Codere Online Gaming Win Rises 30% in Q3 as Mexico Drives Growth
Spain – 13 November 2026 – www.zonadeazar.com Codere Online has released its third-quarter 2026 financial results, reporting a 30% year-on-year increase in Gaming Win to €67.1 million.
The company also recorded revenue of €62.6 million, representing 31% growth, while adjusted EBITDA increased by 45% to €4.2 million.
The performance was primarily driven by Mexico and Spain, the group’s two largest operating markets.
Mexico Leads Growth with a 39% Increase
Mexico delivered the strongest growth during the July–September period.
Gaming Win increased by 39% to €37.2 million, compared with €26.8 million in the third quarter of 2025.
Revenue from Mexican operations reached €32.9 million, representing a 37% increase.
The results reinforce Mexico’s position as Codere Online’s largest market and a major driver of its international expansion.
In September, the company also became the NFL’s Official Betting Partner in Mexico through a multi-year commercial agreement.
Spain Records 13% Growth
Spanish operations also contributed to the quarterly performance.
Gaming Win and revenue in Spain reached €24.8 million, up 13% from €22 million a year earlier.
Meanwhile, other markets, including Colombia, Panama and Argentina, recorded combined Gaming Win growth of 86%, reaching €5.2 million.
The figures demonstrate positive momentum across the international business, although Mexico remains the principal contributor to growth.
Casino Accounts for 67% of Gaming Win
The revenue composition highlights the importance of online casino products within the company’s business.
During the third quarter:
- Online casino: accounted for 67% of Gaming Win.
- Sports betting: contributed the remaining 33%.
- Total Gaming Win: €67.1 million.
- Reported revenue: €62.6 million.
Gaming Win measures the amount retained from customer wagering after deducting prizes and promotional credits, but before gambling taxes and other expenses.
Codere Online introduced this terminology in place of Net Gaming Revenue, without changing the underlying calculation methodology.
More Than 166,000 Monthly Active Players
The company reported a 5% increase in average monthly active players, reaching 166,800 users.
Key figures included:
- Spain: 52,800 active players, up 5%.
- Mexico: 85,600 users, down 3%.
- Other markets: 28,400 players, up 37%.
Average monthly spending per active player rose 24% to €134.
Approximately 251,000 new customer registrations and 91,000 first-time deposits were also recorded during the quarter.
Adjusted EBITDA Increases 45%
Codere Online reported adjusted EBITDA of €4.2 million, compared with €2.9 million in the corresponding period of 2025.
Operating costs increased by 29% to €62.9 million, including:
- Marketing: €25.2 million, up 37%.
- Platform and content: €16 million, up 10%.
- Gaming taxes: €13.6 million, an increase of 54.5%.
- Personnel: €5.2 million, up 13%.
Despite higher expenditure, stronger revenue supported improved adjusted operating profitability.
Nine-Month Profit Reaches €11.1 Million
During the first nine months of 2026, Codere Online generated €201 million in Gaming Win, a year-on-year increase of 23%.
Adjusted EBITDA reached €16.1 million, more than double the €7.5 million reported during the same period in 2025.
The company also delivered net income of €11.1 million, compared with a €1.7 million loss a year earlier.
At the end of September, Codere Online held €65.6 million in cash and reported no financial debt.
Codere Maintains Its 2026 Guidance
Aviv Sher, CEO of Codere Online, highlighted the company’s quarterly growth, particularly the performance of its Mexican operations.
Chief Financial Officer Marcus Arildsson noted that the final stages of the FIFA World Cup in July and favourable foreign exchange movements contributed to the results.
The company maintained its full-year 2026 guidance:
- Annual Gaming Win: between €255 million and €265 million.
- Adjusted EBITDA: between €20 million and €25 million.
Management expects growth rates to moderate over the coming months compared with the third quarter.
Industry Impact and Next Steps
The results reinforce Latin America’s importance within Codere Online’s commercial strategy, particularly through the growth of its Mexican business.
Increased gaming activity, sports partnerships and regional expansion contributed to stronger financial performance.
With quarterly Gaming Win of €67.1 million, 39% growth in Mexico and nine-month net income of €11.1 million, Codere Online is strengthening its position in Spain and Latin America while maintaining its financial targets for 2026.
Editó: @fonta
