Codere Online has revised its full-year forecast upwards following an exceptional second quarter, boosted by significant growth in Spain and Mexico that propelled the operator to more than double its adjusted EBITDA.
During Q2 2026, the operator reported a net gaming revenue of €69.4 million ($79.9 million), reflecting a 27% increase year-on-year, while adjusted EBITDA soared from €2.3 million ($2.6 million) to €5.8 million ($6.7 million).
This quarter marked Codere Online’s highest revenue since its Nasdaq debut in 2021.
“The second quarter was remarkable for Codere Online,” stated CEO Aviv Sher during an earnings call. “We recorded our highest revenue for any quarter alongside robust profitability and cash flow.”
Codere now anticipates full-year net gaming revenue between €255 million ($293.7 million) and €265 million ($305.2 million), significantly higher than its earlier projection of €235 million ($270.6 million) to €245 million ($282.1 million). The company also raised its adjusted EBITDA forecast by €5 million ($5.8 million) to a range of €20 million ($23.0 million) to €25 million ($28.8 million).
This upward adjustment is attributed to solid performance in Spain and Mexico, the removal of Colombia’s VAT, and a strengthened Mexican peso.
Strong Revenue Growth in Spain and Mexico
In Spain, net gaming revenue surged by 25% to €27.6 million ($31.8 million). Management indicated that Codere is benefiting from intrinsic market growth while regaining market share.
Mexico remains Codere Online’s most substantial market, with net gaming revenue climbing by 24% to €36.1 million ($41.5 million).
However, the number of active customers in Mexico rose by only 3% year-on-year. Management highlighted this as a strategic move to eliminate promotional misuse and enhance its customer database quality. The increase in spending per active player was the main contributor to Mexico’s revenue growth.
“The performances in both Spain and Mexico were outstanding and are key growth drivers,” noted Codere Online’s CFO, Marcus Arildsson.
Arildsson also emphasized high-growth markets including Colombia, Panama, and Buenos Aires, which collectively saw a 50% increase year-on-year. Together, markets outside of Spain and Mexico generated €5.7 million ($6.6 million) in net gaming revenue.
He mentioned that the company is “exploring opportunities” in additional South American nations such as Uruguay and Chile.
Successful Strategy During the World Cup
The World Cup provided a considerable boost, with Codere acquiring nearly 40,000 customers during the tournament. Stakes reached €63 million ($72.5 million), 180% higher than during the 2022 event, while net gaming revenue more than doubled despite customer-friendly sports results.
Sher praised the overall performance as “remarkable” and “significantly ahead” of the previous tournament.
He noted that Codere chose not to pay for high-cost advertising during the World Cup broadcasts, instead concentrating their marketing budget around the event.
“We didn’t invest directly in World Cup broadcasts, which were extremely expensive,” he explained. “We aimed to keep expenditures focused around the World Cup, and this strategy paid off.”
Approximately 30% to 40% of new sports bettors had also engaged with online casino games, particularly table games. However, management stated that it is premature to assess their long-term retention.
As of June, Codere held €62.6 million ($72.1 million) in cash with no financial debt. Arildsson shared that the operator is assessing potential uses for this capital, including securing licenses and entering newly regulated Latin American markets.
In March, Codere Online faced takeover speculation following reports that its parent company, Codere Gaming, might be for sale.
Analysts suggest that an acquiring party may seek to acquire or divest Codere Gaming’s 66% stake in the publicly listed online entity, which could streamline the company’s overall structure.