Spanish multinational gambling operator Codere has reported losses of €97m for the first quarter of 2020, as the group struggles to access funding. 

Codere SA, which operates online gambling, retail betting shops, gaming halls, gaming machines and racetracks across Spain, Italy, and Latin America, has seen losses grow tenfold compared to the same period last year. 

The company has been hit hard by the COVID-19 crisis and resulting cancellation of sports across the world, especially in Europe and South America. Significant fluctuations of South American currencies against the US dollar and euro have also hurt performance. 

Group operating revenues for Q1 2020 tumbled 21% year-on-year to €278m, with serious declines across all core operating markets. The group reported an adjusted EBITDA of €40m for the quarter. 

Like other betting operators, the group has striving to reduce operating expenses, and managed to save €42m in the period, but it was too little to offset the major decline in revenue. The company says it has been maintaining operations using an extended €130m credit facility, and its corporate debt has reached €976m, while debt-net equivalents of €826m are held. 

Earlier this month, Codere failed to negotiate an extension of its debt repayment terms with US bondholders Silver Point and Abrams Capital, and there is some speculation that the company will be forced to sell some business units to survive. 

AYO.NEWS says:

Despite online gambling as a whole holding up well so far during the COVID-19 crisis, those operators with large retail and sports betting exposure, and existing debt, have found themselves in a very tricky situation, as revenues dry up and lenders become very risk averse. 

Last month we reported that Gibraltar-based online casino supplier Nektan had appointed administrators, confirming it had failed to secure the funds it needed to keep operating. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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Gibraltar-based online lotto betting operator, Lottoland, has launched its first charity lotto in the UK. 

20p from every pound bet will be donated to four charities; The British Red Cross, Hospice UK, Keep Britain Tidy, and The Marine Conservation Society. Tickets will cost £1 each, and the jackpot will be fixed at £250,000 for each draw. 

The game format and draw will be based on the French Lotto, with draws taking place each Monday, Wednesday, and Saturday. Five balls will be drawn from a total of 49, with 10 bonus balls. 

Commenting on the launch Lottoland CEO, Nigel Birrell, said:

“We are delighted to be able to launch our charity lotto betting game here in the UK and are delighted to have these four fantastic charities on board, all of whom support amazing causes.

“The whole team at Lottoland are excited to see the launch of the Win-Win Charity Lotto, it’s something we’ve been working on for some time and absolutely feels like the right step for the business. We believe we’ve found a good balance, as the respective charities will all appeal to a different audience and yet are all equally, immeasurably important in what they do.”

While Head of Corporate Partnerships at the British Red Cross, Katherine Ross, added:

“The British Red Cross has been supporting people at every stage of crisis for over 150 years, both in the UK and around the world. In the aftermath of crisis, we are there to help people rebuild their lives and create a more sustainable future. 

WIn the UK, we respond to an emergency on average every four hours, from fires and floods to power outages and terror attacks. Through the kindness of our supporters, we can continue our vital work to protect the most vulnerable people.”

And, Director of Fundraising and Marketing at the Marine Conservation Society, Mike Crossley, said:

“At what is such a challenging time for charities across every sector, it’s fantastic to have the support of Lottoland. The money raised by players of Lottoland will be immensely valuable to our ongoing work fighting for our ocean, working towards a cleaner, better-protected, healthier future where both nature and people thrive.”

AYO.NEWS says:

Anything that benefits good causes is great, but we predict this will receive some backlash from those concerned it will divert customers away from the National Lottery – which has long funded good causes across the UK. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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iGaming platform provider BtoBet is expanding its African footprint through a partnership with WinPrincess in Tanzania. 

The partnership will see WinPrincess diversify its operations, incorporating BtoBet’s digital channels into its existing retail business strategy.  

WinPrincess currently operates 32 casinos, in 15 countries across 4 continents, and the integration of an omnichannel approach to its retail casino operations in Tanzania is the first step for the group as it seeks to expand its global digital presence. 

The group says it plans to incorporate online casino and sportsbook verticals as it expands into digital channels. 

Discussing the news Executive Coordinator of the WinPrincess Group, Guven Eraslan, said:

“Like any other company we need to grow to continue to exist. Therefore, we cannot afford to miss any of the opportunities that lie ahead of us. Moreover three of the fastest growing cities in the world are in Tanzania, and thus we firmly believe that Africa is a safe bet if you need a good start in the iGaming industry.”

