CODERE ONLINE: REVENUE JUMPS 31% AS MEXICO DRIVES GROWTHCodere Online has reported a strong third quarter of 2026, with revenue reaching €62.6 million — up 31% year-on-year. Mexico remains the company’s main growth engine, while Spain also delivered positive results.
Key financial results▪️ Total revenue: €62.6M (+31%)
▪️ Gaming Win: €67.1M (+30%)
▪️ Adjusted EBITDA: €4.2M (+45%)
▪️ Average monthly active players: 166,800 (+5%)
▪️ Cash position: €65.6M, with no financial debt as of September 30.
🌎 Mexico leads the growth
Mexico generated €32.9M in revenue, an increase of 37% year-on-year.
Spain contributed €24.8M, up 13%.
Interestingly, revenue in Mexico increased despite a 3% decline in average monthly active players during the quarter. This points to higher revenue contribution per active customer.
🏈 Strategic expansion
Codere Online is also strengthening its position in Mexico through a multi-year partnership with the NFL, becoming its Official Betting Partner in the country.
The agreement includes activations around the 2026 NFL Mexico City Game and Super Bowl LXI in 2027.
Why does this matter?The results highlight the continued importance of Latin America — particularly Mexico — for international betting operators.
They also show that revenue growth is not driven by player numbers alone. Customer value, market positioning, sports partnerships and local execution can all have a significant impact.
The bigger question: Can Mexico continue to drive Codere Online’s growth while regulatory changes in key markets create new challenges?
MONOPOLY | iGaming Business & Payments