Codere Online Lifts Q3 Gaming Win 30% on Mexico Surge and Keeps 2026 Targets

^{Estadio Azteca in Mexico City. Mexico is Codere Online’s largest market and drove most of its third-quarter growth. (Photo: ProtoplasmaKid / Wikimedia Commons)}

Codere Online grew third-quarter Gaming Win by 30% to €67.1 million, with Mexico supplying most of the increase, and kept its full-year 2026 guidance unchanged. The Nasdaq-listed operator published preliminary unaudited results for the quarter to 30 September on 12 November.

Revenue rose 31% to €62.6 million and adjusted EBITDA climbed 45% to €4.2 million. Net income for the quarter came to €5.5 million, up from €1.4 million a year earlier, while the nine-month figure swung to a profit of €11.1 million from a €1.7 million loss in 2025.

Mexico Carries the Quarter

Mexico, the company’s largest market, produced €37.2 million of Gaming Win, up 39%, on revenue of €32.9 million, up 37%. It did so with fewer customers. Average monthly active players in Mexico fell 3% to 85,600, so the growth came from higher spending per player rather than a wider base.

Spain grew more steadily. Gaming Win and revenue were both €24.8 million, up 13%, and active players rose 5% to 52,800. Smaller markets grouped as Other almost doubled their Gaming Win from €2.8 million to €5.2 million, helped by a 37% rise in players to 28,400. In Spain, rules on combined online deposit limits across operators came into force in October.

Across the group, average monthly active players increased 5% to 166,800 and average monthly spend per active player rose 24% to €134. Casino made up 67% of Gaming Win and sports betting 33%. The operator recorded 91,000 first-time depositors, 7% more than a year ago, at a cost per acquisition of €209.

A New Headline Metric and an Unchanged Outlook

The quarter also brought a change in reporting. Codere Online now leads with Gaming Win in place of net gaming revenue. In remarks on the results call, management said the switch followed a review of its 2025 annual report by the staff of the US Securities and Exchange Commission, and that earlier net gaming revenue figures were not restated.

On that basis the third quarter came in slightly below the record €69.4 million of net gaming revenue booked in the second quarter, when the World Cup was under way. Online operators across Europe saw a similar pattern, with French betting growth leaning on the World Cup month before the wider market stalled.

Over nine months, Gaming Win reached €201.0 million, up 23%, and revenue totalled €187.3 million, up 22%. The company ended September with €65.6 million in cash and no financial debt. It reiterated its 2026 outlook of €255 million to €265 million of Gaming Win and €20 million to €25 million of adjusted EBITDA.

Taking the nine-month result away from the full-year range implies fourth-quarter Gaming Win of roughly €54 million to €64 million, below the €67.1 million delivered in the third quarter. The company has pointed to currency and regulatory headwinds as the World Cup and exchange-rate tailwinds fade.

NFL Deal and Parent Results

Chief executive Aviv Sher said in the results announcement: “Q3 was another quarter of strong growth, with Gaming Win up 30% year-on-year, driven mainly by Mexico, up 39%, and continued growth in Spain.” He added that becoming official betting partner of the NFL in Mexico had strengthened the brand in its largest market.

The multi-year NFL agreement covers the league’s Mexico City game on 22 November and the Super Bowl in February. Parent company Grupo Codere reported on the same day that third-quarter gaming revenue rose 6% to €344 million and adjusted EBITDA increased 39% to €65.4 million, with Codere Online’s Gaming Win of €67.1 million included in the total.