The Chiapas-based newspaper El Heraldo de Chiapas reported that the temporary measure will allow organizers in Chiapas to run authorized cockfighting events until June 30 this year.

Mexican Cockfighting Returns in Chiapas

The news was welcomed by Efraín Rábago, head of the Sistema Nacional de Criadores de Aves de Combate (National System of Fighting Bird Breeders; literal translation). The Sistema was founded in 1973 and claims to uphold the “legal rights” of Mexican “fighting bird breeders.”

Rábago said the decision would “benefit everyone – from breeders with one rooster to people with thousands of birds.”

The Sistema chief added that the body would continue to work for the entire cockfighting community.

The move marks an abrupt U-turn from the Chiapas authorities. The state suspended all cockfighting and horse racing events in January this year.

Critics claimed that the suspension had a substantial adverse economic impact on workers in the Chiapas cockfighting and horse racing industries.

The state has become at odds over its policy on cockfighting. Advocates claim that cockfighting should be given official cultural heritage status in Chiapas.

Other Mexican states—including Zacatecas, Aguascalientes, Tlaxcala, Nayarit, and Hidalgo—have previously granted the controversial sport such a designation.

However, animal rights activists say that cockfighting contravenes the spirit of animal welfare clauses in laws such as the Chiapas State’s Law for the Protection of Wildlife.

The law seeks to protect both domesticated and wild animals in the state.

But Chiapas officials have claimed that the latest decision is designed to help prevent the rise of clandestine and unregulated events.

Federal Regulation Remains in Place

Cockfighting is still subject to federal-level regulation under the terms of Mexico’s Law on Gambling and Raffles.

Advocates say that many fights are held in secret, which puts the safety of animals and attendees at greater risk.

Chiapas officials said such events also promote unauthorized betting. The new decree states that cockfighting event organizers cannot access public funds.

The decree also notes “mandatory requirements” for organizers, who must obtain official permission to allow betting at cockfighting events.

Organizers must also ensure that veterinarians are present during all events. In the state, cockfights can only take place between noon and 11:00 p.m., with a maximum duration of eight hours per event.

Other Mexican states have moved to ban cockfighting in recent years. Sonora, Coahuila, and Mexico City outlawed the bloodsport in 2012. Veracruz followed with its own ban, which the Supreme Court upheld in 2018.

Last year, the Mexican arm of the Wiztech Group sealed a deal to host Push Gaming slots, with the studio targeting further expansion in the country.

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It’s a deal that will enable LuckyDays to maximise GiG’s CoreX platform and AI tools, DataX and LogicX, as it looks to boost player acquisition and retention in the Mexican market.

Richard Carter, GiG CEO, commented: “This agreement represents a combination of a high-growth market and our established, successful partnership with LuckyDays. 

“Together, we have the ideal elements to enhance our partner’s operations through cutting-edge, next-generation technology and our extensive experience in navigating evolving regulatory landscapes.”

Furthermore, analysts have predicted that Mexico could reach $3.7bn in gross gaming revenue by 2028, as reported by H2 Gambling Capital.

“GiG’s proven solutions empower us to launch and scale effectively in this new market, aligning with our vision for sustained growth and exceptional player experiences,” added a LuckyDays spokesperson. 

“We look forward to a successful expansion in Mexico and beyond, bringing our high-quality offerings to a broader audience with GiG as a trusted partner.”

The news comes builds on the continued expansion efforts of GiG have previously ventured into the Asian market through a deal with Bloomberry Resorts in the Philippines this month. 

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The company also provided an update on its delisting notice from the Nasdaq Stock Market received in November, noting that its request for a hearing to appeal the delisting determination was accepted and has been scheduled for January next year.

As for its 2024 outlook, CFO Oscar Iglesias stated that Codere Online expects to “finish the year in the upper part” of its net gaming revenue and adjusted EBITDA guidance range of €205m to €215m and positive €2.5m to €7.5m respectively.

