Codere Online CFO Rules Out Brazil Entry, Bets on Mexico for 2026 Growth
While most of LatAm is racing into Brazil, Codere Online is doing the opposite. CFO Marcus Arildsson told iGB the company won’t enter the Brazilian market because its cash position isn’t built for a meaningful play there. Codere Online finished 2025 with €50 million in cash and zero debt, and Arildsson argued that capital is better used scaling Mexico than diluting into a new and expensive market.
The Mexico data supports the decision. NGR from the country rose 12% across 2025, with Q4 reaching €32.8 million, up 31% year-on-year. Average monthly active players climbed to 88,700, a 38% increase. That momentum makes Mexico, alongside Spain, the core of the business and explains why management is keeping capital focused there.
Arildsson’s criteria makes the decision clear. Brazil is too expensive for Codere Online to enter in a meaningful way right now, even if others are moving in. For operators, that shows how much capital is needed to compete there. Codere is choosing to use its budget where it already sees results, keeping focus on markets that support its 2026 targets of €235–245 million NGR and €15–20 million EBITDA.
Competition in Mexico is set to tighten as Codere Online puts more capital into the market. That likely means higher acquisition costs for operators already active there. Suppliers focused only on Brazil can rule Codere out for now, while affiliates working with Mexican brands should expect more pressure as Codere increases spend to grow its position.
TGJ Take
The main point is how Codere is using its capital. With €50 million in cash, a full push into Brazil would be hard to support. For operators, that shows how costly it is to compete there if the goal is real market share. Codere is putting its budget into Mexico, where growth is already clear and MAU is up 38%. The next question is timing. If entry costs in Brazil drop, the company will need to decide when to step in before others strengthen their position.
