One of the leading iGaming developers from Bulgaria, EGT Digital, continues its European expansion. As its products are available in many key markets across the continent, it’s Spain’s turn to welcome a set of brand-new games.

Newly established partnership

EGT Digital joined forces with one of the most popular operators in Spain, Codere, to present its thrilling content to Spanish players. Among the titles included in the offering will be hit releases such as Bell Link and Clover Chance. All games are available on Codere’s website.

Sarit Adania, a Head of Casino Product at Codere, commented on the recently established partnership: “EGT Digital’s games and jackpots are an excellent addition to our range of casino proposals and the evaluation given by our customers speaks for itself: they are becoming more and more popular on our website. Very soon we will be able to further diversify our portfolio with more of their titles.”

Tsvetomira Drumeva, Head of Sales at EGT, added: “We are very glad that our content made its Spanish debut on the site of one of the largest local operators. Thus, our slots will be able to demonstrate their great potential to a wide gaming audience, and their good performance will pave the way for the other key players in the country.”

Successful company

EGT Digital is a subsidiary of Euro Games Technology. Its main mission is to create unforgettable products and technologies that will ensure its fans can have a smooth and secure gaming experience.

Apart from carefully crafted products, the company focuses on promoting responsible gaming practices and making sure its content always aligns with the community standards in the field.

After expansion to the Italian market that was ensured in January 2024 thanks to the partnership with popular operator Microgame, the company continues to conquer key markets in Europe and rapidly going towards achieving the title of European leader in the field of iGaming.

Now, the company has a vast network of partners, including big industry names such as Evolution, NetEnt, Endorphina, and many more. Its portfolio consists of a range of popular releases, including 20 Leprechaun Hot, Tropical Beauties, Flaming Hot Extreme, and others.

The industry leader in Spain and Latin America

On the other hand, Codere is already widely popular in the Spanish market, but not only in that one – apart from Spain, its operations are running in Italy, as well as in Latin America – Argentina, Mexico, Colombia, Panama, and Uruguay.

The company has been present on the market for more than 40 years. It was founded in 1980 as a slot machine operator in Spain, but since then has grown into an industry giant that features various kinds of products.

Now, Codere offers a range of products, including gaming machines, bingo seats, sports betting terminals, arcades, racetracks, and many more. Its customer base grew to an impressive number of 7,500,000.

Thanks to the recently established partnership with EGT, the company will get a chance to further strengthen its position in the Spanish market and once again prove that it’s a leader in the industry in this European country.

Source:

“EGT Digital’s Slots Made Their Spanish Debut with Codere”, europeangaming.eu, March 6, 2024.

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The leading online gaming operator in Latin America and Spain, Codere Online, released its preliminary second quarter financial results. On Thursday, the company unveiled details regarding its performance for the second quarter ended June 30, 2023, reporting strong growth of average monthly active players along with an increase in net gaming revenue.

Judging by the latest results, Codere Online’s net gaming revenue (NGR) hit €39.1 million ($41.4 million). This result, when compared to the Q2 2022 result of €29.2 million ($31.7 million), marked an increase of 34%. The company provided a breakdown of the NGR posted for the second quarter of 2023, revealing that its revenue in Mexico increased year-over-year by 51% to €18.0 million ($19.5 million) while its Spanish revenue soared by 24% to €17.5 million ($19 million).

In contrast, Codere Online’s Colombia NGR marked a decrease. The online gaming operator revealed that its Colombian revenue halted at €2.1 million ($2.3 million), down by 5% when compared to Q2 2022. The company posted revenue of €1.4 million ($1.5 million) for all other regions, up by 40% year-over-year.

When it comes to the average monthly active players, Codere Online posted strong results as well. Overall, the company reported 125,800 average monthly players in Q2 2023. That figure compared to the Q2 2022 result of 104,600, marked an increase of 20%. Not unexpectedly, the company posted strong growth of average monthly active players in Mexico that increased 54% year-over-year, while in Spain, an uptick of 20% was observed.

The Company’s CEO and CFO Are Excited with the Recent Results

Oscar Iglesias, Codere Online’s CFO, was delighted about the recent results and said: “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.” Acknowledging the strong results, he said that the company expects to continue to exceed its initial expectations and post net revenue growth of 7% for 2023.

“We’re glad to present a strong set of second quarter results and to continue building upon the momentum from the first quarter.“

Aviv Sher, CEO of Codere Online

Aviv Sher, Codere Online’s CEO, was similarly excited about the latest results. He explained that the company continues to benefit from the positive momentum gained during the first quarter of the year. Sher highlighted the exceptional growth in revenue which comes during a period that has fewer sporting events.