Mexico and Spain drive Q3 revenue increase

Publishing its Q3 financials, Codere Online reported a 20% increase in NGR to €51.7m (Q3 2023: €43.2m) as revenue in both Spain and Mexico grew in comparison to the same quarter last year. Per vertical, 58% of the total NGR came from casino operations, while 42% came from sports betting.

Average monthly active players also increased when compared to Q3 2023, growing by 15% year-over-year to approximately 143,400 (2023: around 124,500), while average monthly spend per active increased by 4% YoY to €120.

The operator noted as well that it had approximately 232,000 new customer registrations during the quarter, with 67,000 first-time deposits, a 29% conversion rate and a cost per acquisition of €250.

In Spain, NGR increased by 11% YoY to €20.9m (2023: €18.9m), while average monthly active players rose by 18% to approximately 48,500 (2023: around 41,000).

For Mexico, NGR grew by 27% compared to the same period the previous year to €26.7m (2023: €21m), while average monthly active players increased by 23% to around 63,700 (2023: approximately 51,800).

Aviv Sher, CEO of Codere Online, noted that growth occurred in Mexico despite foreign exchange headwinds in the region following the Mexican presidential election in June.

Sher commented: “Our company delivered another quarter of strong results, with net gaming revenue of €51.7m, representing a 20% increase over the third quarter of 2023. 

“In Mexico, net gaming revenue reached €26.7m, 27% above the prior year period, despite the significant devaluation of the Mexican peso following the presidential election in June. In constant currency terms, our net gaming revenue in the country would have grown by 43%.

“Meanwhile, performance in Spain remained strong, with net gaming revenue of €20.9 million in the quarter, 11% above last year.”

Other NGR increased by 24% YoY to €4.1m (2023: €3.3m), but average monthly active players declined by 2% to approximately 31,200 (2023: around 31,700).

Delisting notice from Nasdaq

Codere Online also provided an update on the delisting notice it had received from Nasdaq. 

On 12 November, Codere Online received a letter from Nasdaq informing the company of its intention to delist its securities from the Nasdaq Stock Market as it had not yet filed its Form 20-F for the year ended 31 December 2023.

On 18 November, the operator formally requested a hearing from Nasdaq to appeal the delisting determination, which was accepted on 25 November. The hearing has been scheduled for 16 January 2025.

The company added that it “continues to work diligently to complete and file its Form 20-F for 2023 as soon as possible”.

2024 outlook

Codere Online stated that year-to-date in 2024, its net income – excluding the non-cash variation in fair value of public warrants – stands at €2.8m (2023: €2.8m net loss), while total cash position stood at approximately €44m.

The company also noted that in Q3, it achieved a positive adjusted EBITDA for the third consecutive quarter, reaching €1.5m following “higher revenues together with a lower relative level of marketing investment”. The operator added that it is “on track” to meet its 2024 profitability target.

As previously mentioned, Iglesias said that the company expects to “finish the year in the upper part” of its net gaming revenue guidance range of €205m to €215m and of its adjusted EBITDA guidance range of positive €2.5m to €7.5m.

The CFO stated: “Beyond the significant top-line growth, we also generated €1.5m of adjusted EBITDA and €3.5m of cash in the quarter. This is now the third consecutive quarter of positive adjusted EBITDA and brings the year-to-date total to €4.5m.

“With regards to our existing outlook for 2024, we expect to finish the year in the upper part of the range with respect to both our net gaming revenue and adjusted EBITDA guidance.”

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Joining the Mexican Association for Permit Holders, Operators, and Suppliers of the Entertainment and Gambling Industry (AIEJA) will allow EveryMatrix to participate in, moderate, sponsor and lead workshops, seminars and other initiatives surrounding the Mexican gambling industry. 

The igaming provider will also benefit from collaboration with other AIEJA members, creating stronger relationships with local brands, partners and regulators to deepen its understanding of the country’s igaming landscape. 

