Codere Online’s leadership is exercising prudence despite reporting a significant 30% rise in net gaming revenue for the third quarter of 2026, attributing the growth partially to the World Cup and acknowledging broader industry challenges.
What Happened
Codere Online experienced a strong third quarter in 2026, with its online sportsbook and iGaming operations achieving a 30% increase in net gaming revenue, reaching €67.1 million (£56 million). This positive performance saw adjusted EBITDA jump 45% year-on-year to €4.2 million, and net income climb to €5.5 million (up from €1.4 million in Q3 2025). The company benefited from the concluding stages of the 2026 World Cup during this period. However, CEO Aviv Sher emphasized that the World Cup’s impact should be treated as an “anomaly,” and despite the strong Q3 results, Codere Online has not adjusted its full-year revenue or EBITDA targets, reiterating goals of €255-265 million and €20-25 million, respectively.
Key Details
- Net gaming revenue increased by 30% to €67.1 million in Q3 2026.
- Adjusted EBITDA rose 45% year-on-year to €4.2 million.
- Net income increased significantly to €5.5 million (Q3 2025: €1.4 million).
- CEO Aviv Sher highlighted the World Cup’s impact as an “anomaly.”
- Full-year revenue and EBITDA targets remain unchanged at €255-265 million and €20-25 million.
- New Spanish AML regulations and post-World Cup trading slowdown are key reasons for caution.
- Sher noted a slowdown in customer acquisition due to new AML technology requirements, which he expects to resolve in the coming months.
- The company is “closely looking into” the prediction markets sector as a potential future opportunity, especially given its NFL partnership in Mexico.
Why It Matters
The cautious stance by Codere Online’s leadership, despite impressive Q3 figures, underscores the volatile and highly regulated nature of the global gambling industry. The impact of the World Cup, while beneficial, is correctly identified as a temporary boost, preventing the company from overextending its annual forecasts. The challenges posed by new anti-money laundering (AML) regulations in Spain highlight the ongoing regulatory pressures impacting even established markets. Sher’s comments suggest that while these regulations are causing short-term slowdowns in customer acquisition, the company is confident in its ability to adapt. Furthermore, the exploration of prediction markets, particularly with existing partnerships like the NFL in Mexico, signals a potential strategic diversification. This cautious yet forward-thinking approach indicates a company focused on sustainable growth and adaptation within a dynamic landscape, rather than being swayed by short-term gains.