Additionally, he explained that Codere Online’s casino product enjoyed strong growth and helped contribute 54% of the total revenue for Q2 2023. Finally, Sher was excited to see the company’s soaring revenues in Spain, as well as Mexico.

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The leading online gaming operator that has a strong presence in strategic global markets such as Latin America and Spain, Codere Online, announced a new senior-level appointment. News about the appointment emerged Thursday during the company’s Annual General Meeting (AGM). As a result, Codere Online confirmed that it appointed Michal Elimelech, an expert with more than a decade of experience, as a member of its Board of Directors.

In her new role as a member of the Board, she replaces Oscar Iglesias. While Elimelech will become a part of the board, Iglesias will remain with the company and collaborate with her in his current executive-level role as chief financial officer of Codere Online.

Overall, Elimelech brings two decades of experience within the gaming and entertainment vertical. Most recently, she was a part of Passiflora and Space Ape Games where she served as COO and CMO respectively. However, Elimelech’s professional tenure includes 15 years with the global gaming leader, 888 Holdings.

Throughout her extensive career with the company, she accumulated unique experience, gained invaluable insight and knowledge. Elimelech’s track record includes roles such as head of US marketing, head of developed markets EMEA and head of bingo, among other important executive roles. While a part of 888 Holdings, she played a key role in the company’s growth and expansion, helping it navigate through complex environments and overseeing a dedicated team of experts.

Codere Online Unveils More Important Changes

During Codere Online’s AGM, the Board approved the establishment of a Compliance Committee, which was previously an advisory one. The members of the Committee include Patrick Ramsey who serves as member and chairman, as well as Elimelech, Rafael Catalá, Mark Dunn and Yaiza Rodríguez, who serve as members.

Sharing his excitement about Elimelech’s appointment, Ramsey said that the company is delighted to see her join the Board. “Her experience in digital marketing and expanding businesses into new markets is a perfect fit for Codere Online as it continues to pursue its growth plans in Spain and Latin America,” he said.

Among the decisions at the company’s AGM, the Board approved the appointment of Borja Fernández to the role of chairman of the Audit Committee. In his new role, Fernández replaces Dr. Martin M. Werner, who will remain a part of the Audit Committee but hold a member role.

During the AGM, Codere confirmed that it has received the green light about resolutions for 20 agenda items. “The approval of all AGM resolutions by shareholders underscores their confidence in Codere Online’s strategic direction and future prospects,” explained Ramsey. Finally, he thanked the shareholders for their trust and support which can ultimately help the company continue to grow.

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Globally recognized gambling operator Grupo Codere published its latest trading update, outlining details regarding the company’s performance for the first quarter of 2023. On Friday, the company released its latest report, revealing that its total revenue in Q1 2023 hit €350 million ($375.5 million). This result, when compared to the corresponding period in 2022, marked a solid increase of 19%.

Not unexpectedly, with the increase in revenue, Codere saw an uptick in adjusted EBITDA. For the first quarter of this year, adjusted EBITDA hit €65 million ($69.7 million), up by €13 million ($13.9 million) when compared to Q1 last year. Additionally, the latest results revealed that Codere’s adjusted EBITDA margin for Q1 2023 was 19%, representing 1% growth when compared to the margin from the same period in 2022.

In addition to the figures related to the company’s financial performance for the first quarter, the company reminded of its new plan that seeks to create value for its shareholders. Per that plan, Codere confirmed it will leverage an injection of some €100 million ($107.3 million) to supercharge its growth and “return to value creation in all the geographies in which it operates.”

The strong start of 2023 comes after only recently, the company released its 2022 financial results. Those figures showed solid growth of the company’s revenue by 67.5% to €1,31 billion ($1.44 billion).

The Company Enjoys Strong Growth in Latin America

Codere provided a breakdown of its €350 million ($375.5 million) revenue per market. This breakdown revealed significant growth in the company’s Latin American-facing operations. In Mexico, Codere’s revenue for the first quarter this year soared by 31% to €65 million ($69.7 million). A similar growth of 19% to €87 million ($93.3 million) was reported by Argentina on a year-over-year comparison.

While those markets saw an increase in revenue, in Colombia, Codere’s registered revenue for the first quarter this year dipped. Overall, the company’s operations hit €4.5 million ($4.8 million) in revenue for Q1 2023, representing a decrease of 10% when compared to Q1 last year.

