Codere Online Prioritizes Organic Growth in Core Markets While Adopting Cautious Stance on New Latin American Territories

Codere Online CFO Marcus Arildsson outlines a cautious LatAm expansion strategy, focusing on Spain and Mexico while passing on the Brazilian market.

By: AXL Media

Published: Mar 3, 2026, 4:39 AM EST

Source: The information in this article was sourced from iGaming Business

Record Financial Performance Anchors Expansion Strategy

Codere Online has entered 2026 on a strong financial footing, reporting a record Net Gaming Revenue (NGR) of €224.1 million for the 2025 fiscal year. This 6% year-on-year increase was primarily driven by robust performance in Mexico and Spain, which remain the operator’s most profitable territories. Despite facing somewhat challenging regulatory environments in these core regions, the company’s ability to generate consistent cash flow has provided a foundation for its next phase of development. CFO Marcus Arildsson noted that the company is constantly assessing new opportunities but will only commit capital where a clear and meaningful market share is achievable.

The "Right Ingredients" for New Market Entry

While Codere Online currently operates in five markets Spain, Mexico, Colombia, Panama, and Argentina the leadership is taking a disciplined approach to further geographic expansion. Arildsson emphasized that new entries are contingent on a specific set of "ingredients," including a suitable regulatory framework, a manageable budget, and the presence of reliable local partners. The operator is avoiding a "scattergun" approach, instead focusing on environments where they can make an immediate impact. This cautiousness is rooted in a desire to maintain the momentum of their current cash-generation cycle rather than stretching resources across too many speculative regions.

Strategic Avoidance of the Brazilian Market

One of the most notable aspects of Codere Online’s 2026 strategy is the decision to skip entry into the newly regulated Brazilian market. Director of Investor Relations Guillermo Lancha explained that Brazil would require a "substantial amount of resources" and a completely different operational structure, particularly due to the language barrier. Given that Mexico and Spain are already delivering high returns, the company believes it is not the right time to pivot toward a massive, resource-intensive market like Brazil. Lancha stated that the company must be "realistic" about its current model, which is optimized for Spanish-speaking territories where the Codere brand already carries significant weight.