When you are coming off the back of one of the most dominant major tournament wins in recent history, drawing your opening 2026 World Cup game with Cape Verde isn’t exactly ideal…
But that was the case for European champions Spain, who were held to a goalless draw in their opening game against Cape Verde, which boasts a much smaller population than Spain, with just over 500,000 living in the archipelago.
Bearing the weight of expectation of a nation that has long had a love of football, SBC News spoke to Alberto Telias, Chief Marketing Officer at Codere Online, to check in on the nation’s hopes for a World Cup win as Spain sets its sights on its first win since 2010.
To start things off, how significant is the World Cup for the Spanish betting market? How does it rank against other events on the sporting calendar in terms of fan interest?
The World Cup is the single biggest event on the betting calendar in Spain, bigger than any club competition, including the Champions League final or El Clásico. For a few weeks, football becomes a national conversation in a way no other event quite matches.
From our perspective, it tends to drive a meaningful step-up in engagement, new customer acquisition and overall brand visibility. We also see a broader audience coming in with more casual bettors and first-time players, so we typically view it as a customer acquisition opportunity rather than a revenue generating one, although it can be both.
There’s a lot of talk about the Spanish team’s prospects in this year’s tournament – they are one of the favourites to lift the trophy as far as UK bookmakers are concerned. Are you finding that this is driving a lot of interest among Codere bettors too?
Yes, absolutely. Even if France is now positioned as the favourite to win the tournament after Spain’s disappointing first game, Spain is still one of the favourites, which naturally drives interest and engagement. There’s a real sense of optimism among fans at the moment, and that translates into activity across a wide range of markets, not just on match results, but also outrights, players and specials.
That said, we always take a balanced view, tournaments don’t always play out as expected, and from a betting perspective, outcomes being too predictable can actually limit upside, so we’re enthusiastic, but realistic.
Is patriotism often a big factor in player behaviour during big international tournaments like the World Cup?
Yes, and it’s one of the key differences versus club football. During the regular season, customers tend to bet more analytically. In international tournaments, and especially when your own country is playing, emotion plays a much bigger role.
We tend to see a clear bias towards backing the national team, more pre-match activity, and generally more social behaviour around betting (friends, family, group chats, etc.) It becomes part of the shared experience of following the tournament.
Aside from Spain, are there any other national teams Spanish bettors are expecting big things from this tournament?
Beyond Spain, the usual top-tier teams generate the most interest… France, Argentina, Brazil, England, Portugal and Germany all tend to feature heavily. Argentina in particular often resonates strongly with Spanish bettors, and major players naturally drive engagement.
We also see increased attention on host nations, especially Mexico this time around, and on teams that have recently overperformed and could surprise again like Morocco.
What about players? Are there any particular footballers Codere’s Spanish customers are expecting to put in a great performance in North America?
There’s strong interest in both emerging Spanish talent and global stars. Within Spain, players like Lamine Yamal, Nico Williams, Pedri and Rodri are generating significant attention. Internationally, names like Harry Kane, Mbappé, Haaland, Vinícius Jr. and Messi consistently attract activity in top scorer and performance-related markets.
These players tend to anchor a lot of the narrative around the tournament, and that feeds directly into betting behaviour.
Alberto Telias. Credit: Codere Online
Like many regulators across Europe, Spain’s Directorate General for Gambling Regulation (DGOJ) has been tightening laws on its country’s operators in recent years.
Advertising and marketing requirements are high on the agenda, with Codere Online one of the biggest businesses who will be impacted by any regulatory changes.
Telias explained that this has reduced the company’s focus on promotions.
Credit: esp2k / Shutterstock
Spain is known for having some of the toughest marketing restrictions in Europe. How has this affected Codere’s ability to promote its brand during this year’s tournament?
Spain is a highly regulated market, and we’ve been operating within that framework for years. The restrictions around advertising and promotions mean you need to be much more focused on efficiency (product quality, brand strength and retention) rather than broad-based acquisition campaigns.
