Spanish gambling market heating up for Betsoft and Codere

Spanish gambling market heating up for Betsoft and Codere

betsoft_deepens_spanish_ties_with_casino777_codere_ngr_up_48pctBetsoft, known the world over for its 3D slots hosted by endearing characters, has strengthened in presence in Spain with top-tier operator 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, 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 as they are a key operator in the country. We are looking forward to a successful relationship.” 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 partnership, Betsoft News, February 28, 2023 – iGaming Business

Author: Henry Brown