Industry News
Codere Online Reports Financial Results for Third Quarter of 2021
Codere Online has released its financial results for the quarter ended September 30, 2021.
In June 2021, Codere Online entered into a definitive business combination agreement with DD3 Acquisition Corp. II (DD3), a publicly-traded special purpose acquisition company, that upon consummation will result in Codere Online becoming a public company.
Highlights
- Total net gaming revenue was ā¬20.2m in the quarter and ā¬61.9m in the year to date period.
- Mexico net gaming revenue was ā¬7.1m, an increase of 26% versus ā¬5.6m in Q3 2020.
- Total net gaming revenue outlook for 2021 of between ā¬81m and ā¬86m maintained.
- Spanish gaming regulator has granted the Companyās request for a 10-year extension (through May 31, 2032) of two general online gaming licenses in Spain (sports betting and other games).
- Company expects the business combination will be completed during the week following the special meeting of DD3ās stockholders, which is scheduled to take place on November 18, 2021.
Moshe Edree, Managing Director of Codere Online, said: āOur third quarter results reflect the strong revenue trends in Mexico, with a 26% year-on-year increase in our total net gaming revenue. This performance was partially offset by a decline in net gaming revenue in Spain due to the changes in regulation that came into effect starting in May, with Q3 2021 being the first full quarter of operations in which the ability to offer player bonuses and other marketing activities has been curtailed. However, we are adapting well to these restrictions and believe that there continues to be opportunity to grow our market share in Spain, as we have since the onset of these restrictions, which put operators that can leverage a retail footprint at a competitive advantage.ā
Mr. Edree added: āIn addition to the Rayados (Mexico) and River Plate (Argentina) sponsorships that we announced in July, we have recently announced a further 5 year extension (through the 2025-26 season) of our agreement with Real Madrid. This agreement will now cover over twenty countries throughout Latin America which we believe will boost our expansion in the region in furtherance of our ambitious growth targets.ā
Oscar Iglesias, Chief Financial Officer, said: āDespite the anticipated regulatory headwinds in Spain, we continue to be excited about the market and have recently been granted a 10-year extension (through May 31, 2032) of our two general online gaming licenses (sports betting and other games), which were otherwise schedule to expire on June 1, 2022. More generally, the business continues to perform in line with our expectations and we are on track to meet our net gaming revenue outlook for 2021 of ā¬81 to ā¬86m.ā
Mr. Iglesias further added: āWe have made significant progress on the business combination with DD3, which we expect will be approved in its upcoming shareholder meeting on November 18, 2021. We are looking forward to closing the transaction and having the funding needed to execute our marketing plan and to delivering what we expect to be significant growth in this business over the coming years.ā
Industry News
Nadine Dereza Returns to Chair the ICE World Gaming Forum
Award-winning former Financial Times journalist and business broadcaster Nadine Dereza has been confirmed to chair Januaryās World Gaming Forum, the three-day learning, networking and knowledge sharing exchange which replaces ICE VOX.
In a career thatās seen her interview global politicians including the late Kofi Annan, Condoleezza Rice, Ban Ki-moon, Anders Fogh Rasmussen and Gerhard Schrƶder, Nadine will once again be applying her journalist skill set to Clarion Gamingās sector-leading World Regulatory Briefing, Casino & Leaders Conference (formerly the ICC), and the Esports & Games Conference (formerly the Esports Betting Conference), having previously presented the final edition of ICE VOX in London.
The ICE World Gaming Forum will run Monday 20th ā Wednesday 22nd January 2025 alongside the ICE and iGB Affiliate exhibitions which will be hosted for the first time at the Fira Gran Via Barcelona, one of Europeās biggest and best-appointed venues and home to prestigious Tier 1 events including Smart City Expo, IOT World Congress, Mobile World Congress, IBTM World and Integrated Systems Europe.
Clarion Gamingās Senior Conference Producer Damien Ashton-Wellman said: āWe are delighted to have Nadine back on the team for delivering the first edition of the World Gaming Forum. Nadine was central to the success of the 2024 ICE conferences which featured over 1,210 senior decision makers from 79 countries, including 621 operator C-Level, 87 global CEOs, 72 national and regional regulatory bodies, and 7 government ministers. Her unique blend of financial, political, and technology sector experience, and her broadcast ready presentation skills really delivered an elevated experience for the show.ā
He added: āWe are confident that our new world class venue and host city partnership will provide a platform for further growth with the ICE World Gaming Forum delivering exclusive connections, in-depth content, and tailored networking events.ā
Nadine Dereza said: āIām delighted to have been invited back to help launch the World Gaming Forum in what is a favourite European city of mine. The gambling industry is a highly innovative sector for entrepreneurs, policy makers and campaigners alike. ICE reflects this dynamic on a global scale and Iām looking forward to hosting insightful debates, regulatory updates and plenty of knowledge sharing. Iāve described ICE as being the āDavos of Gamingā because itās the largest gathering of leaders from across the global gaming ecosystem. Having previously hosted the IBTM Leadership Summit for several consecutive years and many international shows in Barcelona, the welcome and event services offered by the city and Fira venue are among the best Iāve worked with, and those attending ICE in January will see that experience tooā
The World Gaming Forum will be situated at the heart of the Fira Gran Via Barcelona and feature an exclusive club-style VIP lounge for delegates and speakers, a dedicated networking garden, and provide access to a range of concierge services, including early access to the show each day.
Industry News
BetConstruct Nominated at SiGMA Europe B2B Awards
BetConstruct has been nominated for two categories at the SiGMA Europe B2B Awards that is set to take place in Valletta, Malta on November 11.
BetConstructās full-fledged platform was nominated for the Best Platform Provider category, while the novel loyalty system The Last Battle received a nomination for the Unique Selling Point category.
āOur platform and The Last Battle are testaments to BetConstructās commitment to pushing the envelope in innovation, and we are excited to be nominated for both categories. The Last Battle in particular is unique, as it can be easily paired with our casino and sports betting products. It helps partners enhance player engagement on their platforms by putting players into different segments, each with their own unique and customisable rewards that are triggered when players earn points and level up,ā the company said.
The Awards take place on the 11th of November during the SiGMA Europe 2024 event.
Industry News
Kindred Group Announces Third Quarter Revenue as Part of Tender Offer by La FranƧaise des Jeux
Kindred Group plc (Kindred) announced third quarter total revenue figures (unaudited) as part of FDJās public tender offer to acquire the entire outstanding share capital of Kindred.
During the third quarter of 2024, Kindred saw continued solid growth across its diversified market footprint with total revenue (B2C and B2B) reaching GBP 294.5 million. The Gross winnings revenue for the third quarter amounted to GBP 283.1 million and the share of Gross winnings revenue from locally regulated markets amounted to 83%.
Kindredās estimated revenue and share of locally regulated revenue for the third quarter 2024 are in line with expectations and the Group remains on track towards its communicated full-year EBITDA guidance. Kindred will report final figures for the third quarter 2024 in its interim report on 25 October 2024.
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