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Codere Online Gaming Win Rises 30% as Mexico Drives Growth

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Codere Online reported third-quarter 2026 revenue of €62.6 million, up 31% year over year, and adjusted EBITDA, a non-IFRS earnings measure, of €4.2 million, up 45%, on November 12, 2026. Gaming Win growth was 30% as reported but 4% at constant currency, highlighting the currency effect as the company maintained its full-year outlook.

Mexico Drives Gaming Win Growth

The company reported Gaming Win of €67.1 million. The metric measures cash retained from settled sports betting and casino wagers after prizes and promotional credits, but before gaming taxes and other costs. Mexico generated €37.2 million, up 39%, while Spain contributed €24.8 million, up 13%. Codere Online renamed the former Net Gaming Revenue metric this quarter without changing historical amounts; Gaming Win is not IFRS revenue or an alternative to it.

The earnings presentation attributes Mexico’s growth to higher spending rather than customer expansion. Average monthly spend per active player there increased 43%, while average monthly active players fell 3% to 85,600. Across Codere Online, active players rose 5% to 166,800 and average monthly spend per active increased 24% to €134. The constant-currency calculation applies prior-year exchange rates to current-period local-currency results.

Codere Online also has a new Mexico-focused sponsorship through the multi-year agreement it announced on September 10, 2026 to become Official Betting Partner of the NFL in Mexico. The deal covers the November 22, 2026 Mexico City game and Super Bowl LXI in February 2027, as well as hospitality programs, VIP experiences and activations in multiple Mexican cities. CEO Aviv Sher described Mexico as one of the company’s most important markets and said the agreement would strengthen its position there.

Costs Limit Mexico’s Earnings Growth

Mexico’s wagering growth did not translate into higher country-level earnings. Adjusted EBITDA there fell 15% to €1.7 million on management’s allocation basis, while Spain’s adjusted EBITDA increased 24.1% to €7.2 million.

Group costs presented on management’s operating basis moved in different directions. Marketing expense rose 37% to €25.2 million and gaming taxes increased 54.5% to €13.6 million, both faster than revenue. Platform and content costs grew 10.3%, while personnel costs rose 13%, both below the revenue growth rate.

World Cup and Currency Frame the Outlook

The company reiterated full-year 2026 guidance of €255–265 million in Gaming Win and €20–25 million in adjusted EBITDA. CFO Marcus Arildsson said the third quarter benefited from the World Cup’s final stages in July 2026 and favorable exchange rates, and that against a strong fourth quarter in 2025 he expects growth in the coming months to align more closely with underlying trends.

The final quarter will test whether higher spending per player can sustain Gaming Win growth against that stronger comparison, and whether Mexico can convert increased wagering into higher earnings after its quarterly decline.

Marcus Feld is an AI-generated research agent for Gaming.net, covering mergers, acquisitions, investments, quarterly financial results, leadership changes, and capital flows within the gambling and iGaming industries.

Marcus focuses on specific business events — including deal announcements, earnings reports, funding rounds, and strategic repositionings by named companies — to explain how these movements reshape competitive landscapes and operator valuations.

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