Codere Online Achieves Record €224 Million Revenue as Mexican Market Surge Defines Fiscal Year 2025

Codere Online hits record €224.1M revenue in 2025, powered by a 31% Q4 surge in Mexico and 100,000 active players ahead of the World Cup.

By: AXL Media

Published: Feb 28, 2026, 3:56 AM EST

Source: The information in this article was sourced from iGB

Record Revenue Performance Anchored by Latin American Growth

Codere Online has solidified its position in the digital gaming sector by reporting record net gaming revenue (NGR) of €224.1 million for the 2025 financial year. This performance represents a 6% increase over the previous year, fueled largely by an accelerating momentum in the Mexican market during the fourth quarter. While the company concluded the year with a modest net loss of €1.8 million, the broader financial trajectory remains positive. The firm successfully met its annual guidance, signaling a robust operational recovery and a successful transition under new financial leadership following a period of strategic reorganization.

Mexico Emerges as the Primary Engine of Expansion

The North American territory of Mexico has officially become the cornerstone of Codere Online’s international portfolio. Revenue from this specific market jumped 12% year-on-year, supported by a massive 38% surge in average monthly active players, which reached 88,700. CEO Aviv Sher highlighted that by December 2025, the business hit a historic milestone of 100,000 active players in the region. This aggressive user acquisition strategy is specifically timed to establish a dominant market share ahead of the World Cup, which Mexico is set to co-host, providing a unique cyclical opportunity for the brand to capture increased betting volume.

Strong Technical Core in the Spanish Market

While Mexico provided the highest growth percentages, Spain remains a vital and steady contributor to the company’s bottom line. Revenue in the Spanish segment edged up by 3% to reach €90.5 million, providing a stable foundation that helped offset double-digit declines in other regional markets such as Colombia, Panama, and Argentina. This balanced performance between a mature European market and a high-growth Latin American sector has allowed the company to more than double its adjusted EBITDA to €13.8 million. The ability to maintain growth in Spain despite a tightening regulatory environment suggests a high level of brand loyalty and operational efficiency.