Codere Online released its third-quarter 2026 results on November 12, reporting revenue of €62.6 million, up 31% year on year. Gaming Win rose 30% to €67.1 million and adjusted EBITDA increased 45% to €4.2 million. These are preliminary unaudited results. Gaming Win is a company performance measure and should not be confused with IFRS revenue.
Mexico remained the main growth market: revenue climbed 37% to €32.9 million and Gaming Win advanced 39% to €37.2 million. Spanish revenue increased 13% to €24.8 million. Gaming Intelligence reported that casino accounted for 67% of overall Gaming Win and sports betting for 33%. This reflects the product mix, not the distribution of marketing spend between verticals.
Average monthly active players totaled 166,800, up only 5% compared with the prior year. Mexico's monthly active player count fell 3% even as revenue there grew substantially. The company also supplied detailed figures in its SEC filing. These figures do not establish that new customer acquisition, FTD volumes or affiliate payouts rose by the same proportions as revenue.
For operators and affiliates, the results highlight the need to distinguish player value from traffic volume. Evaluating Mexico and Spain as acquisition markets requires retention data, payment quality, local advertising restrictions and the economics of individual partnership terms. Codere Online reiterated its full-year Gaming Win guidance of €255–265 million.
Codere Online released its third-quarter 2026 results on November 12, reporting revenue of €62.6 million, up 31% year on year. Gaming Win rose 30% to €67.1 million and adjusted EBITDA increased 45% to €4.2 million. These are preliminary unaudited results. Gaming Win is a company performance measure and should not be confused with IFRS revenue.
Mexico remained the main growth market: revenue climbed 37% to €32.9 million and Gaming Win advanced 39% to €37.2 million. Spanish revenue increased 13% to €24.8 million. Gaming Intelligence reported that casino accounted for 67% of overall Gaming Win and sports betting for 33%. This reflects the product mix, not the distribution of marketing spend between verticals.
Average monthly active players totaled 166,800, up only 5% compared with the prior year. Mexico's monthly active player count fell 3% even as revenue there grew substantially. The company also supplied detailed figures in its SEC filing. These figures do not establish that new customer acquisition, FTD volumes or affiliate payouts rose by the same proportions as revenue.
For operators and affiliates, the results highlight the need to distinguish player value from traffic volume. Evaluating Mexico and Spain as acquisition markets requires retention data, payment quality, local advertising restrictions and the economics of individual partnership terms. Codere Online reiterated its full-year Gaming Win guidance of €255–265 million.
Codere Online released its third-quarter 2026 results on November 12, reporting revenue of €62.6 million, up 31% year on year. Gaming Win rose 30% to €67.1 million and adjusted EBITDA increased 45% to €4.2 million. These are preliminary unaudited results. Gaming Win is a company performance measure and should not be confused with IFRS revenue.
Mexico remained the main growth market: revenue climbed 37% to €32.9 million and Gaming Win advanced 39% to €37.2 million. Spanish revenue increased 13% to €24.8 million. Gaming Intelligence reported that casino accounted for 67% of overall Gaming Win and sports betting for 33%. This reflects the product mix, not the distribution of marketing spend between verticals.
Average monthly active players totaled 166,800, up only 5% compared with the prior year. Mexico's monthly active player count fell 3% even as revenue there grew substantially. The company also supplied detailed figures in its SEC filing. These figures do not establish that new customer acquisition, FTD volumes or affiliate payouts rose by the same proportions as revenue.
For operators and affiliates, the results highlight the need to distinguish player value from traffic volume. Evaluating Mexico and Spain as acquisition markets requires retention data, payment quality, local advertising restrictions and the economics of individual partnership terms. Codere Online reiterated its full-year Gaming Win guidance of €255–265 million.
Codere Online released its third-quarter 2026 results on November 12, reporting revenue of €62.6 million, up 31% year on year. Gaming Win rose 30% to €67.1 million and adjusted EBITDA increased 45% to €4.2 million. These are preliminary unaudited results. Gaming Win is a company performance measure and should not be confused with IFRS revenue.
Mexico remained the main growth market: revenue climbed 37% to €32.9 million and Gaming Win advanced 39% to €37.2 million. Spanish revenue increased 13% to €24.8 million. Gaming Intelligence reported that casino accounted for 67% of overall Gaming Win and sports betting for 33%. This reflects the product mix, not the distribution of marketing spend between verticals.
Average monthly active players totaled 166,800, up only 5% compared with the prior year. Mexico's monthly active player count fell 3% even as revenue there grew substantially. The company also supplied detailed figures in its SEC filing. These figures do not establish that new customer acquisition, FTD volumes or affiliate payouts rose by the same proportions as revenue.
For operators and affiliates, the results highlight the need to distinguish player value from traffic volume. Evaluating Mexico and Spain as acquisition markets requires retention data, payment quality, local advertising restrictions and the economics of individual partnership terms. Codere Online reiterated its full-year Gaming Win guidance of €255–265 million.
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