Codere Online has reported significant growth in its core markets of Spain and Mexico during the first quarter of 2026. The company’s focus on disciplined investment in these regions was highlighted by CEO Aviv Sher, who stated that this approach has often been underestimated. This strategy has resulted in a record net gaming revenue (NGR) of €64.4 million and an adjusted EBITDA of €6 million for the quarter. The strong performance was driven by a 13% increase in NGR from Mexico, reaching €34.6 million, and a 16% rise in NGR from Spain, totaling €25.5 million. Codere Online’s strategic focus on existing markets rather than aggressive expansion aligns with its goal of sustainable growth.
Codere Online’s decision to concentrate its investments in Spain and Mexico stems from its belief that these markets provide optimal risk-adjusted returns. Sher emphasized that the company does not need to expand into new territories to achieve growth, as the existing markets are currently yielding the expected returns. The continued investment in these areas has compounded over time, contributing to the quarter’s positive results.
In Spain, the company’s growth trajectory has been bolstered by an increase in the average number of monthly players, which rose by 13% year-on-year to 59,000 in the first quarter. This was achieved through enhancements to the product offering, improvements in customer experience, and increased brand relevance. According to Sher, the redesign of the welcome bonus to attract cross-sell players across sports betting and casino segments has been a crucial factor in this growth. He noted that Spain’s mature and well-regulated market requires incremental progress rather than sweeping changes, making these recent results reflective of sustained efforts in player engagement and retention.
The competitive landscape in Spain has seen increased activity from various operators. For instance, Entain’s renewed focus on the market, highlighted by a strategic team reshuffle and revitalization of its Bwin brand, has intensified competition. However, the absence of imminent gambling tax hikes provides a stable regulatory environment, unlike other European jurisdictions such as the UK and the Netherlands.
Sher expressed confidence in Codere Online’s ability to thrive in Spain, attributing this to the company’s focus on enhancing player experience, fostering trust, and encouraging retention. While competitors may shift tactics to offer more targeted promotions or improve customer relationship management, Codere Online remains steadfast in its commitment to providing a solid player experience and fostering consistent engagement. The combination of a robust local brand and a comprehensive sports and casino offering positions the company well within the market.
Looking ahead, Codere Online anticipates that the upcoming World Cup will be a crucial period for customer acquisition and long-term engagement. The company operates in five countries whose teams will participate in the tournament. While no specific revenue figures for the World Cup are disclosed, the event is expected to significantly enhance acquisition quality and customer retention. Major sporting events, especially the World Cup, present substantial opportunities for introducing new players to online platforms. Sher emphasized that such events not only lead to immediate spikes in activity but also offer opportunities for building long-term customer loyalty through exceptional user experiences.
As Codere Online continues to capitalize on its established presence in Spain and Mexico, the future outlook centers on maintaining disciplined investment and leveraging key market events like the World Cup to drive growth. The company’s strategy underlines the importance of targeted investments and consistent market engagement to ensure sustained success. Moving forward, Codere Online will closely monitor the impact of its strategies and adjust its approaches as necessary to maintain its competitive edge and achieve its business objectives.
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