Codere Online has announced its financial results for the previous year. It reported a total net gaming revenue of €211.6 million ($221.56 million), marking a 23% increase from 2024. Marking an 18.1% improvement year-over-year, the company also posted adjusted EBITDA of €6.4 million or $6.7 million.
Aviv Sher, the CEO, highlighted the company’s strong performance, particularly in Spain and Mexico, its core markets. He stated that they delivered another solid quarter, with net gaming revenue reaching €52.6 million ($55 million), a 5% increase from the fourth quarter of 2023.
Mexico segment of Codere Online saw full-year revenue increase by 30% to €106.6 million or $111.6 million. Nevertheless, the fourth quarter saw stagnant revenue at €25.1 million. This result, Sher attributed to the significant devaluation of the Mexican peso. He noted that growth would have been 14% during the quarter on a constant currency basis.
Codere Online saw an opportunity as some European competitors struggled in the Mexican market in spite of this temporary setback. Sher remarked that he isn’t sure why, but he believes some competitors reduced their investments in the fourth quarter. He added that Codere Online is benefiting from this slowdown.
He added that European operators that entered the market may have shifted focus to other Latin American countries after failing to gain the expected traction in Mexico.
Sher expects renewed competition in Mexico as the 2026 FIFA World Cup approaches looking forward. This potentially drives operators back into the market. He also noted that Codere Online had recently resolved technical issues related to its marketing investments. These should help the company maintain its competitive advantage in Mexico.
A fragmented licensing system has hindered Codere Online’s expansion in other Argentine provinces. However, the company has established operations in Buenos Aires.
