Published: November 13, 2026 | Author: Roxy Vance
Codere Online reported third-quarter 2026 revenue of €62.6 million on November 12, 2026, up 31% from €47.7 million a year earlier, with Mexico, its largest market, up 37% to €32.9 million. The operator kept its full-year outlook, while a bill in Colombia, one of its core markets, would put VAT on online gambling deposits.
The figures come from the company’s third-quarter results release, filed with the US Securities and Exchange Commission. Codere Online is listed on Nasdaq and calls itself an online gaming operator in Spain and Latin America, with Spain, Mexico, Colombia, Panama and Argentina as its core markets.
- Q3 revenue
- €62.6M
- up 31%
- Gaming Win
- €67.1M
- up 30%
- Adj. EBITDA
- €4.2M
- up 45%
- Cash
- €65.6M
- no financial debt
Results by Market
| Market | Revenue Q3 2026 | Q3 2025 | Change | Gaming Win Q3 2026 |
|---|---|---|---|---|
| Mexico | €32.9M | €24.0M | +37% | €37.2M |
| Spain | €24.8M | €22.0M | +13% | €24.8M |
| Other | €4.9M | €1.6M | not given | €5.2M |
| Total | €62.6M | €47.7M | +31% | €67.1M |
The 2025 revenue rows add up to €47.6 million and the Gaming Win rows to €67.2 million, not the totals shown, because the company rounds each figure. Mexico brought in just over half of the quarter’s revenue and Spain about 40%. The release does not say which countries make up “Other,” where revenue roughly tripled.
Gaming Win replaces the net gaming revenue measure Codere Online used before. According to the release, it “measures the cash amount we retain from our customers’ wagering activity,” before taxes and other costs, and is not a measure of revenue.
| Monthly active players | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Mexico | 85,600 | 88,300 | −3% |
| Spain | 52,800 | 50,200 | +5% |
| Other | 28,400 | 20,700 | +37% |
| Total | 166,800 | 159,200 | +5% |
Mexico’s average monthly player count fell 3% even as its revenue rose 37%. Net income for the quarter was €5.5 million, compared with €1.4 million a year earlier.
“Q3 was another quarter of strong growth, with Gaming Win up 30% year-on-year,” said Aviv Sher, Codere Online’s Chief Executive Officer. He said the company had become Official Betting Partner of the NFL in Mexico, a deal that covers the 2026 NFL Mexico City Game and Super Bowl LXI in February 2027.
Outlook Kept
For the first nine months of 2026, revenue rose 22% to €187.3 million and Gaming Win 23% to €201.0 million. The company reiterated its 2026 outlook of €255 million to €265 million in Gaming Win and €20 million to €25 million in Adjusted EBITDA.
Chief Financial Officer Marcus Arildsson said the quarter “benefited from the final stages of the World Cup in July and from favorable exchange rates.” He said the company expects growth in the coming months “to be more in line with our underlying trends.”
Colombia’s Deposit VAT Plan
Colombia’s Finance Minister, Miguel Gómez Martínez, filed bill 477/2026C, the Economic Rescue Law, on October 29, 2026, and it is now in committee in the Chamber of Representatives. Its Article 41 would apply VAT at the general rate, 19%, to games of chance other than lotteries. For games operated only online, the tax base would be the money players deposit, including transfers of crypto-assets, and the operator would owe the tax even if it operates from abroad.
The bill’s explanatory memo says online gambling is currently offered without VAT, although it was taxed under a 2025 emergency decree. The government estimates the measure would raise COP 2.0 trillion in 2027.
Sher called the proposal “very unfortunate,” according to EGR, and told analysts on the earnings call that Codere Online would not exit Colombia, iGaming Business reported.
What It Means for Players
If the bill passes as filed, online casino and betting deposits in Colombia would be subject to 19% VAT, calculated on each deposit, and the operator would be responsible for paying it. The bill page lists no date for a committee vote.