2 hours ago
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William Temple
Mon, March 16, 2026 astatine 6:01 AM CDT 4 min read
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Codere Online (CDRO) posted grounds quarterly nett gaming gross of €60.7M successful Q4 2025, with Mexico nett gaming gross surging 31% and progressive customers climbing 43% to scope 100,000 players successful December astatine an mean lawsuit acquisition outgo of €166, the lowest since aboriginal 2023. Full-year 2025 adjusted EBITDA much than doubled to €13.8M from €6.4M successful 2024, with 2026 guidance calling for nett gaming gross of €235-245M and adjusted EBITDA of €15-20M.
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Mexico’s gaming excise taxation accrued from 30% to 50% effectual January 2026, but Codere is mitigating the EBITDA interaction done selling ratio and supplier renegotiations portion entering the World Cup play with reduced contention and 100,000 loyal players successful its halfway market.
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Codere Online Luxembourg, S.A. (NASDAQ:CDRO) conscionable posted its champion 4th ever, and CEO Aviv Sher isn't shy astir why: Mexico is connected fire, and the World Cup hasn't adjacent started yet.
"In the 4th fourth of 2025, our nett gaming gross reached €60.7 million, marking the highest quarterly fig successful the Company's history. This summation was mostly driven by Mexico, wherever our nett gaming gross grew 31% connected the backmost of a 43% summation successful our portfolio of progressive customers successful the country. In December, we deed a grounds of 100,000 progressive players successful the country, positioning america good for the upcoming World Cup this summer."
That 100,000 progressive subordinate milestone successful Mexico isn't conscionable a vanity metric. It's impervious that lawsuit acquisition is moving astatine a outgo that really makes sense. "During the quarter, we acquired 89,000 first-time depositors astatine an mean cost-per-acquisition of EUR 166, the lowest level since aboriginal 2023 and which remains an charismatic level, fixed the prime of the customers we are bringing onto the platform." Lower acquisition outgo with a increasing basal is the benignant of portion economics communicative that compounds.
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Sher was nonstop astir wherever the institution is putting its chips: "We volition proceed to put successful Mexico. Going into caller markets astatine the infinitesimal earlier the World Cup, I don't deliberation it's omniscient for us." Mexico present represents 53% of full-year 2025 nett gaming revenue, and the institution is doubling down alternatively than spreading thin.
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