Within its home market, Spain, Codere performed well at the start of the year. Its revenue for this region increased to €46 million ($49.4 million), up by 6% year-over-year. In Italy, which is another important market for the company, the revenue jumped by 5% year-over-year, hitting €72 million ($77.2 million).

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Betsoft, known the world over for its 3D slots hosted by endearing characters, has strengthened in presence in Spain with top-tier operator Casino777.es while Madrid (Alcobendas) based Codere Online is reporting Q4 and full-year results for 2022 were “better than expected” as negative cash flow continues to throttle its bottom line.

Betsoft, launched in 2008 presents an ever-expanding global footprint as it continues service in some unregulated markets such as the U.S. The company successfully completed two ISMS audits in 2020 – opening the door to operate in Spain as well as in the Latin American country of Colombia.

Solidifying Existing Spanish Footprint

In the last couple of years, it has inked deals with well-known and lesser-known Spanish operators including Paf, Tonybet, Retabet, and Versus. Its most recent distribution deal is with the tier-one operator, Casino777.es.

Casino777.es is owned and operated by Digital Distribution Management Ibérica, and licensed by the DGOJ (Dirección General de Ordenación de Juego) since its launch in 2015. Some of the operator’s claims to fame include top-notch customer service, an efficient payment system, a progressive games portfolio, and ongoing promotions.

In addition to a casino component including live dealer games, the site also offers full-service sports betting.

While Betsoft has successfully integrated its games around the world, it’s gone a step further to better serve the Spanish market by translating some of its most popular games into Spanish. Take the Kingdom, Return to Paris, and Thai Blossoms are among the translated titles.

“The Spanish iGaming market is significant for us and one we take very seriously,” said Betsoft Gaming head of account management Anastasia Bauer. “We are delighted to be partnering with Casino777.es as they are a key operator in the country. We are looking forward to a successful relationship.”

Casino777.es manager for Spain, César Paredes García added: “We are very much an experiential operator. Delivering first-class entertainment is our core skill and so working with providers of Betsoft’s caliber is essential for us going forward. We anticipate a very positive future relationship.”

In other Spanish online gambling news…

Codere Online Revenue Up, Still Bleeding Cash

Luxembourg-owned and Madrid-headquartered Codere Online has reported “better than expected” fourth-quarter results with the entire year of 2022 bringing in net gaming revenue of €122.9m – 48% more than the prior year. Unfortunately, the Grupo Codere subsidiary experienced a negative cash flow of €46.m.

Outgoing CEO of the online Spanish-language operator, Moshe Edree commented: “We are reporting better than expected Q4 and full year 2022 performance. This success is a testament to our team’s dedication and focus on delivering an unparalleled online gaming experience for our customers.”

Edree handed the reigns of the online division to COO, Aviv Sher on March 1 but will stay on as executive vice-chairman of the board.

Edree focused on net gaming revenue when he said the “effectiveness of our growth strategy and our ability to successfully deploy marketing spend” across all of the company’s Spanish-speaking markets were responsible for the successful NGR numbers.

“We are pleased to have exceeded our 2022 net gaming revenue outlook of €115m to €120m and follow through on our commitment to investors,” added CFO Oscar Iglesias.

The company is in a constant state of improvement as it repositions itself for the present and the future. One such change just before the new year saw the company offload its Italian division.

Spain and Mexico Growth Markets

The company saw a 70% increase in NGR in the final quarter of the year with customers in Spain and Mexico contributing solidly. The increased revenue may be tied directly to marketing expenditures which more than doubled over 2021 numbers at €31.2m for 2022 – directly affecting both ends of the books.

While the subsidiary did see a net loss of €45.9m for the year, it was a major improvement over the prior year when it booked a loss of €68.0m in 2021.

The company projects a continued narrowing of losses estimated to be no more than -€30m for 2023 with net revenue of no less than €140m.

Codere Online will establish an important presence in Argentina in the coming year with a planned launch in Córdoba as it continues its pursuit of licenses in Mendoza and Buenos Aires.

“We continue to be very excited about the future and the opportunities that lie ahead, particularly in Argentina, where we are making significant progress towards starting operations in several new regions this year,” Iglesias said. “We are confident in our ability to execute on our plans and continue delivering sustainable growth for our shareholders.”

Source: Betsoft Gaming secures another Spanish Tier 1 operator with Casino777.es partnership, Betsoft News, February 28, 2023 – iGaming Business

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