In many ways it creates a more level playing field for established, licensed operators. Our approach is to work within the rules and focus on delivering a strong customer experience, rather than relying on heavy promotional activity.
With a lot of political discourse around gambling harm in Spain, is there more pressure than ever on Spanish operators to ensure responsibility is at the forefront of your World Cup activity?
Responsible gaming has always been central to how we operate, particularly in a market like Spain where the regulatory framework is already very robust. The World Cup does bring in a broader audience, including more casual and first-time bettors, so it naturally increases our focus in that area. But I wouldn’t say it changes our approach, it just reinforces it.
How are you working to ensure these standards we’ve just mentioned are central to Codere’s activity during the World Cup?
It’s a combination of processes and product. All campaigns go through compliance checks to ensure they meet regulatory and responsibility standards. In parallel, we reinforce in-product tools (deposit limits, self-exclusion, etc.) and make sure they’re clearly visible and easy to use.
We also monitor player behaviour closely, particularly among new customers acquired during the tournament, and adjust communication where appropriate. It’s about embedding responsibility into the overall experience, not treating it as a separate layer.
Is there a risk that what is usually a huge four weeks for both bookmakers and sports fans will be overshadowed by some of the political discourse around betting in Spain?
In practice, we don’t see that happening. The World Cup is a global sporting event that captures the attention of fans regardless of wider industry discussions. Those conversations will continue, and we engage with them constructively, but they don’t take away from the enjoyment of the tournament.
Our focus is on providing a safe, regulated and enjoyable experience for customers, and letting the football take centre stage.
Some in the industry are expecting the varying time zones to affect customer engagement in this World Cup. Does Codere share these concerns in Spain?
It’s something we’ve considered, but we don’t see it as a major issue. Spanish fans are very engaged, and for the biggest matches people will adapt their schedules. The tournament format also means there’s a very high volume of games, so customers have plenty of opportunities to engage even if some kick-off times are less convenient. We may see some shift towards more pre-match activity for late games, but overall engagement should remain strong.
Codere Online. Credit: Shutterstock
Codere Online is a listed subsidiary of Codere, spun off from the wider group back in 2021 to focus on the online side of operations.
It floated on the NASDAQ with shares trading at around $10, and now, over five years on, its stock remains at a very similar price.
Codere’s bid to challenge Cirsa’s status is ongoing, as are rumours of a potential £1.7bn sale.
Reports in Spain back in March claimed that its board hired financial advisors Jefferies and Macquarie in preparation for a sale, but nothing concrete has come out from it yet.
With Codere such a big player in the Spanish market, a sale could have huge implications, and of course it could affect Codere Online too, as the wider group remains that firm’s biggest shareholder.
Credit: Grupo Codere
Regulatory discussions aside, what do you think the experience of this year’s World Cup will be both for Codere and the Spanish market at large?
We expect a very positive experience overall. All of our core markets have qualified, which is quite unique, and part of the tournament is being hosted in Mexico, which is particularly relevant for us.
For Spain, it should be a highly engaging tournament with strong fan interest and broad participation. For Codere, it’s an opportunity to showcase our product, strengthen our relationship with customers, and build on the momentum we’ve been seeing in the business.
There’s been some talk of a potential sale of Codere. How big an opportunity is the World Cup to really make your business stand out for investment?
As a listed company, we don’t comment on market speculation. What we can say is that we run the business with a consistent focus on disciplined execution and long-term value creation.
Events like the World Cup are an opportunity to demonstrate the strength of our platform, our presence across multiple regulated markets, our brand, and our ability to operate efficiently and responsibly. Ultimately, our focus is on delivering performance, and that’s what underpins our investment story.
World Cup Betting Tour: Codere’s hopes reinvigorated after Spain demolish Saudi Arabia
You’ve shared it!
SBC News speaks to Spanish gambling operator – Codere Online – as we continue our World Cup Betting Tour series.
