Revenue and EBITDA Growth
Codere Online, a Nasdaq-listed digital gambling operator, reported third-quarter 2026 revenue of €62.6 million, a 31% increase from the same period in the previous year. The company’s adjusted EBITDA for the quarter reached €4.2 million, up 45% from €2.9 million in the prior-year period.
Gaming win, the primary metric for gross gaming revenue, rose 30% year-on-year to €67.1 million. Aviv Sher, CEO of Codere Online, attributed the performance to “strong growth” that was “driven mainly by Mexico.”
Market Performance in Mexico and Spain
Mexico remains a critical market for the operator, with revenue in the country climbing 37% to €32.9 million in the third quarter. Despite the revenue increase, the average number of monthly active players in Mexico declined 3%, dropping from 88,300 to 85,600.
In Spain, revenue grew 13% to €24.8 million. The market saw a 5% increase in average monthly active players, reaching 52,800. The company described Mexico as “one of its largest and most strategically important markets.”
Marcus Arildsson, CFO of Codere Online, noted that the third quarter benefited from the final stages of the FIFA World Cup in July and favorable exchange rates. He stated that against a strong fourth quarter last year, the company expects growth in the coming months to be more in line with its underlying trends.
Full-Year Guidance and NFL Partnership
Codere Online maintained its full-year 2026 guidance, projecting Gaming Win between €255 million and €265 million. The company also reiterated its adjusted EBITDA guidance of €20 million to €25 million for the year.
For the first nine months of 2026, the operator reported total revenue of €187.3 million, a 22% year-on-year increase. Adjusted EBITDA for the first nine months more than doubled to €16.1 million.
The company also announced an agreement to become the Official Betting Partner of the NFL in Mexico. This partnership includes a sponsorship of the 2026 NFL Mexico City Game, which is scheduled to be hosted in Mexico City later this month.
Parent Company Sale Considerations
Investors in Codere Online’s parent group, Codere, are reportedly considering selling the business in separate divisions. In March, NEXT.io reported that Codere was up for sale with a €2 billion price tag. Jefferies and Macquarie Capital were appointed to manage the sale process, with interest in buying the entire company described as limited.
Spanish newspaper Expansión reported that owners are looking at selling the European operations, the Latin American business, and Codere Online individually. The potential break-up sale adds a layer of strategic uncertainty for the Nasdaq-listed subsidiary as it continues to expand its sportsbook and casino offerings in key markets.
Why It Matters
Codere Online's 31% revenue growth signals strong performance in regulated markets like Mexico and Spain, despite a slight dip in active players in Mexico. The announcement of an official NFL partnership enhances its brand visibility in the Mexican sportsbook segment. Meanwhile, the potential break-up sale of its parent company, Codere, introduces strategic uncertainty that could affect future investment and operational focus for the Nasdaq-listed entity.
James Miller is an editorial byline used by Casino No Deposits for industry news coverage. Articles published under this byline are summarised from reporting by licensed gambling industry news sources and produced with AI assistance, then published against our editorial rules on accuracy, sourcing and tone. They are not first-hand reporting and do not contain personal player accounts. Our full process, including how bonus listings and ratings are maintained separately by our team, is documented in how we review casinos: https://casinonodeposits.com/how-we-review-casinos/
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