Codere Online CEO calls prediction markets a realistic option for the company

Codere Online is “keeping an eye” on the prediction markets space, CEO Aviv Sher told iGB. Sher said prediction markets are a “realistic option” for Codere Online, although the company has not yet made its move into the sector. He first hinted to iGB in May that Codere Online could look at prediction markets, suggesting they could prove to be a “really nice extension”.

“I think it complements some of our strategy in Mexico towards, let’s say, the southern part of the US, the Spanish-speaking people,” Sher said. “Maybe next year it will come, but we are still monitoring it.”

Guidance raised

Codere Online raised its FY2026 guidance after a strong Q2, in which it reported record NGR of €69.4 million ($77.6 million) and €5.8 million in adjusted EBITDA. The company now expects NGR of between €255 million and €265 million by the end of the year, and adjusted EBITDA of €20 million to €25 million. “We are pretty sure that we will meet the new guidance,” Sher said. The company is currently formulating a new five-year plan. “Our goal is to substantially increase the revenues that we have today, and continue to grow there,” he said.

Mexico and Spain

Codere Online’s two strongest markets are Mexico and its home nation of Spain. In Q2, the two combined for €63.7 million in NGR, over 90% of the company’s Q2 NGR, with both growing by over 20% year-on-year. Mexico hiked its tax rate to 50% of GGR from the start of 2026, while in Spain the regulator will introduce joint deposit limits in 2027.

“I think the regulator in Spain is pushing us more and more,” Sher said. He argued that regulators are placing increasing restrictions on licensed businesses while allowing the black market to grow at the expense of both operators and government tax revenues. “This lack of enforcement is not just working against us; it’s working against the government,” he said.

NFL agreement

Codere Online signed a multi-year agreement with the NFL last month. Sher said the deal would give Codere Online access to betting promotion opportunities during NFL games that its competitors would not have. “NFL in Mexico is quite a big thing, so we have good exposure,” he said.