Erik Nyman, President, EveryMatrix Americas, commented: “We’re delighted to join AIEJA and its many valued members and I would like to extend my thanks to the organisation for their warm welcome.

“Mexico is a country full of potential that blends North American traditional gambling behaviour with Latin American influences making it a specific market of interest as we expand our business in the region.”

The AIEJA acts as a national membership organisation that represents the interests of the real-money gambling industry in Mexico. The association is an important contributor to the country’s treasury, helping to redistribute wealth in an ‘equitable and proportional fiscal environment’.

Dr. Miguel Ángel Ochoa, President, AIEJA, added: “We’re very pleased to welcome EveryMatrix to AIJEA. EveryMatrix is recognised in the industry for its superior technology and services that can be found among some of the largest operators in the world. They will be an extremely valuable addition to the organisation.”

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The gambling technology company has also provided a trading update ahead of its interim H1 results being published later this month, stating that FY 2024 adjusted EBITDA is “slightly ahead of current consensus expectations”, as well as the latest on its potential Snaitech sale to Flutter Entertainment.

Dispute over service fee

Caliplay is a joint venture operation between Playtech and Caliente in Mexico.

However, Playtech and Caliplay have been in a dispute for almost a year related to the commercial structure and entitlement contracts of the Mexican joint venture, with the long-standing legal challenge being referred to the courts of London and Mexico City.

Despite the disagreements, Playtech had previously stated that Caliplay was an important customer and that the two parties remained in an open dialogue. As such, an amended strategic deal has been agreed upon.

Mor Weizer, CEO of Playtech, commented: “During the past nine years, we have worked closely with Caliplay to create a successful and rapidly growing digital business in Mexico. 

“The revised arrangements mark the beginning of an exciting new chapter that will build on the impressive progress to date, with a view to driving significant further growth for Cali Interactive in the future.”

Caliplay amended agreement

Under the amended terms, Playtech will hold a 30.8% equity interest in Caliente Interactive, which will be the new holding company of Caliplay in the United States. Playtech will also be entitled to receive dividends alongside other shareholders in Cali Interactive, as well as have the right to appoint a Director to the Board.

In addition, the platform provider will enter into a revised eight-year B2B software licence and services agreement and will receive an additional US$140m from Cali Interactive, paid in cash over four years.

Caliplay has also resumed paying its software and services fees to Playtech, with more than €150m (over 80%) of the unpaid fees due from the Mexican brand having now been received. Paid into escrow, the balance will be released either on the closing of the revised arrangements – expected in Q1 2025 – or by the end of 2025 at the latest.

Playtech noted that the revised arrangements are conditional upon Mexican antitrust approval with closing expected in Q1 2025. An agreed standstill of all current legal proceedings between Caliente, Caliplay and Playtech is in place and once the revised arrangements come into effect, the proceedings will be dismissed in full.

“The agreement with Caliente and Caliplay underlines the attractiveness of Playtech’s leading proprietary technology,” stated Weizer.

“With a strong position in Mexico and exposure to other fast-growing markets in the Americas and Europe, we remain well-placed to deliver strong growth in our B2B business in the coming years.”

With the amended agreement in place, Playtech has received updated details on Caliplay’s financials, reporting that the operations are performing strongly in the first half of 2024.

Emilio Hank, Chair of Caliplay, added: “We are delighted to finalise this renewed agreement which shows the inherent strength of the strategic relationship between Caliplay and Playtech. 

“We are focused on growing Caliplay, leveraging our core strengths and Playtech’s leading technology to broaden our geographical footprint, as we continue in our mission to give the best gaming experiences to our customers in Mexico and beyond.”

H1 Trading and Snaitech sale latest

Playtech has also delivered a trading update ahead of the release of its interim H1 2024 results on 30 September.

The company noted that a “good trading performance” has been delivered during the period “with a broad continuation of the trends” from its AGM trading statement back in May.

In addition, 2024 adjusted EBITDA is expected to be “slightly ahead of current consensus expectations” thanks to a strong B2B performance which was “driven by a combination of revenue growth in the Americas and a focus on tighter cost control”.

