Spanish iGaming operator Codere Online recently stated in its first half of 2025 financial report conference call that there are no immediate plans to enter Brazil. CEO Aviv Sher admitted during the conference that replicating Codere's business model in Brazil, a new regulated market, would require "significant capital."
Sher pointed out that Codere Online has successfully replicated its Spanish experience in Mexico and other Central American markets, but in Brazil, due to the market size and competitive situation, the implementation of this strategy will face higher barriers.
Currently, Mexico remains the main growth engine for Codere Online. The report shows that in the first half of this year, despite a 19% depreciation of the peso, the company's net gaming revenue (NGR) in Mexico grew by 9% year-on-year, reaching 59.5 million euros, with the number of active users increasing by 36% compared to the same period last year.
The entire group's NGR grew by 4% year-on-year, reaching 118 million euros, with iGaming accounting for 61% and sports betting 39%. The group's revenue remained stable in the second quarter, at 54.8 million euros, with monthly active users increasing by 7% year-on-year, reaching 155,000 people.
Although revenue in Spain remained flat year-on-year at 44 million euros, Sher noted that the market is becoming more competitive due to the reintroduction of welcome bonuses, and the company is trying a more selective customer incentive strategy to optimize acquisition costs.
The report also mentioned that the Colombian market continues to face challenges. Due to the new value-added tax, the tax burden in this market has approached 50% of revenue. Codere has "minimized" its operations in the area and will decide on its next steps based on the performance of other markets such as Panama.
Currently, Codere Online has available cash of 40.7 million euros, and the company is evaluating the possibility of further expansion in Mexico or entering new markets in Latin America.
