Codere Online upgrades full-year outlook after strong quarterly results
The Spanish gambling operator benefited from “outstanding” World Cup performance.
Spain.- Codere Online has upped its full-year outlook following a standout second quarter, driven by what it described as an “outstanding” World Cup betting performance.
Q4 net gaming revenue (NGR) was up 27 per cent year-on-year to a record €69.4m while adjusted EBITDA more than doubled to €5.8m. For the first half, net income bounced from a €3.1m net loss recorded in the same period last year to a positive €5.6m.
Chief Executive Aviv Sher said the World Cup had accelerated momentum, benefiting from the presence of the national teams of all five of Codere Online’s operating countries in the competition. That proved to be a powerful acquisition tool with nearly 40,000 new customer sign-ups, while stakes reached €63m,180 per cent higher than in the 2022 World Cup.
The company’s NGR from the tournament more than doubled versus the previous edition, which Sher said reflected “strong monetisation of the increased betting volumes despite generally favourable customer results.”
CFO Marcus Arildsson added that NGR from the World Cup was evenly split between June and July, with Spain’s eventual victory expected to also support strong Q3 figures.
Codere Online’s focus on Spain and Mexico
In Q2, Mexico delivered €36.1m in NGR, up 24 per cent year-on-year, while Spain contributed €27.6m, a 25 per cent increase. The ‘Other’ segment, covering Argentina, Panama and Colombia, also returned to growth, generating €5.7min NGR compared to €3.7m in Q2 2025.
Sher reiterated Codere Online’s strategy of concentrating on Spain and Mexico rather than expanding into new territories. “When we talk about investing our next dollar in Mexico and Spain, it’s because we believe those markets offer the best risk-adjusted returns for us right now. These are meaningful accelerations in markets where we already have scale and brand recognition,” he said.
On the back of these results, Codere Online revised its full-year guidance. The operator now expects NGR between €255m and €265m and adjusted EBITDA between €20m and 25m. Previous guidance had been set at €235–245m for NGR and €15–20m for adjusted EBITDA.