Alongside the previously mentioned Caliplay performance, Playtech stated that “good strategic progress” continues to occur in the US and Canada with strong growth occurring from a small base, while Colombia is providing a “growing contribution”.

For B2C operations, the company reported that Snaitech is seeing “underlying growth” in wagers, despite being negatively impacted by customer-friendly sporting results in Italy.

Playtech also reflected on the potential sale of Snaitech to Flutter, noting that while discussions continue, there can be “no certainty that any transaction will ultimately be agreed, or as to its terms”, and that further announcements will be made as and when appropriate.

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Extending its reach across LatAm, Play’n GO has agreed to host its collection of slot releases on Winpot’s Mexico-facing online casino lobby. The deal will develop over time, as the supplier confirmed that its future slots will be included upon release. 

Tsvetan Dzhurov, Commercial Manager at Wiztech, stated: “Play’n GO needs no introduction. It is one of the most in-demand content providers in the industry and we are delighted to have joined forces to bring its full suite of thrilling online slot and casino games to players at Winpot.mx for the first time. 

“Mexico is an exciting and thriving market and Winpot has quickly emerged as the home of online slot and casino play thanks to its vast portfolio of quality games. Play’n GO is the perfect addition to our offering and we look forward to seeing players enjoy the big action gameplay its titles provide.” 

Play’n GO slots to reach players in Mexico through this deal include Tomb of Gold, Moon Princess, Fat Frankies and Book Of Dead, as well as the studio’s most-recent release, Temple of Tollan. 

Michele Stefanelli, Sales Manager Southern Europe & LatAm at Play’n GO, added: “It’s great to team up with our friends at Wiztech Group to bring our suite of games to players at its Winpot casino brand. Mexico is a bustling market where demand for quality slots is high, and our games very much meet this demand. 

“We look forward to seeing players at Winpot spin the reels on iconic titles such as Riche Wilde’s Book of Dead and Reactoonz for the first time.” 

Elsewhere in the Americas, Play’n GO recently reinforced its stance on responsible gambling and player safety by joining the Canadian Gaming Association, joining over 70 CGA members to advocate for a ‘regulated, responsible, sustainable industry’.

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In January, the internet giant informed its app developer community that it would adopt a ‘new approach to Real Money Games’.

Developers were informed that the Play Store’s RMG framework would be expanded to allow RMG apps to be distributed in the markets of India, Mexico and Brazil, depending on meeting ‘user safety criteria’.

Google cited ‘positive feedback’ from developers participating in RMG pilot programmes within the stated markets, in which RMG apps remain unlicensed – a key reason for the decision being made.

January’s announcement saw Google extend a grace period for Indian DFS and Rummy apps to remain on the Play Store until June 30, 2024 – when the new framework was due to come into effect.

However, this weekend, Google confirmed its decision to pause its change of RMG policies globally, stating: “Expanding our support of real-money gaming apps in markets without a central licensing framework has proven more difficult than expected and we need additional time to get it right for our developer partners and the safety of our users.”

Though pausing its changes, Google has indefinitely deferred its grace period for RMG apps in India, “so existing apps offering DFS and rummy games in India can remain on Play and users can continue to enjoy them.”

2024 sees India’s gaming sector in disarray, as businesses and developers adjust to a 28 per cent goods-and-services (GST) tax applied on RMG revenues from October 2023.

Following a GST council meeting, Minister of Finance Nirmala Sitharaman pledged that GST taxes will be reviewed ‘six months after coming into effect’ – however, as yet, no agenda has been published by the Modi government.

Meanwhile, in Brazil, stakeholders await the Secretariat of Betting and Prizes’ (SPA) move to publish final ordinances related to safer gambling, market conduct, crime prevention and advertising duties – needed to launch Brazil’s federal sports betting marketplace by 2024.

Google will closely monitor market-by-market developments in order to help its developer community build safe and reliable apps for local audiences.

