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Codere Online Reports Financial Results for the Fourth Quarter and Full Year 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 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

17.8  

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%

 

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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Wildz Group: iGaming Industry Leaders

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A brand-new industry-facing name has been announced: Wildz Group™, powered by award-winning iGaming platform Rootz. In recognition of industry developments and company growth, Wildz Group™ has formed, as a collective of leading gambling entertainment brands.

The name directly references the Group’s iconic online casino and sports superbrand, Wildz.

Highlighting Our Products

The new Group will contain the Rootz Platform, powering the six existing gambling brands – Wildz™ Casino, Caxino™ Casino, Wheelz™ Casino, Spinz™ Casino, Chipz™ Casino, and Tuplaus™ Casino – with some exciting new additions in 2025 and beyond.

The leadership team believes Wildz Group will be the catalyst for even greater growth with suppliers, business partners, and collaborators across the gaming industry.

The post Wildz Group: iGaming Industry Leaders appeared first on European Gaming Industry News.

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ZITRO STRENGTHENS ITS CORPORATE SUSTAINABILITY POLICY

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A company-wide commitment that will guide all its locations and future sustainable initiatives.

Zitro is reinforcing its Corporate Sustainability Policy—a strategic framework integrating environmental, social, and governance (ESG) principles across all its global operations.

This policy applies to every office, employee, supplier, and part of the value chain, laying the foundation for responsible management that minimizes environmental impact, promotes inclusion and diversity, and upholds transparency and corporate ethics. Zitro reaffirms its dedication to sustainable development and making a positive difference in the communities where it operates.

Key focus areas include:

  • Environmental commitment:Optimizing resources, improving energy efficiency, reducing emissions, and responsibly managing waste, aligned with international standards ISO 14064-1 and ISO 14067.
  • Social commitment:Fostering diversity, inclusion, workplace wellbeing, and initiatives supporting community development and workplace safety.
  • Governance commitment:Ensuring transparency, regulatory compliance, and cybersecurity, as well as encouraging responsible gaming.

With this policy, Zitro takes a step toward responsible and sustainable management across all business areas.

The post ZITRO STRENGTHENS ITS CORPORATE SUSTAINABILITY POLICY appeared first on European Gaming Industry News.

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HIPTHER Community Voices: Interview with the CEO and co-founder of Nordcurrent Victoria Trofimova

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In this edition of HIPTHER Community Voices, we talk with Victoria Trofimova, the CEO and co-founder of Nordcurrent, the biggest game studio to come out of Lithuania and the Baltics. Since starting the company in 2002, Victoria has led Nordcurrent from a small team to an international gaming success story — all without external funding.

She shares how key decisions like focusing on mobile games, building a diverse team, and staying true to their creative vision helped shape Nordcurrent’s growth. We also dive into how she’s helping put the Baltics on the global gaming map, supporting young talent, and what advice she has for the next generation of women leaders in tech.

 

Nordcurrent has grown into a Baltic powerhouse since its  founding in 2002. What were some of the pivotal moments that  shaped the studio’s identity and success—especially as a bootstrapped company?

One key moment was our decision to focus fully on mobile gaming early on. That shift, around 2010, allowed us to scale globally with titles like Cooking Fever, which became a long-term success story. Another pivotal step was building and retaining in-house capabilities, from development to marketing, while staying self-funded. Being bootstrapped taught us discipline, resilience, and how to make bold yet thoughtful decisions without external pressure.

 

You’ve scaled a 360-person team across multiple countries.  What have been the biggest challenges—and advantages—of  growing Nordcurrent without external funding?

The biggest challenge has been growth pacing. We had to build sustainably, without shortcuts. But that’s also been our advantage; we’ve kept creative control, built long-term trust with our team, and stayed focused on profitability and product quality. It’s a different rhythm, one that favors deep thinking over hype.

 

Diversity in gaming is still lagging behind. What concrete steps has Nordcurrent taken to drive inclusion, and how do you embed this into studio culture, hiring, and leadership?

We don’t overcomplicate it, we hire the best people who want to build great games with us. We don’t separate or label by gender, background, or title. If someone brings talent, drive, and a collaborative mindset, they belong here. That approach has naturally led to a diverse team, including strong female leadership across departments. We focus on creating an environment where everyone is treated equally, trusted, and heard.

 

You’ve spoken about attracting global talent to Lithuania and the Baltics. What makes the region appealing—and what misconceptions do you often have to overcome when recruiting internationally?

The Baltics offer a great work-life balance, strong tech ecosystems, and a tight-knit creative scene. But we still need to overcome outdated perceptions; for example, that it’s cold, isolated, or lacking opportunity. The truth is, Vilnius and other cities here are dynamic and are increasingly being recognized for innovation.

 

In such a saturated gaming market, how does Nordcurrent approach innovation and stay relevant without falling into trend-chasing?

We listen deeply. To players, to data, and to our instincts. With over two decades of experience, we’ve built a rich internal library of what works, what lasts, and what connects. Innovation for us isn’t about reinventing the wheel every time. It’s about layering insight, emotion, and cultural nuance onto strong foundations. We don’t chase trends, we ask how a game fits into people’s lives. That’s why titles like Airplane Chefs resonate. They’re familiar yet fresh, culturally rich but globally accessible. Years of learning has given us the confidence to trust our gut and the clarity to know when to try something bold.

 

From mobile hits to console and PC publishing—how has your portfolio strategy evolved, and how do you decide what kinds of games to invest in today?

Our mobile success gave us the freedom to diversify. With Nordcurrent Labs, we now publish PC and console games that align with our values: original IP, strong storytelling, and long-tail potential. We look for teams with vision and grit, whether it’s cozy games or narrative-rich adventures.

 

You recently acquired River End Games and the Cinemaware catalog. What’s the strategic thinking behind those moves, and what can players expect from these legacy properties going Forward?

River End Games brings deep narrative talent and AAA craftsmanship, which complements our publishing ambitions. With Cinemaware, we’re reimagining classics for a new generation. These acquisitions aren’t about nostalgia only, they’re about unlocking untapped creative value in ways that feel both respectful and bold.

 

How are you helping to nurture the next generation of game developers in the Baltics, and what role do you think studios should play in education or early talent development?

We take this responsibility seriously. As the largest Lithuania-born game developer, we feel a strong duty to help grow the industry, not just our studio. We actively collaborate with the Lithuanian Game Developers Association, support local game jams, and organize major meetups that bring the community together. Our goal is to make the gaming industry more visible, more accessible, and more appealing, especially to young people who may not yet see it as a real career path.

It’s not just about hiring talent, it’s about helping to create it. We believe studios should take an active role in popularizing the industry, opening doors, and building a future where game development is seen as a creative and respected profession.

 

You’re leading a company that’s rooted in Eastern Europe but competing on a global stage. How do you balance local values with global ambitions?

We don’t see it as a conflict. Our roots give us authenticity and resilience, and these are qualities that resonate globally. We build games that are grounded in strong craft and cultural richness but are universally relatable. Staying true to who we are has been our best strategy for going global.

 

And finally—what advice would you give to aspiring women leaders in tech and gaming who want to break into this industry and rise through the ranks?

Own your voice. You don’t need to fit a mold to lead. Surround yourself with people who challenge and support you. And remember, leadership isn’t just about a title, it’s about taking responsibility, lifting others, and staying curious. Tech and gaming need your perspective, and there’s room for you at the table.

The post HIPTHER Community Voices: Interview with the CEO and co-founder of Nordcurrent Victoria Trofimova appeared first on European Gaming Industry News.

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