Record Growth, Uncertain Future: How Codere Online Is Turning 45 Years of Gaming Heritage Into Digital Momentum
Most online gaming companies started digital.
Codere took the opposite route.
Founded in Madrid in 1980, the wider Codere Group spent decades building a gaming footprint across Spain and Latin America before launching its online business in 2014. Today that history is becoming one of Codere Online’s biggest competitive advantages.
The company’s Q1 2026 results delivered record performance across several key metrics, a sign of how a retail-born gaming brand keeps evolving in an increasingly crowded digital market.
Q1 2026 Delivers Record Results
Codere Online entered 2026 with strong momentum.
The company reported record net gaming revenue of €64.4 million during the first quarter, a 13% rise year on year.That performance extended the momentum the company had already shown heading into the year, when it reported €60.7m in revenue with zero debt.
Growth came mostly from its two largest markets.
Spain generated €25.5 million in revenue, up 16% from the same period last year, while Mexico contributed €34.6 million, up 13%.
Profitability improved sharply too.
Adjusted EBITDA reached €6.0 million against €1.8 million in Q1 2025, while net income climbed to €7.0 million after a loss in the comparable period a year earlier.
Player activity moved the right way as well. Monthly active players rose 14% to roughly 183,500, a sign of continued engagement across the company’s core markets.
For CEO Aviv Sher, the quarter marked another step in Codere Online’s strategy of balancing growth with profitability across regulated jurisdictions.
The Advantage Most Online Operators Don’t Have
The numbers tell only part of the story.
What sets Codere Online apart from many rivals is the foundation it was built on.
Before it ever entered online gaming, Codere spent more than three decades running gaming venues and betting businesses across Spain and Latin America. That legacy handed it assets many digital-first operators spend years and millions of euros trying to build.
The company came into online gaming with established brand recognition, deep local market knowledge, existing customer relationships, regulatory experience across multiple jurisdictions, and an omnichannel model linking retail and digital. Newer operators often lean heavily on marketing spend to win customers and earn trust. Codere Online started with a brand already familiar to players across its target markets.
That edge matters more as customer acquisition costs keep climbing across the global online gaming industry. It also shows in how the company keeps building out its product, including a recent move to launch a new iOS poker app in Mexico with Playtech support.
From Retail Operator to Nasdaq-Listed Online Business
Codere’s digital shift picked up real pace over the past decade.
The launch of Codere Online in 2014 marked its formal entry into online sports betting and casino gaming.
A major milestone followed in 2021, when Codere Online listed on the Nasdaq, positioning itself as one of the most prominent online gaming brands focused on Latin America.
The listing raised the company’s profile among international investors and sharpened its standing in the region.
Since then, management has kept its focus on regulated markets, where it believes local expertise and an established reputation give it an edge.
The Contradiction Behind the Growth Story
Yet there’s another layer here.
While Codere Online posts record results, reports suggest the wider Codere Group is weighing a potential sale after years of debt restructuring, ownership changes and financial strain.
That sets up a stark contrast.
One part of the organisation is reporting its strongest financial performance to date.
The other carries open questions about long-term ownership and direction.
Whether a deal actually happens is unknown. But the split shows how differently the online and legacy sides of the broader business have evolved.
What Comes Next?
The challenge for Codere Online is no longer proving it can grow.
It has already shown it can compete across major regulated markets in Spain and Latin America.
The next phase is about holding that growth as competition sharpens.
Operators across Latin America keep pouring money into sports betting, online casino products, customer acquisition and technology. New entrants arrive regularly. Established rivals are getting more aggressive about defending share.
Against that, Codere Online’s biggest advantage may still be its history.
Forty-five years after the company was founded, Aviv Sher is running a business that pairs retail gaming heritage with digital execution.
The real question is whether that combination can keep delivering market share gains as Latin America’s online gaming sector moves into a tougher, more competitive stage.
Source: Official Company Reports