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As a result of the deal, Winpot, part of the Wiztech Group, will offer its Mexican player base access to a selection of Push Gaming’s proprietary slot content as the studio continues to expand its presence in international markets. 

Fiona Hickey, Chief Business Development Officer at Push Gaming, explained: “Mexico is a key region for us in LatAm so partnering with Winpot significantly enhances our standing there. It’s a pleasure to work with a leading brand in the country and we couldn’t be happier with the exposure the deal gives us.

“2024 is proving to be another fantastic year for us in terms of new partners and putting our titles in front of as many eager players as possible.”

Included in Push Gaming’s content offering, Winpot.mx players will be able to play 10 of the studio’s slots such as Big Bamboo, Boss Bear and Razor Returns – the studio’s biggest release from 2023. 

Tsvetan Dzhurov, Commercial Manager at Winpot.mx, added: “Push Gaming’s content is known for its high quality, making this partnership a significant step for us. We are excited to offer some of their popular games like Razor Shark and Big Bamboo to our players and are eager to introduce more new slots as they become available”

“We’ve got some of the industry’s most loved games in the likes of Razor Shark and Big Bamboo and we look forward to debuting more new slots to our players as they launch.”

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Hoping to benefit from the nation’s “incredibly high” demand for online casino gaming, Wiztech’s Winpot brand will use the deal to offer an array of Relax Gaming slots to its Mexican player base. 

Tsvetan Dzhurov, Commercial Manager at Wiztech Group, stated: “Relax Gaming is a powerhouse when it comes to online casino content, and this is why it’s such an important integration for us. Its games are renowned for engaging players and delivering the entertainment, excitement and big win potential they are seeking. 

“We go to great lengths to ensure that players at Winpot.mx can access the best slots and casino games in the business and this integration with Relax Gaming is evidence of these efforts. 

“The deal is also great for Relax, allowing the provider to assert its dominance in the Mexican market where demand for its games is incredibly high.”

Mexican players with access to Winpot will gain access to Relax Gaming slots such as Money Train 3, Money Train 4, Temple Tumble and Bill & Coin. 

Nadiya Attard, CCO at Relax Gaming, added: “Winpot is popular among players in Mexico so it’s great to see our games added to its comprehensive portfolio and for players to experience the thrills and excitement each of our titles has been designed to provide.

“This is a big market that’s only going to get bigger, so we are delighted to have teamed up with Winpot and to work together as it continues to mature.” 

On the opposite side of the Atlantic, Relax Gaming has extended its reach in Italy’s online casino market by forming a similar slot integration alliance with Octavian Lab last month.

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Through the agreement, classic and modern slots, as well as live casino titles from the igaming supplier will be made available to the operator’s players in the Latin American market.

“Partnering up with PlayUZU in Mexico is an exciting moment for us that will help us further establish ourselves in a key LatAm market,” commented Neil Tanti, Senior Sales Manager at Stakelogic.

“Mexican players have shown a deep appreciation for our products in the past, and we are excited to work closely with one of the region’s most popular operators to reach a wider audience.”

Modern slot titles from Stakelogic that will be available to the operator include Wild Hogs, Pigeon Hut and Tiki Tiki Hold ‘N’ Win, offering “unique gameplay, striking designs, and game-changing bonus features”. 

In addition, the supplier’s live casino offering from “state-of-the-art” studios will provide PlayUZU players with an “immersive” experience with games such as Speed Baccarat, Super Stake Blackjack and Roulette. 

Stakelogic also combines slots and live casino with its Super Wheel Bonus, a slot feature which takes players to a live casino during their gameplay to spin a wheel for a chance to win additional prizes.

Jani Kontturi, Head of Games at PlayUZU, added: “Stakelogic’s cutting-edge portfolio makes for a fantastic addition to our games lobby. 

“The developer’s unique brand of daring slot games and immersive live casino content perfectly aligns with the diverse action we love to provide our players.”

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