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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% |

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The Battle for VCT Pacific 2026 Begins in Bangkok as Ten Teams Clash at VCT Ascension Pacific 2025
Reading Time: 3 minutes
Velocity Gaming Represents South Asia at VCT Ascension Pacific 2025 — Set to Take on APAC’s Finest for a Place in the VCT Pacific League 2026
National, October 14, 2025: The road to the next VALORANT Champions Tour season reaches its decisive stage as VCT Ascension Pacific 2025 kicks off today in Bangkok. From October 14 to 26, ten elite teams from across the Asia-Pacific region will converge at the Imperial Samrong Convention Hall to fight for two coveted berths in the VCT Pacific League 2026 and a share of the USD 100,000 prize pool.
The tournament marks the culmination of a year-long regional circuit, bringing together emerging contenders and established names, including Velocity Gaming, who will step onto the international stage to take on the Pacific’s top contenders, aiming to secure the region’s first-ever spot in the VCT Pacific League. Over the next twelve days, the stage in Bangkok will determine which teams rise to the international league in 2026.
Qualified Teams – Ten teams from across APAC have earned their place at Ascension Pacific 2025:
South Asia:
- Velocity Gaming
VCT Pacific:
- BOOM Esports
- Nongshim RedForce
Southeast Asia:
- Motiv Esports
- NAOS
- FULL SENSE
- Team NKT
Japan:
- RIDDLE ORDER
Korea:
- SLT Seongnam
Oceania:
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Velocity Gaming has qualified for VCT Ascension Pacific 2025 after beating S8UL 3-1 in the Grand Final of the OMEN VALORANT Challengers South Asia 2025 Ascension Qualifiers.
Tournament Format
The competition begins with a Group Stage featuring two groups of five teams each, seeded based on regional performance. Both VCT Pacific representatives will be placed in separate groups. Teams will face off in a single round-robin, best-of-three format within their groups.
The top six teams will advance to the Playoffs, a modified double elimination bracket where the top two seeds from each group start in the upper bracket, and the third seeds begin in the lower bracket.
All playoff matches will be best-of-three, except the upper and lower bracket finals, which will be best-of-five qualification matches, determining the two teams that will ascend to VCT Pacific 2026.
Schedule – The full tournament unfolds over 12 days of competition:
- Group Stage: October 14 – 21
- Playoffs: October 22 – 26
- Upper Bracket Final: October 25
- Lower Bracket Final: October 26
Matches begin daily at 14:00 GMT+7 / 15:00 GMT+8 / 16:00 GMT+9.
Schedules are subject to change. For the latest updates, visit valorantesports.com.
Tickets
- Fans can experience the thrill of Ascension Pacific 2025 live as the tournament reaches its climax from October 24 to 26 at the Imperial Samrong Convention Hall in Bangkok.
- Come cheer for your region’s best as they battle for a spot in the VCT Pacific League 2026.
Venue Address:
- 999 Sukhumvit Rd, Samrong Nuea, Mueang Samut Prakan District,
- Samut Prakan 10270, Thailand
Tickets:
- Early bird tickets went on sale on September 20, followed by general sales on September 23.
- Tickets are available now via Ticketmelon — simply search for “VALORANT Ascension Pacific 2025” to secure your spot.
The post The Battle for VCT Pacific 2026 Begins in Bangkok as Ten Teams Clash at VCT Ascension Pacific 2025 appeared first on European Gaming Industry News.
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Airoclip, an AI-powered gaming studio focused on building adaptive gaming experiences for global audiences, has raised $2.75 million in a seed funding round led by T-Accelerate Capital (TAC), co-led by Centre Court Capital and global gaming investor BITKRAFT Ventures.
Founded in 2024 by IIM Calcutta alumni Naga Rohith Anisetty and Pruthvi Sai Y, Airoclip is pioneering a new era of mobile puzzle games by integrating adaptive story progression, innovative monetisation models, and scalable live operations. The company focuses on AI-driven personalisation and dynamic content generation to deliver superior gaming experiences to the world from India.
