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Codere Online's Q3 Gaming Win rises 30% as Mexico grows 39%
The operator maintained its full-year forecast but expects fourth-quarter Gaming Win growth to slow to single digits.
Codere Online reported third-quarter Gaming Win of €67.1 million, up 30% year over year, as growth in Mexico outpaced a decline in the country's player numbers. The preliminary, unaudited results for the three months to 30 September 2026 were published on 12 November.
Revenue rose 31% to €62.6 million and adjusted EBITDA increased 45% to €4.2 million, European Gaming reported. The operator maintained its full-year forecast but expects Gaming Win growth to slow to single digits in the fourth quarter, according to CasinoBeats.
Mexico, the company's largest market, generated €37.2 million in Gaming Win, up 39%, while revenue increased 37% to €32.9 million. Average monthly active players there fell 3% to 85,600.
At constant currency, Mexico's Gaming Win grew 26% and the group's grew 23%, CasinoBeats reported. Chief Financial Officer Marcus Arildsson also said the quarter benefited from the final stages of the World Cup in July.
In Spain, Gaming Win and revenue each rose 13% to €24.8 million, with average monthly active players up 5% to 52,800. Other markets produced €5.2 million in Gaming Win, compared with €2.8 million a year earlier, as their player count rose 37% to 28,400.
Across the group, average monthly active players increased 5% to 166,800. Average monthly spend per active player rose 24% to €134. Casino accounted for 67% of Gaming Win and sports betting for 33%.
Gaming taxes rose 55% to €13.6m and marketing spending climbed 37% to €25.2m, according to CasinoBeats. The outlet reported that a fiscal package passed by Mexico's Senate raises the country's online gambling tax to 50% from 30%.
Third-quarter net income rose to €5.5 million from €1.4 million a year earlier, helped by a €3.4 million gain on the fair value of public warrants and €0.3 million in net interest income. Reported EBITDA fell to €2.9 million from €3.2 million; adjusted EBITDA adds back €1.4 million in employee long-term incentive costs.
For the first nine months, Gaming Win rose 23% to €201.0 million and revenue increased 22% to €187.3 million. Codere Online ended September with €65.6 million in cash and no financial debt.
The company reiterated its full-year forecast of €255 million to €265 million in Gaming Win and €20 million to €25 million in adjusted EBITDA. CasinoBeats reported that management expects to finish near the top of the Gaming Win range, while citing currency and regulatory headwinds for the fourth quarter.
This was the first quarter in which Codere Online used Gaming Win instead of net gaming revenue. The company said earlier figures were unchanged and that Gaming Win is an operating metric, not a substitute for revenue under IFRS.
During the quarter, Codere Online became the NFL's official betting partner in Mexico under a multi-year agreement announced on 10 September, according to The Gamblest. The agreement includes sponsorship of the 2026 NFL Mexico City Game on 22 November and Super Bowl LXI in Los Angeles in February 2027.