Rise of betting and iGaming

Codere strengthens the presence of its online division in Mexico with growth of over 50%

Reading time 2:09 min

Codere Group, a multinational gaming and sports betting operator, continues to consolidate the presence of its online division in Mexico. The revenues of the online casino and sports betting platform that the Spanish brand offers in this country have experienced a growth of more than 50%.

According to the portal Diario del Itsmo, several companies belonging to the gaming industry are experiencing a good moment in Mexico due to the boom in online betting and, among these operators, Codere stands out, which also has a large presence in the country with its casinos located in different cities.

In its first report of 2024, Codere reported that its online division posted record revenues of EUR 53 million, equivalent to $57.6 million, representing a year-on-year increase of 34%. Of this growth, the Mexican market (51%) was the strongest, followed by Spain (21%).

Revenues in Mexico amounted to EUR 23.8 million ($28.9 million) in the first part of 2024, while net gaming revenues in that country were EUR 26.6 million, 51% higher than in the same period of 2023.

In the press release where they shared the report, Oscar Iglesias, CFO of Codere Online, praised the Mexican market because, for the first time, it contributed with a positive Adjusted EBITDA.

"Once again, revenue growth has exceeded our expectations in the first quarter, and Mexico continues to outpace Spain as our largest market by revenue," the executive said.

Aviv Sher, CEO of Codere Online, pointed out that the company's success is also due to its marketing campaigns and the work it has been carrying out in different Latin American countries. For example, the brand is a sponsor of two important soccer clubs in the continent: River Plate from Argentina and Monterrey Rayados football club.

Furthermore, the company recently launched a new edition of the Codere International Cup, which will bring together 120 couples in its local editions in Mexico and Spain. The Mexican phase will be held on July 28 at Rayados de Monterrey's BBVA Stadium. 

Popularity of online gambling

In the midst of the digitalization process that Mexicans are experiencing, the passion for betting, and the massification of smartphones, it is expected that these figures continue to grow for companies like Codere in the coming years, according to Diario del Itsmo.

"All of Codere's good numbers can be explained by the strong boom of online gaming in Mexico. Every day more and more people access their cell phones to place bets on Liga MX or enjoy slots, roulette, blackjack or poker," the report stated.

According to data from 'The Mexican Online Gambling Market', the sector generated over $300 million in taxes during 2023. This figure could be higher but the industry is not fully regulated, so every Mexican must confirm that the operator has a national or international license to avoid scams.

Likewise, different studies indicate that the number of Mexican adults who participate in gambling exceeds 70 million. Other surveys add that at least 30% of those over 18 years of age in the country visit traditional gambling halls or access online operators.

According to the above-mentioned media, these data speak of the potential of the Mexican market, which has an approximate value of $1,500 million per year.

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