€62.6m Revenue, €67.1m Gaming Win: Codere Online Posts Q3 2026 Growth Under Sher and Arildsson
Codere Online, the online gaming operator listed on the Nasdaq under CDRO and CDROW, reported preliminary results for the third quarter of 2026 on 12 November 2026, with total revenue rising 31% year-on-year to €62.6 million. Spain contributed €24.8 million and Mexico €32.9 million, as both of the company’s core markets continued to grow.
The results also showed Gaming Win of €67.1 million, up 30%, and Adjusted EBITDA of €4.2 million, 45% higher than the same quarter a year earlier. The figures are preliminary and unaudited.
Codere Online revenue climbs 31% to €62.6 million on Spain and Mexico growth
Total revenue reached €62.6 million in the quarter, up from €47.7 million in Q3 2025. Spain grew 13% to €24.8 million, while Mexico rose 37% to €32.9 million, making it the larger of the two core markets by revenue. The company’s “Other” markets added a further €4.9 million.
Over the first nine months of 2026, total revenue reached €187.3 million, a 22% increase on the €153.3 million recorded in the same period of 2025.
Codere Online active players reach 166,800 across its markets
Average monthly active players across the business reached 166.8 thousand in the quarter, up 5% year-on-year. Spain rose 5% to 52.8 thousand, while Mexico came in at 85.6 thousand, down 3%. The company’s “Other” markets grew to 28.4 thousand, up 37%.
Gaming Win reaches €67.1 million as Codere Online renames its key metric
Gaming Win, which Codere Online describes as the cash amount it retains from customers’ wagering activity, came in at €67.1 million for the quarter, a 30% increase. Mexico led the way with Gaming Win up 39% to €37.2 million, while Spain grew 13% to €24.8 million. The “Other” segment contributed €5.2 million.
This is the first quarter in which Codere Online reports Gaming Win in place of the measure previously presented as “Net Gaming Revenue”. The company says historical amounts are unchanged, and notes that Gaming Win is a non-IFRS operating metric rather than a measure of revenue.
Codere Online net income swings to €11.1 million over nine months
Across the first nine months of 2026, Codere Online posted net income of €11.1 million, compared with a net loss of €1.7 million in the same period of 2025. Adjusted EBITDA for the quarter rose 45%, or €1.3 million, to €4.2 million.
Commenting on the quarter, Aviv Sher, Chief Executive Officer of Codere Online, said:
“Q3 was another quarter of strong growth, with Gaming Win up 30% year-on-year, driven mainly by Mexico, up 39%, and continued growth in Spain. During the quarter we also became Official Betting Partner of the NFL in Mexico, which further strengthens our positioning in one of our most important markets.”
Marcus Arildsson, Chief Financial Officer of Codere Online, said:
“We delivered €62.6 million of revenue and Adjusted EBITDA of €4.2 million in the quarter, as well as €67.1 million of Gaming Win, while continuing to invest behind growth. We closed September with approximately €66 million of total cash and no financial debt.”
Codere Online becomes NFL betting partner in Mexico from September 2026
On 10 September 2026, Codere Online announced a multi-year agreement to become Official Betting Partner of the NFL in Mexico, which the company says strengthens its premium brand positioning in one of its largest and most strategically important markets. The agreement includes sponsorship of the 2026 NFL Mexico City Game, to be held on 22 November 2026, and of Super Bowl LXI, scheduled for Los Angeles in February 2027.
The company says the partnership also provides a year-round platform for customer engagement, including hospitality programmes, VIP experiences, activations across Mexican cities and official NFL merchandise opportunities.
Codere Online holds €65.6 million in cash and reiterates FY 2026 outlook
Codere Online closed September with a total cash position of €65.6 million and no financial debt. The company reiterated its full-year 2026 outlook of €255 to €265 million in Gaming Win and €20 to €25 million in Adjusted EBITDA.
Mr Arildsson added that the third quarter benefited from the final stages of the World Cup in July and from favourable exchange rates, and that, against a strong fourth quarter last year, the company expects growth in the coming months to be more in line with its underlying trends.
How the Codere Online results position the operator in Spain and Latin America
For operators watching the Spanish and Latin American markets, Codere Online’s quarter points to a focused growth story. Mexico now carries the larger share of both revenue and Gaming Win, and the NFL partnership shows the company deepening its presence in that market. A nine-month move from loss to profit, held alongside a debt-free balance sheet, gives the business room to keep investing while its full-year targets stay unchanged. With a strong prior-year fourth quarter ahead as a comparison, Codere Online heads into the final stretch of 2026 with both of its core markets growing and its outlook intact.
Source: Codere Online
