Codere Online Q3 Revenue Rises 31% as CEO Stays Cautious

Codere Online reported a 31% year-on-year increase in third-quarter revenue to €62.6 million, supported by strong growth in Mexico and continued progress in Spain. However, CEO Aviv Sher has maintained the company’s cautious financial outlook for 2026, citing regulatory uncertainty, currency pressures and changing customer acquisition conditions in key markets.

The online gambling operator also recorded a 30% increase in gaming win to €67.1 million for the three months ended September 30, 2026. Adjusted EBITDA reached €4.2 million, up 45% from the corresponding period last year, while net income rose to €5.5 million compared with €1.4 million in Q3 2025.

Mexico remained the largest contributor to the company’s growth. Revenue from the country increased 37% to €32.9 million, while gaming win advanced 39% to €37.2 million. Spain generated €24.8 million in revenue, representing a 13% improvement, with gaming win recording the same percentage increase.

Despite the positive results, Codere Online retained its full-year guidance of €255 million to €265 million in gaming win and adjusted EBITDA of €20 million to €25 million.

Speaking during the company’s earnings call, Sher said the business would continue to take a measured approach because of the conditions affecting its operations.

“I think looking at the problems we are facing in Spain, some headwinds from the FX, we continue to be conservative,” Sher told analysts on Codere Online’s post-Q3 earnings call.

“As much as I would like to give amazing news, I’m still staying in the range that we said at the middle of the year, and I think we will continue to be conservative in our approach to the numbers and try to beat them or to get closer to the higher end.”

Mexico Drives Growth as World Cup Boost Fades

The company’s third-quarter performance benefited from the final stages of the 2026 FIFA World Cup, which took place during July. All five countries where Codere Online operates had national teams participating in the tournament, providing additional activity during the period.

CFO Marcus Arildsson described July’s performance as “exceptional”, while Sher cautioned against treating those results as representative of normal trading conditions.

“Of course, directly after the World Cup, during August and even September, we saw some slowdown,” Sher explained. “But this is seasonality. It was expected when the leagues returned. We saw players coming back, and then there was an international break that also slowed us down. So it was a little bit of a bumpy start, but not outside of our plans and forecasts.”

The operating figures showed that Codere Online’s average monthly active player base increased 5% year-on-year to 166,800 during Q3. Spain recorded 52,800 monthly active players, up 5%, while Mexico’s figure declined 3% to 85,600. Other markets delivered a 37% increase to 28,400.

Across the first nine months of 2026, revenue reached €187.3 million, representing 22% growth against the €153.3 million recorded during the same period last year. Gaming win increased 23% to €201 million.

Mexico generated €107.8 million in gaming win during the nine-month period, up 25%. Spain contributed €77.9 million, an 18% improvement, while the remaining markets collectively produced €15.3 million, representing growth of 39%.

Codere Online also highlighted its financial position at the end of September. The company held approximately €66 million in total cash and reported no financial debt.

Another development during the quarter was its agreement with the NFL to become the league’s Official Betting Partner in Mexico. Announced on September 10, the multi-year arrangement gives the operator sponsorship rights connected to the 2026 NFL Mexico City Game, scheduled for November 22, and Super Bowl LXI in Los Angeles in February 2027. The agreement also covers hospitality initiatives, VIP experiences, activations across Mexican cities and access to official NFL merchandise opportunities.

Spanish Rules and Colombian Tax Plans Cloud Outlook

Regulatory developments in Spain remain a central consideration for Codere Online as the market prepares for changes affecting customer verification and deposits.

New identification and deposit requirements for newly registered customers took effect at the end of October. Sher said the measures were already affecting the pace at which the company could attract new customers, with the requirements linked to anti-money laundering procedures rather than changes to gambling legislation.

Further changes are scheduled for March 2027, when joint deposit limits across operators are due to be introduced. Arildsson said the company intends to communicate directly with VIP customers to explain how they can manage their deposit settings under the new system. Codere Online hopes that this approach will help customers adapt without significantly affecting their activity.

Colombia presents another regulatory challenge. The government and Congress have begun discussions about restoring a 19% value-added tax on online gambling deposits, following the removal of the same levy earlier in 2026.

Sher described the possibility as “very unfortunate”, particularly because the operator had recently increased its activity in the country after the previous tax was scrapped.

Nevertheless, the CEO confirmed that Codere Online has no intention of withdrawing from Colombia if the proposed tax returns. Instead, the company would reconsider its operating strategy and seek to limit its financial exposure.

Uruguay Expansion and Prediction Markets Under Review

Codere Online is also assessing potential opportunities beyond its existing operations, although Sher indicated that any expansion decisions would depend on regulatory developments and the commercial prospects of individual markets.

Uruguay remains one of the possibilities under consideration. The wider Codere group already has an established retail presence in the country, which could provide the online business with an existing market position if digital gambling regulation moves forward.

Meanwhile, prediction markets have emerged as another area of interest for Codere Online. Sher confirmed that management was examining the sector, although the company has yet to determine whether it will commit capital to a new product or establish a specific launch strategy.

The operator is assessing developments in the United States, particularly the regulatory framework and the implications of the country’s elections. Sher also pointed to the company’s experience with white-label operations in Mexico as a potentially relevant foundation if it eventually decides to enter the sector.