Codere Online reported net gaming revenue of €163.4 million for the first nine months of 2025, a 3% increase, according to the report.
Codere Online’s reported revenue increase gives investors and suppliers an update on its first-nine-month gaming performance.
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It was reported that Codere Online increased its 2026 net gaming revenue forecast to €255–265m after Q2 trading. It also raised adjusted EBITDA guidance to €20–25m.
The Roundhill Sports Betting & iGaming ETF fell 2.7% last week, while the S&P 500 closed nearly flat, according to the report. Aristocrat Leisure rose 10.04%, while Gambling.com declined 46.78%; Gambling.com also cut its 2026 revenue outlook to $165 million-$170 million from $170 million-$180 million.
Codere Online CFO Marcus Arildsson said the operator is assessing expansion opportunities while prioritising growth in existing markets Spain and Mexico. He said new entries would depend on suitable regulation, local partners, budget and the prospect of building meaningful market share; the company is not currently planning to enter Brazil.
Codere Online reported preliminary unaudited results for the year ended 31 December 2025, including record net gaming revenue of €224.1 million and adjusted EBITDA of €13.8 million. The company posted a €1.8 million net loss, while Q4 net gaming revenue rose 15% year on year to €60.7 million; Mexico contributed €32.8 million.
The Roundhill Sports Betting & iGaming ETF rose nearly 3% last week, while the S&P 500 fell, according to the report. Codere Online shares gained 10.13%, and Accel Entertainment shares rose 7.3%; the report said neither move followed new company news that week. Accel had announced its acquisition of Dynasty Games’ route-operation assets on 2 December, without disclosing financial terms.