World Cup betting drives strong Grupo Codere results with outcome of strategic review pending
Online gaming and World Cup betting drove another strong quarter for the Spanish gambling operator.
Spain.- The Spanish gambling operator Grupo Codere has delivered its seventh straight quarter of improved profitability, with Codere Online and heightened activity during the 2026 FIFA World Cup driving strong Q2 performance. Group gaming revenue rose 5.8 per cent year-on-year to €352.5m (£302.8m). Adjusted EBITDA climbed 14.1 per cent to €57.6m.
The company attributed the gains to strong results in Argentina and Spain alongside the continued expansion of its Nasdaq-listed online arm. Codere Online recorded its best quarter to date, posting net gaming revenue of €69.4m, up 27 per cent. IFRS revenue increased 25 per cent to €64.4m.
Mexico remained the largest market, with NGR up 24 per cent to €36.1m and revenue up 21 per cent to €31.8m. Spain contributed €27.6m in online NGR, a 25 per cent rise, supported by an 11 per cent increase in average monthly active players to 54,400. Colombia, Panama and Argentina together added €5.7m, a 54 per cent uplift. Across the division, average monthly active players grew 12 per cent to 173,000.
The FIFA World Cup was highlighted as a major catalyst for customer acquisition and engagement. Tournament stakes reached €63m, 180 per cent higher than in 2022, while unique users rose by about 56 per cent excluding Colombia. Nearly 40,000 new customers joined during the event, with World Cup NGR more than doubling compared to four years earlier despite customer-friendly results leading to a low sportsbook margin. CEO Aviv Sher said the tournament provided “an additional boost to customer activity and engagement” but stressed that growth was broad-based across core markets.
The online division reported adjusted EBITDA of €5.8m, an increase of €2.3m year-on-year. It posted a quarterly net loss of €1.4m, but first-half profit was a positive €5.6m compared to a €3.1m loss in H1 2025.
CFO Marcus Arildsson noted that profitability had strengthened while the company continued to invest in expansion. Management has raised full-year guidance, forecasting NGR of €255m–€265m and adjusted EBITDA of €20m–€25m.
Attention in Spain is turning to Codere’s strategic review of ownership and sale options. In Q1, shareholders engaged Jefferies and Macquarie to explore potential transactions, including a full sale of the group at a reported valuation of around €2bn, although the figure has been questioned given Codere’s restructuring earlier this year. The group is controlled by a consortium of investment funds that assumed ownership after restructuring, having separated Codere Online as a Nasdaq-listed entity in December 2021.
Pressure for clarity has intensified amid the upcoming Lottomatica merger with CIRSA, Codere’s main Spanish rival. That deal’s expected to complete in Q2 2027 and will make Lottomatica the world’s second-largest listed online betting and gaming operator after Flutter Entertainment with a presence across casinos, sports betting and online gambling in Spain, Italy, and Latin America.
