Codere Online

History & Structure

Codere Online was established in 2014 as the digital arm of Codere S.A., a Spanish gambling operator founded in 1980 by the Martínez Sampedro family. The online division was created to capture the rapidly growing internet‑based sports betting and casino market. In December 2021, Codere Online completed a business combination with a special‑purpose acquisition company (SPAC), listing on Nasdaq as Codere Online Luxembourg, S.A. The company is incorporated in Luxembourg with principal executive offices in Alcobendas, Madrid, Spain.

Business Model & Products

Codere Online’s core offerings are sports betting and online casino games, delivered via proprietary and third‑party platforms accessible through desktop and mobile apps. The sportsbook provides pre‑match and live betting across major sports with cash‑out options, while the casino offers slots, table games, live dealer games, and jackpots from multiple software providers. The company also operates a tiered loyalty program with VIP benefits. Revenue is generated from player net gaming revenue (player losses minus winnings), with localized payment methods and promotions tailored to each regulated market.

Market Presence & Licensing

Codere Online operates under licenses from regulators in Spain (DGOJ), Mexico (SEGOB), Italy (ADM), Colombia (Coljuegos), Panama, and the City of Buenos Aires. Mexico and Spain contribute the vast majority of net gaming revenue, with Mexico accounting for 53% of total in 2025. The company is actively pursuing expansion in other Latin American jurisdictions. A notable partnership with Blip (2024) enhanced the Mexican user experience.

Financial Performance (FY 2025)

In 2025, Codere Online reported net gaming revenue of €224.1 million (up 6% YoY), adjusted EBITDA of €13.8 million (up from €8.3 million in FY 2024), and a net loss of €1.8 million largely due to non‑cash items. The company ended the year with €50.0 million in cash and zero debt. Monthly active players averaged 163,000, with 88,700 in Mexico and 51,700 in Spain. For FY 2026, management guided net gaming revenue of €235‑245 million and adjusted EBITDA of €15‑20 million.

Leadership & Recent Developments

The company is led by CEO Aviv Sher, formerly COO, and CFO Marcus Arildsson, who succeeded Oscar Iglesias in 2025. The board is chaired by Gonzaga Higuero, with recent appointments including Iglesias and Gaëtan Dumont. Codere Online continues to invest in technology and local market differentiation, positioning itself to capitalize on the growing Latin American online gambling market, particularly ahead of the 2026 FIFA World Cup.