO, said:

“We are delighted to launch with Ivy Casino in the UK who, like us, are focused on all the key elements of operating within a regulated market framework. I’m sure this is just the beginning of a long and fruitful partnership.” 

Mark Good, representing Ivy Casino, said:

“This partnership with Play’n GO forms part of Ivy Casino’s ongoing strategy to enhance its content offering for UK players by collaborating with leading studios known for creative, engaging gameplay.” 

Play’n GO is a proud sponsor of the Moneygram Haas Formula 1 team, and recently launched a fashion brand, Play’n GO Shop, to sit alongside its existing Play’n GO Music brand to give fans more ways to connect with Play’n GO. 

In October, Play’n GO set a world record by launching everyone’s favourite slot character, Garga, into space reaching a height of over 35,500m as part of the launch campaign for Reactoonz 100 which instantly became one of the biggest game launches of the year for the company. 

The post Play’n GO games now live with Ivy Casino in the UK appeared first on Gaming and Gambling Industry Newsroom.

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Esportes da Sorte strengthens brand presence during New Year’s Eve celebrations across four Brazilian capitals

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Esportes da Sorte, one of Brazil’s leading online betting platforms, will be the official sponsor of New Year’s Eve celebrations in four Brazilian capitals: Salvador, Recife, Natal and Maceió. The initiative reinforces the brand’s growing presence in the national cultural calendar and its strategy to connect with large-scale public celebrations beyond the digital environment.

New Year’s Eve is one of Brazil’s most significant annual moments, marked by intense domestic travel, international tourism and mass public participation. By supporting celebrations in four key destinations, Esportes da Sorte aligns its brand with tradition, culture and shared experiences that resonate deeply with local communities.

“Sponsoring New Year’s Eve celebrations in four capitals reflects our commitment to being present in moments that bring people together,” said Marcela Campos, Vice President of the Esportes Gaming Brasil Group, owner of the Esportes da Sorte brand. “Supporting these cities means valuing their cultural identity, strengthening local ecosystems and celebrating the people who keep these traditions alive year after year.”

Across all four capitals, the brand will activate its presence through immersive experiences, public-facing activations and the distribution of branded giveaways — a hallmark of Esportes da Sorte’s engagement strategy at major events. The activations are designed to enhance the festive atmosphere while reinforcing the brand’s connection with culture, entertainment and responsible enjoyment.

The New Year’s Eve sponsorships build on Esportes da Sorte’s broader cultural engagement strategy, which includes long-standing support for large-scale events such as Carnatal, in Rio Grande do Norte — a key fixture in the state’s tourism and cultural calendar. Together, these initiatives reflect the company’s commitment to expanding its footprint in cultural sponsorships nationwide.

Esportes da Sorte’s participation also mirrors a wider trend within Brazil’s regulated betting market, as operators increasingly diversify their sponsorship portfolios beyond football. Music, festivals and cultural celebrations have become strategic platforms for brands seeking broader visibility, deeper community ties and more sustainable engagement with the public.

The post Esportes da Sorte strengthens brand presence during New Year’s Eve celebrations across four Brazilian capitals appeared first on Gaming and Gambling Industry Newsroom.

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