When you are coming off the back of one of the most dominant major tournament wins in recent history, drawing your opening 2026 World Cup game with Cape Verde isn’t exactly ideal…
But that was the case for European champions Spain, who were held to a goalless draw in their opening game against Cape Verde, which boasts a much smaller population than Spain, with just over 500,000 living in the archipelago.
This opening blunder was quickly rectified, however. A 4-0 win yesterday against Saudi Arabia reestablished the Spanish team’s credentials as one of the tournament favourites.
Bearing the weight of expectation of a nation that has long had a love of football, SBC News spoke to Alberto Telias, Chief Marketing Officer at Codere Online, to check in on the nation’s hopes for a World Cup win as Spain sets its sights on its first win since 2010.
To start things off, how significant is the World Cup for the Spanish betting market? How does it rank against other events on the sporting calendar in terms of fan interest?
The World Cup is the single biggest event on the betting calendar in Spain, bigger than any club competition, including the Champions League final or El Clásico. For a few weeks, football becomes a national conversation in a way no other event quite matches.
From our perspective, it tends to drive a meaningful step-up in engagement, new customer acquisition and overall brand visibility. We also see a broader audience coming in with more casual bettors and first-time players, so we typically view it as a customer acquisition opportunity rather than a revenue generating one, although it can be both.
There’s a lot of talk about the Spanish team’s prospects in this year’s tournament – they are one of the favourites to lift the trophy as far as UK bookmakers are concerned. Are you finding that this is driving a lot of interest among Codere bettors too?
Yes, absolutely. Even if France is now positioned as the favourite to win the tournament after Spain’s disappointing first game, Spain is still one of the favourites, which naturally drives interest and engagement. There’s a real sense of optimism among fans at the moment, and that translates into activity across a wide range of markets, not just on match results, but also outrights, players and specials.
That said, we always take a balanced view, tournaments don’t always play out as expected, and from a betting perspective, outcomes being too predictable can actually limit upside, so we’re enthusiastic, but realistic.
Is patriotism often a big factor in player behaviour during big international tournaments like the World Cup?
Yes, and it’s one of the key differences versus club football. During the regular season, customers tend to bet more analytically. In international tournaments, and especially when your own country is playing, emotion plays a much bigger role.
We tend to see a clear bias towards backing the national team, more pre-match activity, and generally more social behaviour around betting (friends, family, group chats, etc.) It becomes part of the shared experience of following the tournament.
Aside from Spain, are there any other national teams Spanish bettors are expecting big things from this tournament?
Beyond Spain, the usual top-tier teams generate the most interest… France, Argentina, Brazil, England, Portugal and Germany all tend to feature heavily. Argentina in particular often resonates strongly with Spanish bettors, and major players naturally drive engagement.
We also see increased attention on host nations, especially Mexico this time around, and on teams that have recently overperformed and could surprise again like Morocco.
What about players? Are there any particular footballers Codere’s Spanish customers are expecting to put in a great performance in North America?
There’s strong interest in both emerging Spanish talent and global stars. Within Spain, players like Lamine Yamal, Nico Williams, Pedri and Rodri are generating significant attention. Internationally, names like Harry Kane, Mbappé, Haaland, Vinícius Jr. and Messi consistently attract activity in top scorer and performance-related markets.
These players tend to anchor a lot of the narrative around the tournament, and that feeds directly into betting behaviour.
Like many regulators across Europe, Spain’s Directorate General for Gambling Regulation (DGOJ) has been tightening laws on its country’s operators in recent years.
KYC checks have been ramped up in 2026, while Spain’s tax on gross gaming revenue (GGR) sits at 20% for licensed operators.
Back in February, Spanish bookmakers were also warned of more changes to regulations as policymakers now view gambling as a “public health problem”.
Advertising and marketing requirements are high on the agenda, with Codere Online one of the biggest businesses who will be impacted by any regulatory changes.
Telias explained that this has reduced the company’s focus on promotions.
Spain is known for having some of the toughest marketing restrictions in Europe. How has this affected Codere’s ability to promote its brand during this year’s tournament?
