The Power of Patience: How Codere Online’s Localized Strategy is Defying Market Volatility

In the fiercely competitive and often volatile world of iGaming, many operators adopt an aggressive “land grab” mentality, rushing into new markets with generalized strategies and hoping for rapid returns. Codere Online, however, is charting a distinctly different course. Their approach is rooted in profound patience and a deeply localized strategy, cultivated through years of established local presence. This unique philosophy is not merely a differentiator; it’s a proven formula for success, with tangible results defying conventional industry wisdom.

While competitors often prioritize broad expansion, While competitors race to enter new markets, Codere Online is doubling down on the marketswhere it has cultivated deep roots and understanding. The Madrid-based team just hit record net revenue of $/€224.1 million for 2025. That is a 6% jump from last year.

This steady growth is no accident. It reflects a clear and deliberate philosophy: success in iGaming hinges on an intimate understanding of local culture, consumer behavior, and regulatory nuances. This commitment to deep market immersion, rather than superficial penetration, is a hallmark of Codere Online’s strategy—a level of patience and foresight often absent in the industry.

In an industry where speed is often mistaken for strategy, Codere Online is proving that taking your time and going deep can outperform going wide. This tactic is working wonders in Mexico and Spain. And Brazil is not even on their radar.

Codere’s Deep Dive into the Mexican Market: A Unique Localized Strategy

Mexico is the biggest growth engine for Codere Online. Revenue there climbed 12% in FY2025. The interesting part isn’t just the math. The real story is how they pulled it off while other brands struggled to keep up.

Many international operators approach the Mexican market with a generic, one-size-fits-all strategy. They often adapt a global product with minimal tweaks, adding a few local payment options and running standard promotional bonuses, expecting these superficial adjustments to suffice. Codere Online, however, has chosen a profoundly different path, focusing on becoming an intrinsically local brand, rather than an international entity merely present in the market. This fundamental distinction is pivotal and holds far more weight with Mexican consumers than many competitors realize.

Sponsoring Rayados de Monterrey is the perfect example of this. This move wasn’t about ego. Partnering with Rayados shows Mexican players that Codere understands them. Football in Mexico is more than a game; it defines who people are. By joining that world, Codere earned brand fame that ads alone could never reach, fostering a sense of belonging and trust that resonates deeply with the local fan base.

Layered on top of that is the broader relationship between Codere Group and Real Madrid. Codere Online uses that massive global partnership as a base across Latin America. Then, they add local deals to stay relevant. The plan is brilliant. They get the prestige of a world-class football brand while staying active in the local sports scene.

Their platform localization goes beyond sponsorships. Local payment methods are a priority, not an afterthought. In markets like Mexico, where players don’t have traditional banking access, this is genius. Competitors who relied on card payments or global e-wallets found themselves locked out of a huge chunk of the potential player base. Codere did the homework early to see how players actually handle cash, then built the product to match.

All of this matters even more given the regulatory backdrop. Mexico’s gambling rules date back to 1947 and are way behind the times. Pressure for reform is building fast. The gambling tax rate recently shot up from 30% to 50%, which hurts everyone. CEO Aviv Sher knows it’s a challenge but feels the business can handle the hit. That confidence comes from having a loyal local following that can weather the storm.

What you don’t hear from Sher is panic. Instead, he spoke about wanting solid rules and working within the market’s limits. Mexico is a place where Codere feels right at home. That calm, grounded tone is a direct reflection of the strategy. You can afford to be patient when you have already done the work to build something real.

Contrasting Fortunes: Spain’s Regulatory Landscape and Brazil’s Calculated Absence

Spain’s role in the story is different but just as useful. As Codere Online’s home market, Spain carries a lot of history for the business. For a while, that history became a headache.

In November 2020, Spain introduced strict advertising restrictions. Welcome bonuses were banned. Celebrity endorsements disappeared. The rules reshaped how every operator could reach and retain players, and Codere was no exception. Revenue in the country took a hit, and the path forward required adaptation. New acquisition strategies had to replace the old playbook almost overnight.

Spain’s NGR still grew 3% year-on-year in FY25, reaching $/€90.5 million. That is a solid result. Some rules were actually eased in April 2024, giving brands a little more breathing room. Even so, Sher stays wary of where European laws are headed. He worries that too many rules push players toward shady, unlicensed sites. That ends up hurting everyone, including the people the rules are meant to protect.

His argument is simple. Demand for gambling doesn’t vanish just because you tighten the rules. Players just move to shady sites with zero safety, no tax contributions, and no oversight. Spain handles this better than some, but the risk is still there. Codere’s ability to grow in Spain, despite years of regulatory disruption, shows how a well-established brand can survive headwinds that would wreck a newcomer.

Now pivot to Brazil, and the picture changes completely. Brazil has been headlining for the past couple of years. They formally regulated sports betting and online gambling. Names like Bet365 and Betano have poured resources into competing there. For most operators with Latin American ambitions, Brazil feels like a mandatory entry.

Codere Online is sitting this one out. That move isn’t an oversight, it’s a choice. Sher has been refreshingly honest about the reasons. The investment required to build meaningful market share in Brazil is enormous. The market is huge and the competition is fierce. Portuguese-speaking Brazil is culturally distinct from Codere’s Spanish-speaking strongholds. To enter with any realistic chance of success, Codere would need to raise major additional capital.

Sher stated that the budget to compete properly in Brazil just isn’t there. Rather than stretch the balance sheet and dilute focus, they chose to keep investing where their returns are strongest. Mexico and Spain deliver proven ROI. Brazil would require years of spending before ROI materialized, if it ever did.

The core of Codere’s philosophy shines through right here. Passing on Brazil isn’t about a lack of ambition, it’s about staying focused. Every brand chasing the Brazil gold rush is spreading itself too thin elsewhere. Codere is doing the exact opposite. They are going all-in where they already have the lead.

The Strategic Advantage of Calculated Patience in iGaming

In an industry often characterized by rapid expansion and high-stakes gambles, patience might seem counterintuitive. Yet, Codere Online demonstrates that while speed can offer initial advantages, it rarely builds the robust, loyal customer base essential for long-term success. Entering a market swiftly without cultivating genuine local connections or understanding deep-seated cultural nuances often leads to fleeting gains and unsustainable positions.

Codere Online’s strategy turns the standard playbook on its head. Moving with purpose, sticking to local ties, and avoiding the trap of doing too much has built a fortress that rivals can’t easily crack. Growth in Mexico is the result of years spent perfecting the local fit, rather than a lucky break.

Strong ties to Spain mean they know the market well enough to pivot whenever regulators change the game. And their absence from Brazil keeps their capital focused and their strategy coherent. In a volatile industry, that kind of discipline is genuinely rare.

Conclusion: A Blueprint for Sustainable Growth in a Dynamic Industry

Codere Online may not be the most boisterous operator, nor does it chase every emerging opportunity with splashy market entries. Instead, their commitment lies in building something durable and deeply rooted. Their strong foundations in Mexico, resilient performance in Spain, and the calculated decision to forgo Brazil all underscore a singular truth: in the fast-paced iGaming industry, patience is not a liability. For Codere Online, it is the cornerstone of their entire strategy, providing a compelling blueprint for sustainable growth and market leadership amidst dynamic volatility.