Codere Online Reports 31% Revenue Growth Driven by Increased Player Value

Codere Online (CDRO) reported strong third-quarter 2026 financial results, highlighted by a 31% year-over-year revenue increase to 62.6 million euros. The growth was primarily driven by improved customer quality rather than sheer volume, with the average monthly spend per active user rising 24% to 134 euros. This shift toward higher-value players allows for top-line expansion while maintaining stable customer acquisition costs. Despite strong fundamentals and a debt-free balance sheet, the company faces short-term operational friction due to new identification and deposit regulations in Spain. Management expects these regulatory shifts to cause a temporary slowdown but believes established operators are better positioned to adapt than smaller competitors. Looking forward, Codere remains optimistic about its momentum in Mexico and aims for the upper end of its full-year targets.

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