Codere Online CEO: Core market disciplined returns ‘often underestimated’

(AsiaGameHub) –   Following Spain and Mexico fueling Codere Online’s strong first-quarter performance, CEO Aviv Sher has endorsed the operator’s “disciplined investment” in these core markets. Speaking with iGB following the release of its Q1 earnings, the chief executive acknowledged that its strategy is often underestimated.

Codere Online set new quarterly records for both NGR (€64.4 million) and adjusted EBITDA (€6 million) in Q1.

The company’s growth was driven by a 13% jump in Mexico’s NGR to €34.6 million, alongside a 16% rise in NGR from its home market of Spain, which hit €25.5 million.

Codere Online is staying focused on its two core markets rather than pursuing the aggressive expansion tactics used by some rival operators.

Sher stated that the Q1 results provided “exactly the validation” required to confirm that its strategy is the correct path for long-term, sustainable growth.

“When we discuss investing our next dollar into Mexico and Spain, it is because we believe these markets currently deliver the strongest risk-adjusted returns for our business,” Sher told iGB. “These are significant growth accelerations in markets where we already have established scale and brand awareness.”

“The returns from disciplined investment in your core markets are frequently overlooked. We do not need to pursue new regions to drive growth.”

“At present, Spain and Mexico are delivering precisely the returns we anticipated, and the compounding impact of ongoing investment in these markets is evident in these results.”

How has Codere Online achieved growth in Spain?

During Codere Online’s Q1 earnings call, Sher shared that the company’s growth in Spain during the first quarter came after a strong second half of 2025.

A mix of factors helped push Codere Online back into double-digit revenue growth, including a 13% year-over-year rise in average monthly players to 59,000 in Q1. This growth was fueled by a refined product lineup, enhanced customer experiences, and growing brand relevance.

“If we had to single out one key factor, it was likely the redesign of our welcome bonus to target cross-sell players (sports betting and casino), a higher-value, more profitable demographic,” Sher explained.

“Spain is a mature, heavily regulated market, and progress there is typically earned gradually rather than through one-off, sweeping changes.

“The results we saw in the second half of 2025 and that have continued into Q1 2026 reflect the cumulative impact of those efforts, especially as they started to drive higher player engagement and retention.”

Changing competitive environment in Spain

Codere Online’s focus on its core Spanish market aligns with growing interest in the European market from other major operators.

Last year, Entain reported that it had seen a boost in the Spanish market following an executive team restructuring and a revival of its Bwin brand, supported by a targeted marketing campaign. CEO Stella David forecasted that Bwin would reclaim a top-three position in Spain.

One advantage of the Spanish market is that there are no plans for gambling tax increases in the short to medium term.

In October, Spanish trade group JDigital told iGB that Spain had not held a budget session in the past two years, and no session was scheduled for 2025, meaning any potential tax increase was not in the works.

This stands in contrast to several other European markets, such as the UK and the Netherlands.

Sher’s confidence in Codere Online’s capacity to keep competing in Spain extends beyond product and promotional improvements.

Spain still competitive

“Spain remains a competitive market, but it is also a heavily regulated space, which typically rewards operators that succeed through experience, trust, and customer retention, rather than just promotional offers,” Sher stated.

“We have observed rivals adjusting their strategies, whether through more targeted bonus offers, more sophisticated CRM systems, or a greater focus on product features, but our priority remains consistent: building a better player experience and fostering meaningful, repeat engagement.

“We believe Codere Online combines a strong, trusted local brand with a full suite of sports betting and casino offerings.”

The upcoming FIFA World Cup is projected to drive higher returns for the global gambling industry, and Codere Online is no exception.

All five countries where Codere Online operates will have national teams competing in the tournament. While the company will not release exact revenue figures tied to the event, it anticipates the World Cup will substantially improve the quality of its new customer acquisitions and long-term player engagement.

‘Powerful customer acquisition moment’

“Major sporting events are some of the most impactful customer acquisition opportunities in our industry, and the World Cup is the pinnacle of these events,” Sher added.

“In markets such as Mexico and Spain, football is a cultural cornerstone, and the World Cup draws in audiences who may not otherwise interact with online sports betting.

“This creates a genuine chance to introduce new players to our platforms and turn them into long-term, active customers. The retention opportunity is just as significant. If you deliver an exceptional experience for a user during the World Cup, you can earn their loyalty as a customer. So we view the World Cup not just as a short-term traffic spike, but as an opportunity to boost retention and long-term customer lifetime value,” he concluded.