Codere Online has raised its full-year financial forecasts following a strong second quarter, which benefited from the World Cup. The Spanish operator reported a 27% increase in net gaming revenue (NGR) compared to last year, achieving a record €69.4 million for Q4. Adjusted EBITDA more than doubled, reaching €5.8 million. For the first half of 2026, net income swung from a €3.1 million loss to a €5.6 million profit.
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World Cup Drives Growth
The World Cup was a pivotal driver for Codere Online, as noted by Chief Executive Aviv Sher, who highlighted that teams from all five of Codere Online’s markets participated. This presence was a magnet for new customers, attracting nearly 40,000 sign-ups. Stakes reached €63 million, marking a 180% increase from the 2022 World Cup. Sher pointed out the strong monetization despite the generally favorable results for customers, attributing the large NGR growth to savvy engagement strategies. CFO Marcus Arildsson mentioned that the NGR from the World Cup was evenly distributed across June and July. Spain’s victory is expected to further bolster Q3 performance, drawing more attention and betting activity.
Focus on Spain and Mexico
In Q2, Mexico was a standout performer, delivering €36.1 million in NGR—up 24% from last year. Spain also saw a 25% increase, contributing €27.6 million. The ‘Other’ markets segment, which includes Argentina, Panama, and Colombia, bounced back with €5.7 million in NGR compared to €3.7 million in Q2 2025. Sher affirmed the strategic focus on Spain and Mexico, emphasizing their importance for achieving high returns. “Investing in these markets gives us the best risk-adjusted returns,” he said.
Revised Financial Guidance
Based on these strong results, Codere Online has revised its full-year projections. Now, the company expects NGR to range between €255 million and €265 million, with adjusted EBITDA forecasted at €20 million to €25 million. This is an upgrade from previous estimates of €235–245 million in NGR and €15–20 million for adjusted EBITDA.
Regulatory and Market Context
Codere Online’s performance takes place in a dynamic regulatory environment, especially in Spain and Mexico. Both countries have been tightening gambling regulations, which operators are navigating carefully to maintain growth. Industry analysts have pointed out that focusing on existing markets may mitigate the risks associated with regulatory changes. As for what comes next, Codere Online will be closely monitoring Spain’s regulatory updates. Still, the company is likely to adjust operations accordingly to maintain its financial momentum. Industry watchers will keep an eye on this strategy, particularly as the company prepares to release its Q3 earnings report.
Garry Sputnim is a seasoned journalist and storyteller with over a decade of experience in the trenches of global news. With a keen eye for uncovering stories that resonate, Alex has reported from over 30 countries, bringing light to untold narratives and the human faces behind the headlines. Specializing in investigative journalism, Garry has a knack for technology and social justice issues, weaving compelling narratives that bridge tech and humanity. Outside the newsroom, Garry is an avid rock climber and podcast host, exploring stories of resilience and innovation.
