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Codere posts record online earnings following strong World Cup betting demand

Spanish operator Codere delivered a strong second quarter performance after World Cup wagering drove massive customer growth across its online platform.

Written by the BettingEdgeHub desk, 10 September 2026

Grupo Codere achieved its seventh straight quarter of rising profits as international football betting surged. Total group gaming revenue increased by 5.8% year on year to €352.5m during the second quarter. Strong activity in Spain and Argentina helped boost performance alongside rapid digital growth. Adjusted EBITDA for the wider business expanded by 14.1% to reach €57.6m.

World Cup drives user growth

Punters turned out in force for the tournament, generating €63m in total stakes for the digital arm. That figure represents a 180% surge compared to total wagering at the 2022 World Cup. The bookmaker picked up nearly 40,000 new customers while tournament gaming revenue more than doubled. Lower sportsbook margins from customer friendly results failed to halt overall financial progress.

Codere Online enjoyed its highest quarterly net gaming revenue on record at €69.4m. Active monthly players across all digital territories climbed 12% to reach 173,000 users. Mexico remained the largest market with revenue climbing 21% to €31.8m over the period. Spain also performed strongly as digital revenue rose 25% with 54,400 active monthly players.

Strong balance sheet and outlook

Chief executive Aviv Sher confirmed that growth was broad based across all core territories. The company swung back into profit for the first half of the year, generating €5.6m. Chief financial officer Marcus Arildsson highlighted that the business held €62.6m in cash with no financial debt at the end of June. Management subsequently upgraded its full year revenue guidance to between €255m and €265m.

The parent group continues to assess strategic ownership options after cutting its debt load by 95% in January 2026. Financial advisers were appointed earlier in the year to review potential sale options valued around €2bn. Industry observers are watching closely to see if the digital division fuels interest from potential buyers. Shares in the separate online business remain publicly traded on the Nasdaq stock exchange.