After Spain and Mexico powered Codere Online’s strong Q1 performance, CEO Aviv Sher has backed the operator’s ‘disciplined investment’ into these core markets. Speaking to iGB after its Q1 earnings, the chief executive admitted its strategy can be ‘underestimated’.
Codere Online achieved quarterly records in both NGR (€64.4 million) and adjusted EBITDA (€6 million) in Q1.
Its growth was led by a 13% rise in Mexico NGR to €34.6 million, as well as a 16% increase in NGR to €25.5 million from its home market of Spain.
Codere Online remains focused on its two core markets instead of pursuing the aggressive expansion strategies adopted by some competitors.
Sher says the Q1 results were “exactly the validation” needed to reaffirm that its approach is the right one for sustainable long-term growth.
“When we talk about investing our next dollar in Mexico and Spain, it’s because we believe those markets offer the best risk-adjusted returns for us right now,” Sher tells iGB. “These are meaningful accelerations in markets where we already have scale and brand recognition.
“The returns on disciplined investment in your core markets are often underestimated. We don’t need to chase new geographies to generate growth.
“Right now, Spain and Mexico are delivering exactly the returns we expected, and the compounding effect of continued investment there is clear in these numbers.”
How has Codere Online achieved growth in Spain?
In Codere Online’s Q1 earnings, Sher revealed the company’s Spain growth in Q1 followed a positive H2 in 2025.
A combination of factors helped drive Codere Online’s return to double-digit revenue growth including average monthly players increasing 13% year-on-year to 59,000 in Q1, driven by a sharpened product offering, improvements in customer experience and increasing brand relevance.
“If we had to point to one specific factor, it was probably the redesign of our welcome bonus to target cross-sell players (sports betting and casino), a higher-value and more profitable segment,” Sher explains.
“Spain is a mature, well-regulated market, and progress there tends to be earned incrementally rather than through single-step changes.
“What we saw in H2 2025 and what has carried into Q1 2026 reflects the cumulative effect of those efforts, particularly as they began to translate into stronger player engagement and retention.”
Changing competitive environment in Spain
Codere Online’s focus on its core Spanish market mirrors increased interest in the European market from other key players.
Last year, Entain said it had experienced an uptick in the market due to an executive team reshuffle and a revival of its Bwin brand, thanks to a targeted marketing campaign. CEO Stella David predicted Bwin would return to a podium spot in Spain.
One benefit of the market is there is no threat of any gambling tax hikes in the short-to medium term.
In October Spanish trade body JDigital told iGB that Spain had not had a budget session in the last two years and was not expected to have one in 2025, meaning any potential tax rise was not on the cards.
This is in contrast to various European markets, including the UK and the Netherlands.
Sher’s confidence in Codere Online’s ability to continue to compete in Spain goes beyond product and promotional enhancements.
Spain still competitive
“Spain remains competitive, but it’s also a highly regulated environment, which tends to reward operators who can win on experience, trust, and retention, not just promotions,” Sher says.
“We do see competitors adjusting tactics, whether that’s more targeted bonusing, sharper CRM, or more emphasis on product features, but our focus is consistent on building a better player experience and driving healthy, repeat engagement.
“We believe Codere Online combines a strong, reliable local brand with a comprehensive offering in sports and casino.”
The upcoming World Cup tournament is expected to help reap increased returns for the global gambling sector, and Codere Online is no different.
All five of the nations in which Codere Online is operating will have national teams at the tournament. While the company doesn’t break out a precise revenue number for the event, it is expecting the tournament to significantly improve its acquisition quality and long-term engagement.
‘Powerful customer acquisition moment’
“Major sporting events are among the most powerful customer acquisition moments in our industry, and the World Cup is the pinnacle of that,” Sher continues.
“In markets like Mexico and Spain, football is a cultural event, and the World Cup brings in audiences who might not otherwise engage with online betting.
“That creates a real opportunity to introduce new players to our platforms and to convert them into long-term active customers. The retention opportunity is equally as strong. If you create an exceptional experience for someone during the World Cup, you have a chance to earn a loyal customer. So we think about the World Cup not just as a spike opportunity, but as a retention and lifetime value opportunity,” he concluded.
Kyle Goldsmith
Kyle has been with Clarion since December 2023, joining from the world of sports journalism, subsequently becoming a LatAm-facing senior reporter with iGB.
Original article: https://igamingbusiness.com/strategy/codere-online-ceo-aviv-sher-disciplined-investment-core-markets-q1/
