Codere Online reports €62.6 million in Q3 revenue as gaming activity grows 30%

Codere Online, which has offices in Sliema, has reported revenue of €62.6 million for the third quarter of 2026, alongside a 30 per cent year-on-year increase in Gaming Win.

The online gaming operator recorded €67.1 million in Gaming Win during the quarter, with growth mainly driven by Mexico, where the figure increased by 39 per cent, as well as continued expansion in Spain.

Adjusted EBITDA reached €4.2 million, up from €2.9 million during the same period in 2025, while net income increased from €1.4 million to €5.5 million.

For the first nine months of 2026, Codere Online reported adjusted EBITDA of €16.1 million, compared to €7.1 million in the corresponding period last year. Net income also improved to €11.1 million, reversing a €1.7 million loss recorded in 2025.

Commenting on the results, CEO Aviv Sher said: “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.”

The company also strengthened its presence in Mexico after signing a multi-year agreement in September to become the Official Betting Partner of the NFL in the country.

Meanwhile, CFO Marcus Arildsson confirmed that Codere Online ended September with approximately €66 million in cash and no financial debt.

Following the results, the company maintained its full-year 2026 outlook, forecasting Gaming Win of between €255 million and €265 million and adjusted EBITDA of between €20 million and €25 million.

Mr Arildsson noted that the third quarter benefited from the final stages of the World Cup in July and favourable exchange rates, adding that growth in the coming months is expected to return to underlying trends.

Founded in 2014, Codere Online operates online sports betting and casino platforms across Spain, Mexico, Colombia, Panama and Argentina.