Codere Online posts 31% revenue growth in Q3 2026
Codere Online has reported third-quarter 2026 revenue of €62.6 million, up 31% year on year, alongside higher Adjusted EBITDA and Gaming Win, as it reiterated its full-year outlook.
- Published
- Length
- 436 words, 2 min read
Automated report. This article was drafted with AI assistance from the sources listed below, without a human writing step. Gambling News labels every article produced this way. A person is answerable for it: if something here is wrong, write to editor@gamblingnews.co.uk and we will correct it on the page and say what changed.
Codere Online Luxembourg, S.A. has published its preliminary unaudited results for the three months to 30 September 2026, reporting revenue of €62.6 million, a 31% increase on the same period last year. Spain contributed €24.8 million, up 13%, while Mexico generated €32.9 million, up 37%.
Adjusted EBITDA for the quarter rose 45% to €4.2 million, an increase of €1.3 million year on year. Gaming Win, a metric the operator has newly introduced in place of the previously reported Net Gaming Revenue figure, reached €67.1 million, up 30%, with Spain at €24.8 million (+13%) and Mexico at €37.2 million (+39%).
For the nine months to September 2026, Codere Online recorded a net income of €11.1 million, compared with a net loss of €1.7 million over the same period in 2025. The company said it held total cash of €65.6 million as of 30 September 2026, with no financial debt.
Full-year guidance maintained
Codere Online reiterated its outlook for the 2026 financial year, targeting Gaming Win of between €255 million and €265 million and Adjusted EBITDA of €20 million to €25 million. Chief Financial Officer Marcus Arildsson said the business remained confident of hitting these targets following a strong third quarter, noting that the period had benefited from the final stages of the football World Cup in July and favourable exchange rates. He added that growth in the coming months was expected to track more closely with underlying trends, given a strong comparative fourth quarter in 2025.
NFL partnership in Mexico
On 10 September 2026, Codere Online announced a multi-year agreement to become Official Betting Partner of the NFL in Mexico. Chief Executive Officer Aviv Sher said the deal strengthened the company’s position in one of its most important markets. The partnership covers sponsorship of the 2026 NFL Mexico City Game, scheduled for 22 November 2026, and Super Bowl LXI, due to take place in Los Angeles in February 2027. It also includes hospitality programmes, VIP experiences, multi-city activations in Mexico and access to official NFL merchandise.
Metric change
From this quarter, Codere Online is reporting Gaming Win instead of Net Gaming Revenue as its key operating metric, defined as the cash retained from customer wagering activity before taxes and other deductions. The company said historical figures previously reported as Net Gaming Revenue remain unchanged and that its full-year outlook is being reported on the same Gaming Win basis.
Codere Online operates online sports betting and casino services in Spain, Mexico, Colombia, Panama and Argentina, and is part of the wider Codere Group, which also has a physical gaming presence across Europe and Latin America.