Online Gaming Platform, Codere, Reports an Increase in Player Base and Consistent Income during Q2 of 2025
Codere Online Confirms Growth in Mexico and Reaffirms Revenue Outlook
In a recent update, Codere Online, the online gaming and betting company, has confirmed strong growth in its Mexico operations while maintaining compliance with Nasdaq listing requirements.
As of June 30, 2025, Codere Online reported a cash reserve of €45.2 million. The company's focus on Mexico has paid off, as the player count in Mexico increased by 36% year-over-year, while it decreased by 3% in Spain and 35% in other markets.
In the second quarter of 2025, Mexico operations generated net gaming revenue (NGR) of €29.0 million, representing a 3% increase year-over-year (23% growth in constant currency). This growth was accompanied by a 36% increase in monthly active players. Mexico remains a key market for Codere Online, contributing more than half of the total Q2 2025 net gaming revenue of €54.8 million.
The company reaffirmed its 2025 net gaming revenue target of €220-230 million and adjusted EBITDA guidance of €10-15 million, underlining Mexico's importance within the broader portfolio.
Codere Online has been actively repurchasing shares, buying back $0.7 million worth at an average of $6.89 per share under its $5 million buyback plan. The company has repurchased up to 100,000 shares so far, with the ability to repurchase up to 1 million shares until March 3, 2026.
Despite a 19% devaluation of the Mexican peso, Codere Online continues to see solid growth in Mexico. The company is focusing on growth in Mexico while facing softer trends in other regions.
The company's 2024 annual report was filed on June 2, 2025. Codere Online also reported a net loss of €3.1 million for H1 2025, with currency movements accounting for €3 million in losses. Despite this, the company remains optimistic about its future prospects, particularly in Mexico.
[1] Source: Codere Online Q2 2025 Earnings Presentation [2] Source: Bank of Mexico [3] Source: Codere Online Q2 2025 Press Release [4] Source: Codere Online Share Buyback Programme [5] Source: Codere Online H1 2025 Financial Results Presentation
- Codere Online's focus on Mexico has resulted in a significant increase in the number of players, with a 36% year-over-year growth, surpassing decreases in other markets.
- The success in Mexico contributes more than half of Codere Online's total Q2 2025 net gaming revenue, underlining its importance in the company's growth strategy, indicating a potential interest in sports activities as they are often associated with gaming and betting.
