Continued growth in Mexico and Spain drives strong Q3 gaming win performance
Codere Online has reported a 30 per cent increase in gaming win to €67.1 million for the third quarter of 2026, with continued double-digit growth in Spain and Mexico.
Mexico recorded the biggest growth as Q3 gaming win (previously reported as net gaming revenue) rose 39 per cent to €37.2 million, while gaming win from Spain grew 13 per cent to €24.8 million. Gaming win from other markets including Colombia, Panama and Argentina increased by 86 per cent to €5.2 million.
The quarterly gaming win total was just below the previous quarter’s record €69.4 million, with casino representing 67 per cent of the total and sports betting the remaining 33 per cent.
Across all regions, average monthly active players climbed 5 per cent to 166,800, with a 5 per cent increase in Spain actives to 52,800 offsetting a 3 per cent fall in Mexico actives to 85,600. Other actives were up 37 per cent at 28,400.
Average monthly spend per active increased by 24 per cent to €134, with 251,00- new customer registrations during the quarter and 91,000 first time deposits.
Total operating costs were 29 per cent higher at €62.9 million during the quarter, including marketing costs of €25.2 million (+37 per cent), platform and content costs of €16.0 million (+10 per cent), gaming taxes of €13.6 million (+54.5 per cent) and personnel costs of €5.2 million (+13 per cent).
Adjusted EBITDA for the third quarter increased by 45 per cent to €4.2 million.
“Q3 was another quarter of strong growth, with gaming win up 30 per cent year-on-year, driven mainly by Mexico, up 39 per cent, and continued growth in Spain,” said Codere Online CEO Aviv Sher. “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.”
For the nine-month period, total gaming win increased by 23 per cent to €201.0 million, including Mexico growth of 25 per cent to €107.8 million and an 18 per cent rise in Spain gaming win to €77.9 million.
Adjusted EBITDA more than doubled to €16.1 million in 9M 2026, generating net income of €11.1 million compared to a net loss of €1.7 million in the prior year period.
Following the strong third quarter, Codere Online has reiterated its full year guidance of between €255 million and €265 million of gaming win, and between €20 million and €25 million of adjusted EBITDA.
Codere Online chief financial officer Marcus Arildsson added: “Our third quarter benefited from the final stages of the World Cup in July and from favorable exchange rates, and against a strong fourth quarter last year, we expect growth in the coming months to be more in line with our underlying trends.”
The company closed September with €65.6 million of total cash and no financial debt.
Shares in Codere Online Luxembourg SA (NASDAQ:CDRO) closed 1.34 per cent higher at $8.68 per share in New York Wednesday ahead of today’s announcement.