Codere Online Q3 2026: Spain Deposit Rules Cap Q4 Growth at Single Digits After 31% Revenue Rise to €62.6m

Codere Online said on 12 November 2026 that Spain's new identification and deposit rules will cause short-term friction, as it reported Q3 2026 revenue up 31% to €62.6m and guided fourth-quarter Gaming Win growth to single digits.

The operator, which runs online casino and sports betting in Spain, Mexico and other Latin American markets, posted Adjusted EBITDA of €4.2m (+45%) for the quarter to 30 September. Gaming Win, its key operating metric, reached €67.1m (+30%). Management kept its full-year 2026 outlook unchanged.

Spain's new rules are part of the Q4 slowdown

Management named Spain's tighter player-protection rules as one reason Q4 growth will slow. Nominative payment methods, which tie deposits to the account holder's identity, have applied to new customers since the end of October. The requirements extend to existing customers in April 2027, and joint deposit limits across operators start in March 2027.

The limits come from Royal Decree 520/2026, approved on 23 June and published in the BOE (Boletín Oficial del Estado, Spain's official gazette) on 25 June 2026. The regulator is the DGOJ (Dirección General de Ordenación del Juego). According to NEXT.io, the decree sets combined limits of €700 a day, €1,750 a week and €3,300 per four weeks. They replace per-operator limits of €600, €1,500 and €3,000.

In the Q&A, management described the limits as defaults that customers can change and said it expects no major structural impact. According to iGaming Atlas, the government says about 31% of active online gamblers use more than one operator, which is the group the cross-operator cap is designed to reach.

Q3 results: growth helped by the World Cup and the peso

Revenue grew faster than Gaming Win because Gaming Win is stated before gaming taxes, while IFRS revenue is not. At constant currency, Gaming Win grew 23%, as the strong Mexican peso lifted reported numbers. The CFO said the quarter also benefited from the final stages of the World Cup in July. Management called the tournament an anomaly and said acquisition plans are unchanged.

Over nine months, net income was €11.1m, against a net loss of €1.7m a year earlier. Adjusted EBITDA for the period was €16.1m, which management said was more than double the prior year. Total cash was about €65.6m at 30 September, with no financial debt. Readers tracking the group's earlier funding strain can compare this with Grupo Codere's 2023 need for €100 million in capital.

Company filings now use "Gaming Win" in place of "Net Gaming Revenue". The change followed a review of the 2025 Form 20-F by staff of the US Securities and Exchange Commission (SEC). The calculation and historical figures are unchanged.

Spain steady, Mexico faster, Colombia rebounding

Mexico supplied most of the growth, while Spain delivered the strongest profit contribution.

Other markets cover Colombia, Panama and Buenos Aires. Most of the 86% rise came from Colombia, which had a more benign tax environment after a 19% deposit tax last year. Management warned of renewed risk there. It said it would not exit Colombia if the tax returned, but would cut investment.

The CFO attributed most of the gaming-tax increase to Mexico's tax rise, in place since January. That tax pressure is also why Mexico's Adjusted EBITDA slipped despite faster growth. Codere's earlier legal fight over a potential $70M tax bill in Mexico gives background on the company's exposure there.

Customers, marketing and unit economics

Marketing spend rose 37%. Average monthly active customers were about 167,000, and monthly spend per active customer was €134 (+24%). The operator added 91,000 first-time depositors (+7%) at a cost per acquisition of €209. Casino made up 67% of Gaming Win and sports betting 33%.

Management expects marketing spend of close to €100m in 2026, at a similar euro level in 2027.

Outlook and other developments

Full-year 2026 guidance stands at €255–265m Gaming Win and €20–25m Adjusted EBITDA. On the call, management guided Q4 Gaming Win growth to single digits. According to Investing.com's summary of the results presentation, it expects to land near the upper end of the range. The CFO said growth in the coming months should be "more in line with our underlying trends".

Other items from the call:

• Codere Online became the official betting partner of the NFL in Mexico under a multi-year deal, covering the Mexico City game later in November and the Super Bowl in February. The spend is already in guidance.
• It is still evaluating prediction markets and a possible expansion into Uruguay, with no capital decision made.

The results sit alongside other listed-operator filings this month, including Kambi's Q3 2026 results and Super Group's Q3 update on Austria taxes. For a comparison of how deposit and affordability limits have affected a mature market, see UK online gambling revenue after new limits.

Status reviewed on 12 November 2026. Key figures come from Codere Online's Q3 2026 results release and its earnings call transcript. More finance news and EMEA coverage.