Spain is a highly regulated market, and we’ve been operating within that framework for years. The restrictions around advertising and promotions mean you need to be much more focused on efficiency (product quality, brand strength and retention) rather than broad-based acquisition campaigns.
In many ways it creates a more level playing field for established, licensed operators. Our approach is to work within the rules and focus on delivering a strong customer experience, rather than relying on heavy promotional activity.
With a lot of political discourse around gambling harm in Spain, is there more pressure than ever on Spanish operators to ensure responsibility is at the forefront of your World Cup activity?
Responsible gaming has always been central to how we operate, particularly in a market like Spain where the regulatory framework is already very robust. The World Cup does bring in a broader audience, including more casual and first-time bettors, so it naturally increases our focus in that area. But I wouldn’t say it changes our approach, it just reinforces it.
How are you working to ensure these standards we’ve just mentioned are central to Codere’s activity during the World Cup?
It’s a combination of processes and product. All campaigns go through compliance checks to ensure they meet regulatory and responsibility standards. In parallel, we reinforce in-product tools (deposit limits, self-exclusion, etc.) and make sure they’re clearly visible and easy to use.
We also monitor player behaviour closely, particularly among new customers acquired during the tournament, and adjust communication where appropriate. It’s about embedding responsibility into the overall experience, not treating it as a separate layer.
Is there a risk that what is usually a huge four weeks for both bookmakers and sports fans will be overshadowed by some of the political discourse around betting in Spain?
In practice, we don’t see that happening. The World Cup is a global sporting event that captures the attention of fans regardless of wider industry discussions. Those conversations will continue, and we engage with them constructively, but they don’t take away from the enjoyment of the tournament.
Our focus is on providing a safe, regulated and enjoyable experience for customers, and letting the football take centre stage.
Some in the industry are expecting the varying time zones to affect customer engagement in this World Cup. Does Codere share these concerns in Spain?
It’s something we’ve considered, but we don’t see it as a major issue. Spanish fans are very engaged, and for the biggest matches people will adapt their schedules. The tournament format also means there’s a very high volume of games, so customers have plenty of opportunities to engage even if some kick-off times are less convenient. We may see some shift towards more pre-match activity for late games, but overall engagement should remain strong.
Codere Online is a listed subsidiary of Codere, spun off from the wider group back in 2021 to focus on the online side of operations.
It floated on the NASDAQ with shares trading at around $10, and now, over five years on, its stock remains at a very similar price.
However, Codere as a whole has become the subject of much speculation recently.
Its main rival, Cirsa, is the biggest gambling company in the country, with revenues hitting £2bn in its first full year as a listed entity in 2025.
Codere’s bid to challenge Cirsa’s status is ongoing, as are rumours of a potential £1.7bn sale.
Reports in Spain back in March claimed that its board hired financial advisors Jefferies and Macquarie in preparation for a sale, but nothing concrete has come out from it yet.
With Codere such a big player in the Spanish market, a sale could have huge implications, and of course it could affect Codere Online too, as the wider group remains that firm’s biggest shareholder.
Regulatory discussions aside, what do you think the experience of this year’s World Cup will be both for Codere and the Spanish market at large?
We expect a very positive experience overall. All of our core markets have qualified, which is quite unique, and part of the tournament is being hosted in Mexico, which is particularly relevant for us.
For Spain, it should be a highly engaging tournament with strong fan interest and broad participation. For Codere, it’s an opportunity to showcase our product, strengthen our relationship with customers, and build on the momentum we’ve been seeing in the business.
There’s been some talk of a potential sale of Codere. How big an opportunity is the World Cup to really make your business stand out for investment?
As a listed company, we don’t comment on market speculation. What we can say is that we run the business with a consistent focus on disciplined execution and long-term value creation.
Events like the World Cup are an opportunity to demonstrate the strength of our platform, our presence across multiple regulated markets, our brand, and our ability to operate efficiently and responsibly. Ultimately, our focus is on delivering performance, and that’s what underpins our investment story.