Codere Online kept its 2026 guidance after a strong third quarter driven by Mexico, despite sharply higher gaming taxes. Management expects growth to slow to single digits in the fourth quarter, while its parent weighs selling the online unit on its own.
Codere Online’s third-quarter growth came largely from Mexico. A 2026 fiscal package passed by Mexico’s Senate lifts the online gambling tax there to 50%, up from 30%. Total revenue reached €62.6m, up 31%.
Spain contributed revenue of €24.8m, up 13%. Mexico contributed €32.9m, up 37%. Casino made up 67% of gaming win and sports betting 33%. On the cost side, marketing spending climbed 37% to €25.2m and gaming taxes rose 55% to €13.6m.
Currency lifts Mexico as player numbers there slip
Part of the Mexican growth reflects the exchange rate. At constant currency, Mexico’s gaming win grew 26%. Group gaming win grew 23% on the same basis, mostly because the effect of the stronger Mexican peso is removed. Chief financial officer Marcus Arildsson said the quarter was also helped by the closing stages of the World Cup in July.
Player numbers tell a similar story. Average monthly active players rose 5% to 166,800. Spain was up 5% to 52,800,...