Codere Online Prioritizes Stability in Mexico and Spain, Opting Out of "Expensive" Brazilian Market

Codere Online CEO Aviv Sher explains why the firm is ignoring Brazil to focus on its 50% tax-hit Mexican market and the 2026 World Cup.

By: AXL Media

Published: Apr 22, 2026, 6:39 AM EDT

Source: Information for this report was sourced from iGaming Business (iGB)

Navigating Mexico’s Regulatory Hurdles and Tax Hikes

Despite record-breaking Net Gaming Revenue (NGR) of €224.1 million in FY25, Codere Online is currently navigating a "choppy" regulatory environment in its primary growth market, Mexico. Earlier this year, the gambling tax rate in Mexico surged from 30% to 50%. CEO Aviv Sher criticized the country’s legal framework, noting that much of it dates back to 1947 and lacks the modern structure necessary for long-term industrial commitments. However, Sher remains confident that Codere's deep understanding of the local market will allow it to mitigate these costs and continue its 12% year-on-year growth trajectory in the region.

Steady Recovery and Resistance in the Spanish Market

In Spain, Codere Online's home market, the company reported a 3% revenue increase to €90.5 million for FY25. The brand has successfully adapted to the strict advertising restrictions and bonus bans implemented in late 2020, even after some rules were overturned in early 2024. Sher remains a vocal critic of "over-regulation" in Europe, warning that restrictive rules in the UK and Spain often inadvertently drive players toward the black market. He emphasized that maintaining a balance between safety and market freedom is essential to prevent Gross Gaming Revenue (GGR) from leaking into unregulated, untraceable channels.

The Strategy of Localisation and Branding

A key driver of Codere’s success has been its "local hero" approach. In Mexico, this is exemplified by its sponsorship of the Monterrey Rayados Football Club and the integration of local payment methods. The company also benefits from its parent group's global partnership with Real Madrid, which it leverages across 20 Latin American countries. This combination of global brand power and granular local execution has allowed Codere Online to build a resilient brand identity that resonates with Spanish-speaking audiences across the Atlantic.