Wile BtoBet’s Chief Executive Officer, Alessandro Fried, added:

“The brand and the reputation that WinPrincess have built in the land-based casino sector across a multitude of countries speaks for itself. Just like BtoBet, they continuously pursue innovation, placing utmost importance on their player experience.”

AYO.NEWS says:

With online access rapidly growing across Africa thanks to the proliferation of smartphones, operators in the region clearly can’t afford to neglect online gaming and betting, so it represents a potentially huge market for platform providers like BtoBet. 

At the end of September 2019, we reported that BtoBet had partnered with iLotto Solutions to launch a new lightweight lottery solution specifically designed for emerging markets like Africa. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

Crypto sportsbook and casino Cloudbet has added USD Tether to the portfolio of cryptocurrencies it supports. 

After a month of testing with a small group of players, Tether has become the first stablecoin to be accepted by the operator. All customers can now deposit, withdraw and bet with USDT – which is pegged to the US dollar. 

New players depositing with USDT at Cloudbet are also eligible for a welcome bonus of up to 1,000 USDT, and customers can buy Tether directly on the site using credit cards or Apple Pay. 

Cloudbet launched in 2013 as a Bitcoin (BTC) casino. In early 2018 it added Bitcoin Cash (BCH), and earlier this year it added Ether (ETH). In April this year the operator launched a new improved website. 

The new site also added UFC in-play betting, new language options, and a comprehensive selection of esports. 

Discussing the news a Cloudbet spokesperson said:

“We’ve accelerated our feature rollouts tremendously, thanks to the systems and processes we put in place to build the new website. The market can look forward to many more new features and new coins in the coming months.”

“Since launch, a fundamental part of our philosophy has been about empowering players with technologies that solve their problems. USDT and stablecoins are an extension of that.”

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Casino software developer Revolver Gaming has announced a distribution agreement with aggregator United Remote. 

The deal will see Revolver’s full portfolio of thirteen titles offered on the United Remote platform, which provides games and backend tools to casino operators. Both Revolver and United Remote are licensed by the Malta Gaming Authority (MGA). 

United Remote says it has recently completed “intensive restructuring” and “major technology investments”, has de-risked, strengthened customer protection, streamlined new integrations, and now provides operators with “more profitable real-time data.” 

Commenting on the deal Revolver Gaming CEO, Ryan Lazarus, said:

“We’ve been working to expand our operations. Working with United Remote is a fantastic opportunity for us, and I’m excited that our games are now available on their platform.”

While United Remote CEO, Jeremy Fall, added:

“The ethos at United Remote is closely aligned to the modern, pioneering and innovative spirit at Revolver Gaming, which makes this new tie-in particularly pleasing. 

“We provide highly effective and straightforward solutions to our partners so on-boarding the Revolver Gaming portfolio allows us to expand our offering with more high-quality games that are eye-catching, appealing and engaging.”

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Games provider and social casino operator Design Works Gaming (DWG) has announced its first direct integration with a UK operator after partnering with Betfred. 

Initially, Betfred players will be able to access 20 DWG titles – a combination of slots, stepper slots, scratch cards, and proprietary non-reel spinning games, including its social casino title Test Your Strength. 

Twelve DWG titles will be offered on Betfred’s recently relaunched Vegas tab, with another eight available on Betfred’s Games site. 

Commenting on the deal UK CEO of DWG, Andy Harris, said: 

“Betfred is one of the best-known names in the industry so it is very exciting for us to sign with them as our first direct integration deal in British real money gaming.

“Our portfolio has already proven itself commercially in both land-based and social casinos, so we are able to provide the very best content to our partners. We look forward to an enjoyable and lengthy partnership with Betfred as a result.”

While Head of eGaming at Betfred, Andy Horne, added:

“DWG has a portfolio of content that has already been rigorously tested and enjoyed by millions of players. It also has a rich Las Vegas heritage, so the fit of the games for our new Vegas site couldn’t be better.

“We have plans to significantly scale up the number of DWG games in the coming months, so this marks the start of an exciting journey for both of us and we’re delighted to be able to share these games with our customers.”

DWG has developed land-based slots for some of the industry’s biggest suppliers, including Novomatic, Aristocrat, and IGT, and operates several of its own social casinos. 

AYO.NEWS says:

It’s no surprise to see Betfred, which has traditionally been highly reliant on sports betting, expanding its non-sports iGaming offering in the wake of the COVID-19 crisis. 

Over the next few months we expect many more bookies will be pouring additional resources into beefing up their non-sports products, in an effort to make their businesses more resilient. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020