Codere Online reported a 30% increase in net gaming revenue to €67.1m in Q3 2026, with adjusted EBITDA rising 45% to €4.2m and net income reaching €5.5m, up from €1.4m a year earlier. The World Cup's final stages in the quarter drove the gains, yet management declined to raise full-year guidance, maintaining targets of €255–265m in revenue and €20–25m in EBITDA.
Chief Executive Aviv Sher cited two headwinds. New anti-money-laundering rules in Spain, Codere's home market, are slowing customer acquisition; the company expects technological solutions to catch up within months. Post-tournament seasonality also weighed on August and September, though activity recovered once football leagues returned.
By geography, Spain's gaming win grew 13% to €24.8m, Mexico 39% to €37.2m, and other markets 86% to €5.2m. Year-to-date revenue rose 22% to €187.3m with total gaming win at €201m.
Sher also signalled interest in prediction markets. Codere is evaluating entry into the sector, buoyed by its role as the NFL's official betting partner in Mexico. No concrete plan exists, but Sher called it 'an interesting opportunity', citing his team's experience with white-label solutions. The company will weigh regulatory conditions in the US closely before committing capital.
