Colombia has remained a key driver of growth for Codere Online, as the country’s President has been told to halt his 19% emergency VAT tax on the industry.
Previously, the operator remained staunch in its stance that it would pause further investment in the Colombian market until the 19% tax of President Gustavo Petro and the Humana government was completely thwarted.
With Petro ordered to remove the tax, the value in the Colombian market has the potential to elevate significantly for the operator, with it already a key market for the group, despite taxation challenges.
As net gaming revenue grew for the operator, Mexico was consolidated as its main growth driver, boosted by overall upward trends in the market, specifically in key markets such as Panama, Colombia and Buenos Aires.
Overall, it was a largely positive period for Codere Online, as revenue compared to the last period was up 16% to €60.3m (£54.7m).
Importantly, the direction of the company has improved and now flows towards profitability, with Marcus Arildsson, Chief Financial Officer of Codere Online, praising “a clear step forward in profitability”.
Aviv Sher, Chief Executive Officer of Codere Online, added: “We delivered a very strong start to 2026, achieving record quarterly net gaming revenue of €64.4m, up 13% year‑on‑year.
“In Spain, performance accelerated meaningfully, with net gaming revenue growing 16%, reflecting a clear continuation and acceleration of the positive trends we began to see in the second half of 2025, particularly in the fourth quarter.
“Mexico also continued to deliver double‑digit growth on the back of a 20% increase in the number of active customers.”
Ahead of a key opportunity for market growth during the World Cup, it was Mexico that remained the key market for Codere.
During Q1 in Mexico alone, net gaming revenue (NGR) increased by 13% to €34.6m (€30.5m), painting a strong picture overall in the country with total revenue of €30.4m.
