Codere Mexico Market Share: 2026 Revenue & Growth Data

Codere Online's 2025 Performance in Mexico

Codere Online announced record-breaking results for its 2025 financial year on February 27, 2026. The company achieved net gaming revenue of €224.1 million for the 12 months ending December 31, 2025—representing a 6% increase from the €212 million reported in 2024.

Mexico served as the primary growth engine. During Q4 2025 alone, net gaming revenue from Mexico reached €32.8 million, a 31% year-over-year increase. Overall company Q4 net gaming revenue reached €60.7 million, marking a 15% year-over-year increase.

The real standout metric? Average monthly active players in Mexico reached 98,800 in Q4 2025 (a 43% increase), while the full-year 2025 average was 88,700 (a 38% increase).

Codere Online met its FY2025 guidance of net gaming revenue between €220 million and €230 million, and adjusted EBITDA of €10 million to €15 million. CEO Aviv Sher stated he was “very pleased with how we finished 2025,” despite challenges the company faced during the year.

Understanding Mexico's Online Gambling Market

According to Spherical Insights, the Mexico online gambling market was valued at $910 million in 2023. The market is growing at a compound annual growth rate (CAGR) of 15.64% from 2023 to 2033, with projections reaching $3.89 billion by 2033.

That’s more than quadruple growth over a decade.

Mexico ranks among the most competitive Latin American nations for online gambling, alongside Brazil, Argentina, and Colombia. The sector’s expansion is driven by lifestyle changes and improved purchasing power among Mexican consumers.

Key Market Players

While Codere Online maintains a strong position, they’re not alone. According to market research, Caliente is another major operator in Mexico’s online gambling space. The competitive landscape remains fragmented, with no single operator dominating with a majority share.

Real talk: exact market share data isn’t publicly available for most operators in Mexico. The regulatory framework doesn’t require the same disclosure standards as more mature markets like the United States or United Kingdom.

Financial Strength and 2026 Outlook

Codere Online ended 2025 with a cash position of €50 million and reported no financial debt. However, the company posted a net loss of €1.8 million for the full year, compared to net income of €3.9 million in 2024.

Despite the net loss, the company is optimistic about 2026. Management issued guidance expecting net gaming revenue between €235 million and €245 million, representing potential growth of 5-9% over 2025 results. Adjusted EBITDA guidance for 2026 is set at €15 million to €20 million.

The company also announced a $2.7 million share buyback program, signaling confidence in their business trajectory.

Challenges Facing Codere in Mexico

Now, this is where it gets interesting. Mexico represents both a growth opportunity and a regulatory challenge for Codere Online.

The regulatory environment remains somewhat uncertain. Online gambling in Mexico has seen regulation attempts, but the framework isn’t as clearly defined as in markets like Spain (where Codere also operates). The official government body, Dirección General de Juegos y Sorteos, oversees gambling and lottery activities, but specific online gambling regulations continue to evolve.

Taxation presents another consideration. With Mexico recently increasing gambling tax rates, navigating tax obligations across different jurisdictions adds complexity to operations.

Market Position Analysis

Based on available financial data, Codere Online appears to hold a significant position in Mexico’s online casino market, though not necessarily a dominant one.

Consider this: with 88,700 average monthly active players in Mexico and revenue growth accelerating, Codere is clearly capturing a meaningful portion of the market’s expansion. But the fragmented competitive landscape suggests multiple operators are growing simultaneously as the overall market expands.

Find the Right iGaming Partners for Markets Like Mexico

Expanding in markets like Mexico is rarely just about entering the market. The real challenge is putting the right pieces together – platform, games, integrations, and compliance – without wasting time on the wrong vendors. Sologe sits in the middle of that process, connecting casino operators and developers with the companies that actually build and support those systems.

Instead of searching blindly or relying on scattered contacts, teams use Sologe to find and compare providers across the iGaming stack. That can include game studios, platform vendors, and technical partners needed to launch or scale in specific regions. 

If you are planning growth in markets like Mexico and want a clearer path to the right partners, contact Sologe and start the conversation.

FAQ

Looking Ahead

Codere Online’s performance in Mexico demonstrates the opportunities available in Latin America’s expanding igaming markets. While exact market share remains undisclosed, the company’s financial trajectory—record revenue, growing player counts, and ambitious 2026 guidance—suggests a strong competitive position.

The Mexican market’s projected growth from $910 million to $3.89 billion over the next decade creates room for multiple operators to succeed. For Codere, maintaining momentum will require navigating regulatory evolution while continuing to attract and retain players in an increasingly competitive environment.

Check Codere Online’s official investor relations page for the most current financial updates and market developments as 2026 progresses.