Codere Online, a leading online gaming operator, has broadened its casino offering in Mexico by partnering with RubyPlay, a studio‑based content ecosystem. The deal brings a slate of RubyPlay titles—including J Mania® Loco Habanero, Grand Express Diamond Class, Zeus Rush Fever® Deluxe SE, and Koala Games’ Voltage Blitz® Rapid and Voltage Blitz® Vortex—into Codere Online’s platform.
The partnership also grants Codere Online access to RubyPlay’s broader studio network, which includes fast‑growing studios such as Koala Games. The new titles are known for high player engagement and are expected to complement Codere Online’s existing portfolio, providing a richer selection for Mexican players.
Mexico remains Codere Online’s largest Latin American market, and the company’s 2025 results show the country contributed 12% of the group’s net gaming revenue (NGR) and drove a 31% YoY increase in Q4 NGR to €32.8 million. CEO Aviv Sher noted that the partnership will help sustain the momentum that led to a record 100,000 active players in December and position the operator for the World Cup season. The deal also offers a strategic hedge against the 50% excise tax hike that took effect on January 1, 2026, by adding high‑margin titles that can offset the impact of higher taxes on unit economics.
Codere Online’s FY 2025 financials underscored the strength of its Mexican operations: NGR reached €224.1 million, a 6% rise from €212 million in FY 2024, while adjusted EBITDA climbed to €13.8 million, more than double the €6.4 million of the prior year. The company posted a net loss of €1.8 million in FY 2025 versus a €3.9 million profit in FY 2024, but it met its guidance for NGR (€220‑230 million) and adjusted EBITDA (€10‑15 million). Looking ahead, CFO Marcus Arildsson said, “As we look out to 2026, we are encouraged by the strong trends in both Mexico and Spain and expect our net gaming revenue for the year to be in the €235‑245 million range and Adj. EBITDA between €15 and 20 million.”
By adding RubyPlay’s portfolio, Codere Online aims to deepen its market presence and enhance player engagement in Mexico, positioning itself more favorably against competitors that rely on a narrower selection of casino games. The partnership’s ability to deliver new titles quickly aligns with Codere Online’s strategy of responding to player preferences and maintaining a premium online casino experience in its core territories.
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