Codere Online, a major online gaming operator in Spain and Latin America, has announced its preliminary unaudited financial results for the quarter ending June 30, 2026.
The company reported a strong showing in Q2, with net gaming revenue reaching approximately €69 million, reflecting a 27% increase compared to the same period last year. Aviv Sher, the Chief Executive Officer, noted that the World Cup contributed significantly to customer engagement and activity, enhancing their performance across core markets.
Chief Financial Officer Marcus Arildsson highlighted that Q2 was a pivotal moment for the company’s financial results, with net gaming revenue being around €15 million higher than the previous year and Adjusted EBITDA nearing €6 million — a figure that has more than doubled since Q2 2025. He stated that this strong growth occurred while Codere Online continued to invest in expanding their business and capitalizing on the increased activity linked to the World Cup. The company ended June with roughly €63 million in cash and no financial debt. In light of their record performance in Q2 and ongoing business acceleration, Codere Online has increased its full-year outlook for 2026. They now anticipate net gaming revenue between €255 and €265 million, marking a €20 million increase over their previous forecast, which represents a 16% year-on-year growth at the midpoint, and an Adjusted EBITDA between €20 and €25 million, which is €5 million above earlier expectations.
Key Outcomes from the World Cup
The World Cup performance surpassed expectations, showcasing significant improvements in scale, customer engagement, and monetization:
– Unique users surged approximately 56% above the levels recorded during the 2022 tournament (excluding data from Colombia), with nearly 40,000 new customers gained around the event.
– Stakes reached €63 million, representing a 180% rise compared to the 2022 World Cup figures, indicating heightened customer activity and business scale.
– Net gaming revenue more than doubled relative to the 2022 tournament, reflecting effective monetization of the increased betting volumes, despite generally favorable outcomes for customers, resulting in a lower sports betting margin.
For those interested, Codere Online’s management will host a conference call to delve into these results and share further updates at 8:30 am Eastern Time on July 30, 2026. Details for accessing the audio webcast and presentation are available on the company’s website, with a recording to follow the live event.
