The Spanish gambling market is heating up for Betsoft and Codere

Known worldwide for its 3D slots hosted by lovable characters, Betsoft has strengthened its presence in Spain with top-tier operator, while Codere Online from Madrid (Alcobendas) announces the results of the fourth quarter and full year for 2022 was “better than expected” as negative cash flow continues to weigh on earnings.

Founded in 2008, Betsoft has an ever-growing global footprint as it continues to serve some unregulated markets such as the US. The company successfully completed two ISMS audits in 2020 – opening the door to operations in Spain and the Latin American country of Colombia.

Consolidation of the existing Spanish presence

In recent years it has signed deals with both well-known and lesser-known Spanish operators, including phew, Tonybet, Retabet and Versus. Their most recent distribution deal is with top tier operator is owned and operated by Digital Distribution Management Ibérica and licensed by the DGOJ (General Directorate for the Regulation of Gambling) since its launch in 2015. Some of the airline’s claims to fame include superior customer service, a payment system efficient, a portfolio of progressive games and continuous promotions.

In addition to a casino component that includes Live Dealer Gamesthe site also offers Full service sportsbook.

Yes OK Betsoft has successfully integrated its games around the world has gone one step further to better serve it 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 important to us and we take it very seriously”says Anastasia Bauer, Head of Account Management Betsoft gaming. We are delighted to partner with as they are a major operator in the country. We are looking forward to a successful cooperation.”

The manager of for Spain, César Paredes García added: “We are a very experienced trader. Providing top-notch entertainment is our core competency, so working with providers of Betsoft’s caliber is essential to moving forward. We anticipate a very positive future relationship.”

In other Spanish online gambling news…

Codere online earnings grow, cash bleeds on

code onlineLuxembourg-owned and based in Madrid, has reported “better than expected” fourth quarter results, with full-year 2022 net gaming revenues of €122.9 million – a 48% more than last year. Unfortunately, the Codere Group subsidiary recorded a negative cash flow of 46 million euros.

The Spanish-language online operator’s outgoing CEO, Moshe Edree, commented: “We are reporting better than expected performance for the fourth quarter and throughout 2022. This achievement is a testament to our team’s commitment and focus to providing our customers with an unparalleled online gaming experience.”

Edree handed over leadership of the online division to COO Aviv Sher on March 1, but remains executive vice president of the board.

Edree focused on net earnings from the game when she said that “Effectiveness of our growth strategy and our ability to successfully implement marketing spend” in all the company’s Spanish-speaking markets were responsible for this the success figures of NGR.

“We are pleased to have exceeded our 2022 net gaming revenue guidance from €115 million to €120 million and delivered on our commitment to investors.”added Finance Director Oscar Iglesias.

The company is in a constant state of improvement as it repositions itself for the present and the future. One of these changes, just before the new year, caused the company to go out of business. Italian.

Growth markets in Spain and Mexico

The company saw a 70% increase in NGR in the last quarter of the year with customers in Spain and Mexico made solid contributions. The increase in sales can be directly linked to marketing spend, which more than doubled from 2021 figures to €31.2 million for 2022 – hitting both ends of the books squarely.

Although the subsidiary recorded a net loss of 45.9 million euros that year, it was a significant improvement over the previous year when it recorded a loss of 68.0 million euros in 2021.

The company plans a Continuous reduction of losses estimated at no more than -30 million euros by 2023 with net sales of no less than 140 million euros.

Codere Online will establish a significant presence in Argentina over the next year with a planned launch in Córdoba while continuing its search for licenses in Mendoza and Buenos Aires.

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

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

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