{"id":10105,"date":"2025-11-20T05:37:28","date_gmt":"2025-11-20T05:37:28","guid":{"rendered":"https:\/\/casino-online-best.com\/index.php\/2025\/11\/20\/codere-online-posts-steady-q3-results-as-customer-activity-rises-in-mexico-and-spain\/"},"modified":"2025-11-20T05:37:28","modified_gmt":"2025-11-20T05:37:28","slug":"codere-online-posts-steady-q3-results-as-customer-activity-rises-in-mexico-and-spain","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2025\/11\/20\/codere-online-posts-steady-q3-results-as-customer-activity-rises-in-mexico-and-spain\/","title":{"rendered":"Codere Online Posts Steady Q3 Results as Customer Activity Rises in Mexico and Spain"},"content":{"rendered":"<div>\n<p>Codere Online shared preliminary Q3 2025 figures that show stable revenue and growing customer engagement across its core markets. The operator, active in Spain and Latin America, released unaudited results for the quarter ending September 30.<\/p>\n<hr>\n<p><em><strong>Good to Know<\/strong><\/em><\/p>\n<ul>\n<li><em><strong>Mexico remained the largest market, with strong customer growth despite currency pressure.<\/strong><\/em><\/li>\n<li><em><strong>Spain delivered higher net gaming revenue and rising monthly active players.<\/strong><\/em><\/li>\n<li><em><strong>Codere Online kept its full-year guidance unchanged while adding a new CFO.<\/strong><\/em><\/li>\n<\/ul>\n<hr>\n<h2>Q3 Revenue Holds Steady as Customer Numbers Climb<\/h2>\n<p>Total revenue reached \u20ac47.7 million ($55.33 million), while net gaming revenue came in at \u20ac51.6 million ($59.85 million). That level matched last year on a reported basis and increased 3 percent when measured in constant currency. Across all regions, average monthly active players rose 11 percent to 159,200.<\/p>\n<p><strong>Chief Executive Officer Aviv Sher<\/strong> highlighted the steady performance:<\/p>\n<p><em>\u201cOur net gaming revenue reached \u20ac51.6 million in the third quarter of 2025, in line with the prior year period. In Mexico, our net gaming revenue was flat despite the 5 percent devaluation of the Mexican peso and the low sports betting margin on the back of customer-friendly results in September. Still, we managed to grow our portfolio of active customers in the country by 39 percent versus Q3 2024, which puts us in a strong position for the remainder of the year.\u201d<\/em><\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/mirax-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\"><br \/>\n\t\t<amp-img alt=\"Mirax Casino\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/Mirax-Casino.png.webp\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/mirax-casino\/\" title=\"Mirax Casino\" target=\"_blank\" rel=\"nofollow\">Mirax Casino<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>350% or 5BTC + <strong>150 Spins!<\/strong><\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of 350% + 150 Free Spins\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/mirax-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2>Mexico Remains Key Market Despite Low Margin Month<\/h2>\n<p>Mexico continued to contribute the largest share of revenue, generating \u20ac24 million ($27.84 million) and \u20ac26.8 million ($31 million) in net gaming revenue. Both figures were flat year over year due to a weaker peso and a September sports betting margin that tilted toward customers.<\/p>\n<p>Even with those obstacles, Mexico saw a sharp rise in active customers, growing 39 percent compared with the same quarter last year.<\/p>\n<h2>Spain Shows Steady Improvements in Player Activity<\/h2>\n<p>In Spain, net gaming revenue reached \u20ac22 million ($25.52 million), up from \u20ac20.9 million. Average monthly active players increased by 4 percent, signaling continued momentum in that market.<\/p>\n<p>The company saw softer performance in smaller regions, where net gaming revenue fell to \u20ac2.8 million ($3.25 million).<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/betus\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\"><br \/>\n\t\t<amp-img alt=\"BetUS\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/BetUS.png.webp\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/betus\/\" title=\"BetUS\" target=\"_blank\" rel=\"nofollow\">BetUS<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong><strong>Get 125% \/ $2,500 on 1st deposit!<\/strong><\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of up to $2,500<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino &#038; Sports<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/betus\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2>Nine-Month Results Show Narrower Losses<\/h2>\n<p>For the first nine months of 2025, Codere Online reported a net loss of \u20ac1.7 million ($1.97 million), an improvement from a \u20ac3 million loss in the same period of 2024. Net gaming revenue rose to \u20ac163.4 million ($189.5 million), and the company closed September with \u20ac48.3 million ($56 million) in cash.<\/p>\n<p><strong>Chief Financial Officer Oscar Iglesias<\/strong> commented on the quarter and outlook:<\/p>\n<p><em>\u201cWhile our net gaming revenue in the third quarter was negatively impacted by a number of headwinds, the fourth quarter is off to a strong start in both Mexico and Spain, and we expect to meet the net gaming revenue outlook of \u20ac220\u2013230 million and Adj. EBITDA outlook of \u20ac10\u201315 million that we shared earlier this year.\u201d<\/em><\/p>\n<p>Codere Online reaffirmed full-year expectations, forecasting net gaming revenue of \u20ac220\u2013230 million and adjusted EBITDA of \u20ac10\u201315 million.<\/p>\n<h2>Leadership Changes and Share Buyback Update<\/h2>\n<p>The board appointed Marcus Arildsson as Chief Financial Officer on November 13. He brings more than 25 years of experience in investment banking, equity markets, and corporate finance. He assumed the role immediately. Iglesias is expected to join the board after shareholder approval at the Extraordinary General Meeting on December 1.<\/p>\n<p>Codere Online also expanded its share buyback program. The company repurchased $1.7 million in shares through November 14. The plan, initially authorized for $5 million, increased to $7.5 million and allows for the repurchase of up to one million ordinary shares. The company plans to seek approval to extend the program through December 31, 2026.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/betus\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\"><br \/>\n\t\t<amp-img alt=\"BetUS\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/BetUS.png.webp\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/betus\/\" title=\"BetUS\" target=\"_blank\" rel=\"nofollow\">BetUS<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong><strong>Get 125% \/ $2,500 on 1st deposit!<\/strong><\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of up to $2,500<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino &#038; Sports<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/betus\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<hr>\n<h2>FAQ<\/h2>\n<h3>How did Codere Online perform overall in Q3 2025?<\/h3>\n<p>Revenue and net gaming revenue stayed in line with last year, while customer activity grew across major markets.<\/p>\n<h3>Why were Mexico results flat year over year?<\/h3>\n<p>A weaker peso and a low betting margin held back growth, though active customer numbers expanded sharply.<\/p>\n<h3>Did Spain show improvement?<\/h3>\n<p>Yes. Net gaming revenue increased, and monthly active players grew 4 percent.<\/p>\n<h3>Is the company sticking to its full-year guidance?<\/h3>\n<p>Yes. Codere Online reaffirmed its revenue and adjusted EBITDA targets.<\/p>\n<p>The post <a href=\"https:\/\/igaming.org\/casino-news\/codere-online-posts-steady-q3-results-as-customer-activity-rises-in-mexico-and-spain\/\">Codere Online Posts Steady Q3 Results as Customer Activity Rises in Mexico and Spain<\/a> appeared first on <a href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Codere Online shared preliminary Q3 2025 figures that show stable revenue and growing customer engagement across its core markets. The operator, active in Spain and Latin America, released unaudited results for the quarter ending September 30. Good to Know Mexico remained the largest market, with strong customer growth despite currency pressure. Spain delivered higher net [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-10105","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/10105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=10105"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/10105\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=10105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=10105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=10105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}