Codere Online Posts Q3 2026: €67.1m Gaming Win, €62.6m Revenue

Codere Online Luxembourg, S.A. reported results for the quarter ended 30 September 2026, delivering €62.6 million of revenue, €67.1 million of Gaming Win and €4.2 million of Adjusted EBITDA. The company closed September with approximately €66 million of total cash and no financial debt, and said Gaming Win grew 30% year‑on‑year, driven by Mexico which rose 39% and by continued growth in Spain.

Quarter financials and operating highlights

Marcus Arildsson, Chief Financial Officer of Codere Online, gave the headline numbers and reiterated the group's outlook.

"We delivered €62.6 million of revenue and Adjusted EBITDA of €4.2 million in the quarter, as well as €67.1 million of Gaming Win, while continuing to invest behind growth. We closed September with approximately €66 million of total cash and no financial debt." — Marcus Arildsson, CFO of Codere Online

The company said the third quarter benefited from the final stages of the World Cup in July and from favourable exchange rates. Codere Online noted that, against a strong fourth quarter last year, it expects growth in the coming months to align more with underlying trends.

Commercial developments: NFL partnership

On 10 September 2026, Codere Online announced a multi‑year agreement to become Official Betting Partner of the National Football League in Mexico, a deal the company described as strengthening its premium brand positioning in that market. The agreement includes sponsorship of the 2026 NFL Mexico City Game on 22 November 2026 and of Super Bowl LXI in Los Angeles in February 2027, plus year‑round customer engagement activities, hospitality and official merchandise opportunities. The company framed the initiative as part of its strategic push in Mexico and broader sports marketing investment across the region. See coverage in sports.

Metric change: from Net Gaming Revenue to Gaming Win

Beginning this quarter Codere Online replaced the previously reported metric "Net Gaming Revenue" with Gaming Win as its key operating metric. The company defines Gaming Win as the cash amount retained from customers' wagering activity — amounts staked on settled sports betting and casino wagers, less prizes and promotional credits paid to customers — before gaming taxes, value added taxes, other levies and all other costs and adjustments, compiled by its gaming platforms and translated into euros at average monthly exchange rates. Codere Online warned that Gaming Win is not a measure of Revenue and should not be considered an alternative to Revenue or any IFRS financial measure.

Outlook and commentary

Aviv Sher, Chief Executive Officer of Codere Online, summarised the quarter as another period of growth and highlighted the Mexico performance.

"Q3 was another quarter of strong growth, with Gaming Win up 30% year-on-year, driven mainly by Mexico, up 39%, and continued growth in Spain. During the quarter we also became Official Betting Partner of the NFL in Mexico, which further strengthens our positioning in one of our most important markets." — Aviv Sher, CEO of Codere Online

The company reiterated its full year 2026 outlook of €255–265 million of Gaming Win and €20–25 million of Adjusted EBITDA. A reconciliation of Net Income (IFRS) to Adjusted EBITDA was provided in the earnings materials.