Codere Online lifts gaming win 30% on Mexico but flags single-digit Q4 growth

Codere Online kept its 2026 guidance after a strong third quarter driven by Mexico, despite sharply higher gaming taxes. Management expects growth to slow to single digits in the fourth quarter, while its parent weighs selling the online unit on its own.

Codere Online’s third-quarter growth came largely from Mexico. A 2026 fiscal package passed by Mexico’s Senate lifts the online gambling tax there to 50%, up from 30%. Total revenue reached €62.6m, up 31%.

Spain contributed revenue of €24.8m, up 13%. Mexico contributed €32.9m, up 37%. Casino made up 67% of gaming win and sports betting 33%. On the cost side, marketing spending climbed 37% to €25.2m and gaming taxes rose 55% to €13.6m.

Currency lifts Mexico as player numbers there slip

Part of the Mexican growth reflects the exchange rate. At constant currency, Mexico’s gaming win grew 26%. Group gaming win grew 23% on the same basis, mostly because the effect of the stronger Mexican peso is removed. Chief financial officer Marcus Arildsson said the quarter was also helped by the closing stages of the World Cup in July.

Player numbers tell a similar story. Average monthly active players rose 5% to 166,800. Spain was up 5% to 52,800, but Mexico fell 3% to 85,600. Average monthly spend per active player rose 24% to €134. The figures are consistent with growth coming from higher spending rather than more players.

Spain’s wider market is also expanding. The regulated online gambling market generated gross gaming revenue of €539.18m in the second quarter of 2026. That was 31.16% more than a year earlier.

The quarter also brings a reporting change. Codere Online now reports Gaming Win, defined as the cash it keeps from bets after prizes and promotional credits, but before gaming taxes and other levies. Earlier net gaming revenue figures have not been restated. Third-quarter gaming win came in slightly below the second quarter’s record of €69.4m, which was reported as net gaming revenue.

Fourth-quarter growth set to slow as parent weighs a separate sale

Management expects to finish near the top of its gaming win range for 2026. It guided to single-digit gaming win growth in the fourth quarter, citing currency and regulatory headwinds. The fourth quarter of 2025 was strong, so the company expects growth closer to its underlying trend.

Spain introduced combined deposit limits on 21 October 2026. They apply across all operators where a player holds an account. The defaults are €700 a day, €1,750 a week and €3,300 per four weeks. The system was approved by Royal Decree 520/2026 to stop players getting around their own limits through several accounts.

Profitability has improved. Adjusted EBITDA for the first nine months more than doubled to €16.1m. Nine-month net income swung to €11.1m from a €1.7m loss. The company holds about €66m in cash and no debt.

Parent group Codere, the controlling shareholder, grew third-quarter gaming revenue by 6% to €344m. In March it hired Jefferies and Macquarie Capital to prepare a sale valuing the group at more than €2bn, with Codere Online part of any deal. Investors are now considering selling the European, Latin American and US-listed online businesses separately, because few buyers have come forward, Expansión reported.

In September, Codere Online signed a multi-year deal to become the NFL’s official betting partner in Mexico, including sponsorship of Super Bowl LXI. The deal also covers the San Francisco 49ers v Minnesota Vikings game in Mexico City on 22 November 2026.

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 Codere Online kept its 2026 guidance after a strong third quarter driven by Mexico, despite sharply higher gaming taxes. Management expects growth to slow to single digits in the fourth quarter, while its parent weighs selling the online unit on its own.
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