Codere Online’s leadership remains cautious of the global challenges facing the gambling industry despite the firm’s significant progress during Q3 2026.
The third quarter was a positive one for Codere Online, with the online sportsbook and iGaming group declaring a 30% increase in net gaming revenue to €67.1m (£56m).
With the business benefiting from the closing stages of the 2026 World Cup during the quarter, Chief Executive Officer, Aviv Sher, emphasised the importance of treating that event “as an anomaly”.
Codere Online reaped the rewards of the tournament as adjusted EBITDA increased 45% year-on-year to €4.2m and net income increased to €5.5m (Q3 2025: €1.4m).
However, Codere Online’s expectations for the year-end remain tempered. The company has not raised revenue or EBITDA expectations, reiterating respective targets of €255-265m and €20-25m.
New regulations in Spain, the firm’s home market, and a slowdown in trading following the World Cup are key reasons behind Codere Online’s cautiousness.
“We are seeing a slowdown due to new regulation, not coming from the gaming regulation, coming from AML,” explained Sher.
“We think that the technology required for that will catch up in the next few months, and we will be able to return to the same rate and speed of acquiring new customers.
“Right now, it slows us down a little bit, but overall, our plans for next year don’t change. So we will continue to buy at the same same rate and the same speed.
“Of course, directly after the World Cup, during August and even September, we saw some slowdown, but this is seasonality. It was expected, and when the leagues returned, we saw players coming back, and then there was the international break that also slowed us down.
“So it’s a little bit of a bumpy start [to Q4], but not outside of our plans and forecasts.”
Are prediction markets the next step for Codere Online?
Sher also noted that the company is “closely looking into” the prediction markets sector, though it does not yet have a concrete plan of action.
A move into predictions is something that would take serious evaluation for the business, and it is not an alien concept to see the business not pursuing an opportunity.
The firm was always cautious about adding Brazil to its Latin American portfolio – something which proved to be the right decision.
However, Sher always portrayed Brazil as more of a challenge than an opportunity for Codere Online.
His opinion on predictions seems slightly more positive, and with its exposure to the NFL via it being the official betting partner of the league in Mexico, the move starts to look a lot more viable.
“We think it’s an interesting opportunity for us,” he confirmed.
“Of course, we’re monitoring it closely, let’s see if the situation in the US with the elections and regulatory framework fits our needs. I think it’s a good product, an interesting product from a technology point of view.
“I think that we have proven that we know how to work on a white label solution, similar to what we are doing in Mexico. So we know how to operate a new product and in new markets, but we are still examining it.
“I think it’s a little bit too early to give more information into how much capital we are going to invest into that and so on, but we do think it’s an interesting opportunity, and we keep on monitoring it very closely.”
For its current operations, gaming win increased 13% in Spain to €24.8m, 39% in Mexico to €37.2m and €86% in other markets to €5.2m. The figure stands at €201m year-to-date and revenue is up 22% overall so far this year (€187.3m).
Codere online shares are up 1.44% so far today on the US Nasdaq Exchange to $8.80.
