Codere Online Q3 Revenue Climbs 31% To €62.6M As Mexico Drives The Growth
Codere Online has reported third-quarter revenue of €62.6 million, up 31% year on year, with Mexico accounting for the largest share of the increase.
The Nasdaq-listed operator published preliminary, unaudited figures in its Q3 2026 results release on November 12.
Mexico revenue rose 37% to €32.9 million, while Spain grew 13% to €24.8 million. Adjusted EBITDA reached €4.2 million, 45% (€1.3 million) above the same quarter of 2025.
Mexico is the operator's biggest market, and it recently became an official betting partner of the NFL there. Readers can see how the brand presents itself locally on its Codere Mexico casino page.
The Numbers By Market
Gaming Win, the metric Codere Online now uses in place of Net Gaming Revenue, was €67.1 million in the quarter, up 30%. Mexico Gaming Win was €37.2 million, up 39%, and Spain was €24.8 million, up 13%.
Revenue in the Other category, which covers the smaller markets, was €4.9 million, up from €1.6 million a year earlier.
For the first nine months of 2026, total revenue was €187.3 million, up 22% from €153.3 million. Mexico revenue over that period was €95.1 million, up 22%, and Spain was €77.9 million, up 18%.
Net income for the nine months was €11.1 million, compared with a net loss of €1.7 million in the same period of 2025.
Average monthly active players across the group rose 5% to 166.8 thousand in the quarter.
Mexico was the exception: average monthly active players there slipped 3% to 85,600 from 88,300, so the revenue jump came from higher activity per player rather than a larger customer base. Spain players rose 5% to 52,800, and the Other category rose 37% to 28,400.
What Management Said
Chief executive Aviv Sher described the quarter as another quarter of strong growth, pointing to Gaming Win up 30% and Mexico up 39% as the main drivers, along with continued growth in Spain.
He also highlighted the company's new status as Official Betting Partner of the NFL in Mexico.
Chief financial officer Marcus Arildsson said the company delivered €62.6 million in revenue and €4.2 million in adjusted EBITDA while continuing to invest in growth.
He said Codere Online closed September with about €66 million of total cash and no financial debt. The release reports a cash position of €65.6 million as of September 30.
Arildsson also tempered expectations for the rest of the year. He said the third quarter benefited from the final stages of the World Cup in July and from favourable exchange rates, and that, compared with a strong fourth quarter last year, growth in the coming months should be more in line with underlying trends.
Outlook And The NFL Deal
Codere Online reiterated its full-year 2026 outlook of €255 million to €265 million of Gaming Win and €20 million to €25 million of adjusted EBITDA. The company said it remains confident of meeting both ranges.
The release also recaps the NFL agreement announced on September 10. The multi-year deal makes Codere Online the Official Betting Partner of the NFL in Mexico and includes sponsorship of the NFL Mexico City Game on November 22, 2026, and of Super Bowl LXI in Los Angeles in February 2027.
It also provides a year-round platform for customer engagement, including hospitality programmes, VIP experiences, activations in several Mexican cities and official NFL merchandise opportunities.
The change in reporting metrics is worth noting when comparing with earlier quarters. Codere Online says historical amounts previously reported as Net Gaming Revenue are unchanged, and that Gaming Win is not a measure of revenue under IFRS.