Airoclip, with its flagship puzzle games Tap Hexa and Hexa Dreams, has rapidly gained strong traction among players in the USA and Europe. With a stellar 4.8/5 rating on the Play Store and more than 300,000 installs, the studio is just beginning its journey to craft premium puzzle experiences for global audiences.
“We’re not just building games, we’re crafting experiences that evolve with every player. We’re thrilled to partner with investors who share that vision and will help us bring it to life,” said Rohith, co-founder and CEO of Airoclip.
This capital infusion will accelerate the development of Airoclip’s proprietary game personalization technology and strengthen its teams across game development, data, design, and marketing.
“We combine strong game design principles with innovative content formats that generative AI now enables. This approach will significantly enhance player engagement and unlock new revenue streams. By creating personalized, culturally relevant content, we can scale
efficiently across global markets with experiences that truly resonate with players everywhere,” added Pruthvi, co-founder.
Investors see Airoclip’s approach as a blueprint for how Indian founders can merge creative depth with analytical precision to build global gaming experiences.
“We’re excited to partner with Airoclip on their growth journey. Their sharp blend of analytical depth and creative ambition reflects the evolution of India’s gaming ecosystem and underscores the confidence of a new generation of studios ready to compete on the global stage,” said Carol Wong, Founding General Partner at T-Accelerate Capital.
Backed by increasing digital adoption and rising global playtime and revenue, the casual gaming segment is seeing sustained investor interest and global momentum.
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The post Airoclip Raises $2.75M Seed Round Led by T-Accelerate Capital and Co-led by Centre Court Capital and BITKRAFT Ventures appeared first on European Gaming Industry News.
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Premium online casino brand Genting Casino has announced the launch of its headline £20k Spin Leaderboard Challenge, an exciting promotion offering players the chance to spin for £20,000 grand prize in a roulette showdown at Resorts World Birmingham in December.
Live now until 17 November 2025, this exclusive multi-channel promotion gives eligible UK online casino customers the opportunity to get free spins on deposit, compete in a leaderboard by playing selected games, and secure a place in a live-filmed casino tournament, culminating in a single spin worth £20,000.
Players can opt in by making a deposit of £10 or more at Genting Casino using the bonus code WIN20K, which grants 150 free spins on Big Bass Splash, 10 leaderboard points and a shot at climbing the top 50.
The top five players on the leaderboard will be invited to Resorts World Birmingham for a VIP experience including an overnight stay on the 13th December, up to £150 travel reimbursement and entry into a high-stakes live roulette tournament. The overall tournament winner will claim the Grand Prize Spin which could be worth £20,000.
Those finishing between 6th and 50th place on the leaderboard will receive 100 free spins on Fishin’ Frenzy The Big Catch 2.
Mike Vella from Genting Casino said: “We’re thrilled to offer our unique £20k spin promotion to online customers again, culminating in our unique live finale. The campaign brings players from screen to casino floor in a spectacular fashion and is part of our commitment to capitalise on the exclusive journey we can offer our online customers thanks to our partners at Resorts World Birmingham.”
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The final five players will participate in a filmed, bracket-style live roulette tournament at Resorts World Birmingham, with one last spin deciding who walks away with the life-changing top prize.
Winners will be contacted on 19 November 2025, and the live tournament date will be on 13 December 2025.
This is another example of Genting Casino offering customers a chance to play their favourite online games in order to climb the leaderboard to win prizes from cash following on from previous promotions which offered winners experiences including trips to see some of the world’s most prestigious sporting events.
Genting Casino offer a premium online experience with over 7,000 casino games ranging from the classic casino table games including live roulette, blackjack and a catalogue of online slots and instant win games from leading studios and providers, including favourites like Starburst, Fishin’ Frenzy and Book of Dead, all within a safe and secure gaming environment.
The post Genting Casino Launches the £20k Spin Leaderboard Challenge with VIP finale at Resorts World Birmingham appeared first on European Gaming Industry News.
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