Codere Online CEO defends core market focus after record Q1
Codere Online CEO Aviv Sher says the company's disciplined investment in Spain and Mexico is validated by record Q1 2026 results, with NGR reaching €64.4 million and adjusted EBITDA of €6 million, both described as quarterly records in the company's earnings release. Sher told iGB the company will not chase new geographies, focusing instead on deepening its position in existing markets. The strategy has delivered 13% growth in average monthly players in Spain and a 16% NGR increase there.
Codere Online CEO Aviv Sher is defending the company's disciplined investment in core markets Spain and Mexico after what the operator described as record Q1 2026 results. According to the company's earnings release, Codere Online posted net gaming revenue of €64.4 million and adjusted EBITDA of €6 million, both characterized as quarterly records.
"The returns on disciplined investment in your core markets are often underestimated," Sher told iGB. "We don't need to chase new geographies to generate growth."
The numbers behind the strategy
Mexico NGR rose 13% to €34.6 million. Spain NGR climbed 16% to €25.5 million. Average monthly players in Spain increased 13% year-on-year to 59,000 in Q1, according to the company's earnings release.
Sher attributed Spain's growth to a "redesign of our welcome bonus to target cross-sell players (sports betting and casino), a higher-value and more profitable segment." He also cited improved product and customer experience.
"Spain remains competitive, but it's also a highly regulated environment, which tends to reward operators who can win on experience, trust, and retention," Sher said.
Why not expand?
Codere Online operates in five countries: Spain, Mexico, Argentina, Colombia, and Panama. Sher said the company sees better risk-adjusted returns in deepening those markets rather than entering new ones.
That contrasts with some competitors who spread resources across multiple new geographies. Sher argues that approach often dilutes investment and produces lower returns per market.
What players in Spain and Mexico get
The strategy means players in those two markets should see continued improvements. Sher pointed to the welcome bonus redesign as an example of how focused investment translates to better products.
"Major sporting events are among the most powerful customer acquisition moments in our industry," Sher said. The 2026 World Cup could be a catalyst, with all five of Codere Online's operating nations participating.
Sher stopped short of guaranteeing a revenue spike, framing the World Cup as an acquisition opportunity rather than a certain windfall.
Tax outlook in Spain
Spanish trade body JDigital has said no gambling tax hikes are expected in Spain in the short-to-medium term. That assessment comes from a single source and has not been independently confirmed, so the tax outlook warrants continued monitoring. Any change in policy could affect operator margins and player offers.
What remains unclear
Codere Online did not break out World Cup revenue expectations or historical event impact. The company also did not provide player-level data on retention or lifetime value from the welcome bonus redesign, and current market share figures for Spain and Mexico were not disclosed.
What happens next
Codere Online is scheduled to report Q2 2026 results in August. The 2026 World Cup runs from June to July, meaning Q3 results will provide the first measurable read on tournament impact. Sher's core-market strategy will face its most significant test when those numbers arrive.
Sources
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Regulatory source · Tier 1 · sec.gov · Accessed 2026-05-16
Supports: Reported topic: Codere Online Luxembourg, SA - SEC.gov
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
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Regulatory source · Tier 1 · sec.gov · Accessed 2026-05-16
Supports: Reported topic: Principal Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. - SEC.gov
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
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Regulatory source · Tier 1 · sec.gov · Accessed 2026-05-16
Supports: Reported topic: EDGAR Filing Documents for 0001829126-26-004041
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
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Regulatory source · Tier 1 · sec.gov · Accessed 2026-05-16
Supports: Reported topic: Document 1 - file: codereonline_424b3.htm - SEC.gov
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
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Regulatory source · Tier 1 · sec.gov · Accessed 2026-05-16
Supports: Reported topic: file: codereonline_424b3.htm - SEC.gov
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
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Regulatory source · Tier 1 · sec.gov · Accessed 2026-05-16
Supports: Reported topic: List of Section 13F Securities: Fourth Quarter - FY 2025
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
- [7]Codere Online posts record Q1 as continued focus on core markets pays off
Source · Unclassified · igamingbusiness.com · Accessed 2026-05-16T17:15:28.849Z
Supports: Reported topic: Codere Online posts record Q1 as continued focus on core markets pays off
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
- [8]Is Colombia the next avenue for Codere prosperity?
Source · Unclassified · igamingexpert.com · Accessed 2026-05-16T17:15:28.849Z
Supports: Reported topic: Is Colombia the next avenue for Codere prosperity?
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
- [9]Can Codere Online navigate choppy waters as Mexico re-regulation looms?
Source · Unclassified · igamingbusiness.com · Accessed 2026-05-16T17:15:28.849Z
Supports: Reported topic: Can Codere Online navigate choppy waters as Mexico re-regulation looms?
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
- [10]Codere Online eyeing organic expansion and ‘cautious’ new market entries in LatAm
Source · Unclassified · igamingbusiness.com · Accessed 2026-05-16T17:15:28.849Z
Supports: Reported topic: Codere Online eyeing organic expansion and ‘cautious’ new market entries in LatAm
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
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Source · Unclassified · igamingbusiness.com · Accessed 2026-05-16T17:15:38.823Z
Supports: Source excerpt: /*! * animate.css - https://animate.style/ * Version - 4.1.1 * Licensed under the Hippocratic License 2.1 - http://firstdonoharm.dev * * Copyright (c)
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
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Source · Unclassified · igamingbusiness.com · Accessed 2026-05-16T17:15:40.735Z
Supports: Source excerpt: /** * The primary style variation for Paid Memberships Pro. * * These styles can be unset on the Memberships > Settings > Design admin screen. *
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
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Source · Unclassified · igamingbusiness.com · Accessed 2026-05-16T17:15:49.869Z
Supports: Source excerpt: .qm-modal{background-color:var(--wp--preset--color--white,#fff);box-shadow:-2px 0 10px rgba(0,0,0,.2);display:flex;flex-direction:column;height:100vh;
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
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Source · Unclassified · igamingbusiness.com · Accessed 2026-05-16T17:15:49.999Z
Supports: Source excerpt: .ac-geo-popup{display:none}.ac-geo-popup-active .ac-geo-popup{position:fixed;top:0;left:0;bottom:0;right:0;padding:15px;background:rgba(0,0,0,.5);z-in
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
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Source · Unclassified · igamingbusiness.com · Accessed 2026-05-16T17:15:52.029Z
Supports: Source excerpt: /** * Base styles for Paid Memberships Pro. * * These styles are core to the plugin and must be loaded for your site to be usable. */ /** * Root varia
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Court filing · Tier 1 · stocktitan.net · Accessed 2026-05-16T17:16:03.135Z
Supports: Reported topic: Codere Online details 2025 operations and key risks | CDRO SEC Filing - Form 20-F
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
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Court filing · Tier 1 · stocktitan.net · Accessed 2026-05-16T17:16:03.135Z
Supports: Reported topic: Codere Online files 2025 annual report with SEC | CDRO Stock News
Source notes: Claim mapping inferred from the stored source title; verify the source before relying on material claims.
