Codere Online CEO Aviv Sher has forewarned operators entering the Mexican market that is not “easy” and that it will take time to see a return on investment.
Speaking to EGR, Sher’s comments come just weeks after Stake announced it had gone live in Mexico, with the crypto-first operator timing its arrival to capitalise on the FIFA World Cup.
The 2026 edition of the tournament is being hosted across the US, Canada and Mexico and is the first version to include 48 teams.
While not wanting to comment specifically on Stake, Sher told EGR grabbing market share in Mexico was difficult.
The market remains dominated by Caliente, while major international players such as Betano and bet365 also operator in Mexico. A host of smaller, local firms such as Winpot also do business in the nation.
“We are not discussing specific competitors, but the competitive landscape in Mexico is changing,” he said.
“We’ve seen competitors come in and then come out the same way they arrived. It’s not an easy market to operate in. It’s very lucrative and it looks like a high GGR market, but eventually you need to be localised.
Sher continued: “You need to know how to operate correctly and the market is still growing. There is enough room for everyone but international players lack some of the local knowledge we have.
“I’m not saying they can’t close the gap, but it will take them time and money while we are continuing to increase our investment into the market and execute correctly.”
Sher spoke to EGR after Codere Online released its Q1 financial report, which showed record quarterly net gaming revenue of €64.4m.
Focusing on Mexico, NGR grew 13% year on year (YoY) to €34.6m (£30m) – despite having to deal with a GGR tax hike from 30% to 50% – while average monthly players for the quarter increased 20% YoY to 98,200.
Attributing the growth to users knowing Codere Online is a “localised, trusted brand”, Sher also pointed to recent product launches and a new loyalty programme as key drivers for success.
Having launched a poker app in February, the CEO noted the plan for the Nasdaq-listed operator is to offer a “full 360-degree gaming experience on our platform”, with players having access to bingo, poker, casino and sports betting.
“We continue to operate correctly here in the market,” he added. “Hopefully Mexican players appreciate that and wants to try our product and stay with us.
“Regarding the taxes, we need to have good players, not just bonus hunters or low LTV [lifetime value] players. We are trying to optimise the product mix we offer to our players, as well as a very good experience and very good bonuses and the ability to continue playing with us.
“We launched a new a loyalty programme [Codere Club]. We are trying to be as complete as possible, a 360-gaming experience for the customer so that they will continue to stay on our platform and enjoy the mix of our product and excellent service.”
Codere Club is the rebranding of Codere Online’s omnichannel loyalty programme, where players earn points when playing online and at retail locations.
Earlier this year, reports from Spain suggested Codere Group and Codere Online could be sold in a €2bn deal.
This article includes insight from our data partner, EGM. A GGR-focused product launched earlier this year, delivering broader market coverage and data-led insight across the global gambling industry. Click here to find out more about EGM and book a demo by clicking here
The post Codere Online CEO: Mexico is “not an easy market to operate in” first appeared on EGR Intel.
Aviv Sher says competitive landscape is “changing”, with new 50% GGR tax rate a significant hurdle, as new competitors such as Stake enter the market ahead of the 2026 FIFA World Cup
The post Codere Online CEO: Mexico is “not an easy market to operate in” first appeared on EGR Intel.