World Cup Supercharges Codere Online: Record Q2, Major Guidance Raise
The second quarter of 2026 was a defining moment for gaming revenue at Codere Online. The online gambling operator delivered its highest quarterly net gaming revenue on record — EUR 69.4 million, up 27% year-over-year — and nearly tripled adjusted EBITDA to EUR 5.8 million. Management didn't mince words: “The second quarter was a standout quarter for Codere Online.” — Aviv Sher, CEO · 2026-07-30 That strength prompted a hefty upward revision to full-year guidance: net gaming revenue raised to EUR 255–265 million (from EUR 235–245 million) and adjusted EBITDA to EUR 20–25 million (from EUR 15–20 million).
World Cup: Better Than Expected
The World Cup proved to be a massive tailwind, far exceeding the company's initial expectations. “Overall, performance was outstanding and materially ahead of the 2022 tournament.” — Aviv Sher, CEO · 2026-07-30 The company acquired roughly 40,000 new customers during the event, and stakes more than doubled versus the prior World Cup. In Q&A, CEO Aviv Sher noted a disciplined approach: “We cashed out during the World Cup because we didn't invest as much as others ... our brand was strong enough to enjoy people just searching for betting.” — Aviv Sher, CEO · 2026-07-30 This efficiency is visible in the key acquisition metrics — cost per acquisition fell to EUR 200 from EUR 217 a year earlier, even as first-time depositors surged 37%.
Spain and Mexico: Powering Growth
While the tournament drove a concentrated spike, the underlying momentum in core markets did the heavy lifting. Spain saw net gaming revenue rise 25% to EUR 27.6 million, benefiting from improved player values and stable technology. Mexico, the largest market, grew 24% to EUR 36.1 million, helped by a competitive environment that turned more rational — two major competitors exited the market. The company also highlighted that the Mexican peso's strength added more than EUR 4 million in H1 revenue, a tailwind not embedded in the original forecast. In the prior quarter call, management had been more cautious about the tournament's impact: “The World Cup—in past World Cups and in similar events, we haven't seen a tremendous amount of impact on NGR.” — Marcus Arildsson, Chief Financial Officer · 2026-05-07 The contrast is stark.
Colombia Recovery and Profitability
Another key contributor was Colombia, which returned to growth after the removal of the 19% VAT on customer deposits. The company had previously said it would wait for certainty on the tax, but the recovery has been stronger than expected. CEO Aviv Sher in the February call: “Since the removal, we see good recovery in our clear database.” — Aviv Sher, CEO · 2026-02-26 Now, management says activity levels are back to pre-tax levels. This, combined with marketing efficiencies, drove adjusted EBITDA margin up to 8.4% from 4.3%. Marketing as a percentage of NGR declined to 37.7% from 41.5%, a clear sign of operating leverage.
The bridge between our original outlook and our revised guidance can be explained primarily by 4 primary factors... Colombia has benefited from the removal of the 19% VAT on deposits... Spain has continued to outperform... Mexico has benefited from a more favorable competitive environment... and the Mexican peso has remained stronger than assumed.
Capital Allocation and Future Opportunities
With EUR 63 million in cash and no financial debt, the company is entering a new phase. Management is exploring strategic options in Latin America, including potential license acquisitions, while keeping the share repurchase program active. “We are evaluating strategic options as we speak, mostly in Latin America... looking at how can we get our hands on specific licenses.” — Marcus Arildsson, CFO · 2026-07-30 The raised guidance and strong cash flow give them the firepower to act. As CFO Marcus Arildsson put it, the company is now "firing on all cylinders" — a far cry from the cautious tone of earlier this year.
For investors, the key takeaway is that Codere Online has successfully converted a cyclical event (the World Cup) into a durable step-up in scale and profitability. The guidance raise is not just a blip — it reflects structural improvements in customer quality, marketing efficiency, and market dynamics. The promotional activity around the tournament was handled with discipline, and the company is now positioned to capitalize on future opportunities. As the year progresses, all eyes will be on whether the newly acquired players stick and whether the company can replicate this success in new markets.