Codere Online is ‘happy’ with the user crossover it was able to achieve in the second quarter between World Cup sports betting and iGaming, but it won’t give exact figures just yet.
With the World Cup having only concluded in July, the operator believes it can provide a more accurate report of the World Cup’s impact on iGaming crossover in the next quarter.
However, the early indications suggest the football tournament has brought in customers that have stayed around to play some table games and slots on its online casino platform.
During the Codere Online Q2 earnings call, Chief Executive Officer Aviv Sher was asked about what percentage of crossover there is between new users betting on the World Cup and then on iCasino.
Sher responded: “I won’t give exact figures. I’m a little bit exaggerating, okay, we see around 30%-40% cross-activation. So far, by the way, the new users fit into this profile. As I said, let’s keep this question for the next quarter. I can report exactly if they behaved as expected, continue with us, there is no churn.
“So far, we are happy with the results. I think your answer to your question is yes. There is around 30%-40% that are playing iGaming. More table games, by the way, if it’s interesting for the audience to hear, than slots. Definitely they are playing.
“I think the team is doing a good job by crossing them. Yes, so far the profile fits the, let’s call it, the regular profile that we see.”
World Cup and Q2
Codere Online described the World Cup as ‘outstanding’ within its Q2 results, citing unique users being approximately 56% above World Cup 2022 levels (excluding Colombia) with nearly 40,000 new customers just around the event.
Stakes reached €63m, 180% above the last World Cup’s levels, while net gaming revenue (NGR) more than doubled in comparison to the previous iteration of the tournament following increased betting volumes offsetting generally favourable customer sports results.
Across Q2, total revenue was €64.4m, while total NGR was €69.4m, up 27% year-on-year (YoY) (2025: €54.8m). Average monthly active players rose by 12% YoY to approximately 173,000 (2025: approximately 154,500).
Adjusted EBITDA at the end of the period stood at €5.8m, up 3.5% YoY (2025: €2.3m). Net income improved, but it was still at a loss of €1.4m (2025: €2.4m). Total cash position was €62.6m with no financial debt as of 30 June, 2026.
As a result of the performance, Codere Online has increased its FY2026 outlook to €255m-€265m in NGR and €20m-€25m in adjusted EBITDA.
Financial results
NGR
- Total: €69.4m, up 27% year-on-year (YoY) (2025: €54.8m).
- Spain: €27.6m, up 25% YoY (2025: €22.1m).
- Mexico: €36.1m, up 24% YoY (2025: €29m).
- Other: €5.7m, up 54% YoY (2025: €3.7m).
Average monthly active players – approximately
- Total: 173,000, up 12% YoY (2025: 154,500).
- Spain: 54,400, up 11% YoY (2025: 49,000).
- Mexico: 88,200, up 3% YoY (2025: 85,700).
- Other: 30,400, up 54% YoY (2025: 19,800).