Codere Online, a prominent player in the iGaming sector, is strategizing its future growth by evaluating potential market expansions. Following the company’s fiscal year 2025 results, Chief Financial Officer Marcus Arildsson outlined plans for further development within established markets such as Spain and Mexico. Additionally, the company is open to entering new territories, contingent upon favorable regulatory and market conditions, as discussed in an interview with iGaming Business.
Arildsson emphasized the cautious approach Codere Online is adopting, focusing on markets that offer a conducive environment for growth, including suitable regulatory frameworks and viable partnerships. This strategy is crucial for securing a substantial market share. The operator reported a notable increase in net gaming revenue (NGR) for the fourth quarter, achieving a record €224.1 million, which marks a 6% rise from the previous year. This growth was primarily driven by the performance in Mexico and Spain, offsetting declines in other regions such as Colombia, Panama, and Argentina.
Despite the potential of the newly regulated Brazilian market, Codere Online has chosen not to pursue entry at this time. Guillermo Lancha, Director of Investor Relations and Communications, cited the significant resource allocation required for establishing operations in Brazil as a deterrent. Lancha conveyed that, although Brazil presents a promising opportunity, the timing and current resource availability do not align with the company’s strategic objectives. The focus remains on maximizing returns from their core markets, Spain and Mexico, with an emphasis on financial prudence.
The Colombian market posed additional challenges last year due to a 19% value-added tax (VAT) on deposits, implemented in February and suspended in January 2026. Arildsson noted that this tax had a negative impact on the company’s revenue. However, the suspension of the VAT presents an opportunity for improved performance in the Colombian market this year. Although optimistic about current trends, Codere Online is adopting a wait-and-see approach, especially in light of the upcoming general elections in Colombia, which could influence market dynamics.
From a broader perspective, Codere Online’s approach highlights the complexities of navigating diverse regulatory landscapes in the Latin American iGaming sector. Each market presents unique challenges and opportunities, and operators must carefully weigh factors such as compliance requirements, local partnerships, and return on investment potential.
Looking ahead, Codere Online will continue monitoring these markets, with the flexibility to adapt its strategy based on evolving conditions. The company’s focus remains on strengthening its position in existing markets while remaining open to cautiously exploring new opportunities as they arise. The timeline for any significant moves into new territories will depend on regulatory developments and market receptivity, which Codere Online will evaluate closely in the coming months.
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