S&P Lowers Codere Rating EMEA

Global rating agency Standard and Poor's (S&P) has lowered the credit rating of Codere from B to B- with a negative outlook

Codere reported "inconsistencies" of up to €18m in three of its Latin American subsidiaries, resulting in rise in stock value


SWEDEN – Evolution Gaming has signed what it describes as “a major Live Casino deal” with Flutter Entertainment brands Paddy Power and Betfair. Flutter is a global sports betting, gaming and entertainment provider, with a strong product and brand portfolio serving millions worldwide.

The agreement will see the group’s Paddy Power and Betfair brands offer Evolution’s entire Live Casino portfolio, including Evolution’s exclusive game show titles such as Deal or No Deal Live and Lightning Roulette, as well as its international native speaking roulette package.

Sebastian Johannisson, CCO at Evolution, said: “This is a landmark agreement for Evolution, a significant deal that we have been working towards for a number of years. We are thrilled at the prospect of Flutter’s powerhouse brands Paddy Power and Betfair presenting our world-leading Live Casino offering and we are sure that their players will relish our live game shows offering.”

Johannisson added: “We are honoured to be working with Flutter. Our companies are very well matched in terms of ambition and culture, and we are confident that we are the perfect partner to take their Live Casino offering to the next level.”

Mike Phelan, Commercial Director at Paddy Power, said: “We have seen the strong performance from Evolution’s product line over recent years. We are excited to be able to extend our offering in the Live Casino space by offering our players exclusive big brand live games such as Deal or No Deal Live and Lightning Roulette, to name just two of the big attractions in the Evolution games portfolio.”

GERMANY – Rene Abou el Alla has assumed responsibility as Chief Product Owner for Merkur Sportwetten. One of the 44- year-old business graduate’s main tasks will be to establish a

professional product management system in cooperation with the company’s own betting operator and product company, Cashpoint Solutions. Previously, as Lead Product Owner CRM at MediaMarktSaturn Retail Group, Rene Abou el Alla was in charge of product development for the international CRM platform, as well as of the related loyalty programme.

“Rene Abou el Alla is an experienced and acknowledged expert in his field. I am very confident that he will drive the company forward, allowing us to take our place among the best and fastest omni- channel betting platforms in the market in the near future,” says Markus Ettlin, management spokesman for Merkur Sportwetten.


Global rating agency Standard and Poor's (S&P) has lowered the credit rating of Codere from B to B- with a negative outlook, after the company reported "inconsistencies" of up to €18m in three of its Latin American subsidiaries. Despite the rating change shares increased from €3.18 compared to €3.14. After finding the inconsistencies, the board of directors commissioned a forensic report from an external advisor to identify the cause of the failure. For S&P, this process "can delay its refinancing prospects" of up to €775, in bonds that expire in November 2021.

S&P also appreciates that this announcement implies improvements in the governance of the company. Te company said that it will stick to its refinancing plans.

Codere planned to carry out and close this negotiation within a maximum period of six months, setting the deadline for the month of March next year, for which it hired Bank of America. Te first intention was to undertake it after the summer, given the good performance that their bonds showed then, but the delicate economic situation in Argentina delayed the process.

Comtrade sign strategic technology partnership with Mansion88


Comtrade Gaming has formed a strategic technology partnership with Mansion88 in a deal that will see M88 migrate its complete backend system and player portal on to Comtrade’s Enterprise Gaming Platform – iCore.

“Mansion is currently going through a phase of evolution and Comtrade Gaming will now play a key role in shaping the future of our technical capabilities.

“We have always been at the cutting edge with our propriety sportsbook and live dealer software, we will now have a back end platform to help us support this and realise the future business ambitions. We

In addition Codere, reported "inconsistencies" in the latest results for its Latin American subsidiaries earlier this month leading shares to fall. Codere communicated to the National Securities Market Commission (CNMV) that it had detected inconsistencies in the accounts of its Latin American subsidiaries in 2019.

"Te preliminary analysis of these inconsistencies estimates the maximum impact in the area of 13/18 million Euros on the results published in June 2019 and would reduce our expectation of Ebitda (gross operating profit) adjusted for the entire year by approximately 20 million Euros,” said the company at the time.

Codere stressed that preliminary investigations have not yet detected an additional impact on the liquidity situation of the company, nor “inappropriate cash outflows”, so in their opinion, it is “an isolated incident that only affects the results of these subsidiaries this year.

For this reason, the board of directors have commissioned an external advisor to prepare an analysis to identify “any relevant aspect” related to inconsistencies and to ensure transparency in compliance with the best accounting practices.

invested a lot of time analysing the platform market and Comtrade Gaming was a clear choice for an enterprise of our size and scale,” explained a Mansion spokesman.

Te state of the art backend replaces Mansion’s legacy system with iCore’s platform capabilities that offers scalability for the highest player volumes and market leading stability and uptime.

Trough a single back office tool, Comtrade Gaming's system is capable of thousands of bets per second, automates real-time bonusing features and collects player data to intelligently respond to individual consumer profiles. Combing with M88's proprietary live casino and sportsbook iCore will allow further product diversification to enhance their competitive advantage through superior player management features.


Casino de Barcelona has moved the headquarters of its online gaming division to Ceuta, joining a number of other companies such as Luckia Games, Suertia and Mondobets who have also opted to benefit from tax incentives offered by the Spanish enclave. According to local news portal Ceuta al Día, the company’s management team is already at work and the company will open its online office as early as next month. Te autonomous city now offers online gaming company’s tax breaks in a bid to encourage investment. Sources from the company told Ceuta al Día that it plans to have all of its staff working from Ceuta by September meaning that it will meet the requirement that at least 50 per cent of the company's staff are habitual residents in Ceuta, and that 50 per cent of its salary costs goes to those living in Ceuta.

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