Codere Online lifts Q3 gaming win 30% to €67.1m
Business2 min read
Codere Online reported Q3 2026 gaming win rose 30% year on year to €67.1m, driven by growth in Mexico and Spain. Mexico gaming win increased 39% to €37.2m and Spain's rose 13% to €24.8m; adjusted EBITDA grew 45% to €4.2m, and the company reiterated its full-year guidance.
Codere Online's gaming win rose 30% to €67.1 million in the third quarter of 2026, the company reported, with double-digit growth continuing in Mexico and Spain. Adjusted EBITDA reached €4.2 million in the third quarter, a 45% increase.
Mexico's gaming win increased 39% to €37.2m in Q3, while Spain's rose 13% to €24.8m. Other markets, including Colombia, Panama and Argentina, contributed €5.2m in gaming win, an increase of 86%. The quarterly total was below the previous quarter's record €69.4m, with casino accounting for 67% and sports betting for 33%.
Average monthly active players across all regions rose 5% to 166,800. Spain's actives rose 5% to 52,800, offsetting a 3% fall to 85,600 in Mexico. Other actives rose 37% to 28,400. Average monthly spending per active reached €134, an increase of 24%, and first-time deposits stood at 91,000.
Total operating costs rose 29% to €62.9m in the quarter. Marketing costs rose 37% to €25.2m, platform and content costs rose 10% to €16m, gaming taxes increased 54.5% to €13.6m and personnel costs rose 13% to €5.2m.
Chief executive Aviv Sher said Codere Online became the NFL's official betting partner in Mexico during the quarter. The company ended September with €65.6m in total cash and no financial debt. Codere Online Luxembourg SA shares closed 1.34% higher at $8.68 in New York on Wednesday, ahead of the announcement.
Codere Online maintained its full-year guidance for gaming win of €255m to €265m and adjusted EBITDA of €20m to €25m. Favourable exchange rates and July's closing stages of the World Cup helped the third quarter, chief financial officer Marcus Arildsson said, adding that growth in the coming months was expected to be closer to underlying trends after a strong fourth quarter last year.