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CDRO on Nasdaq

Codere Online

Codere Online is an online sports betting and casino operator, part of Codere Group, founded in 2014.1 It is headquartered in Luxembourg.1 Its shares trade on Nasdaq under the symbol CDRO.1

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Last updated Oct 21, 2026.

Overview

2014Founded1

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  • TickerCDRO on Nasdaq1
  • Industryonline gambling1
  • HeadquartersLuxembourg1
  • Websitewww.codereonline.com
  • Legal formpublic company1
  • Incorporated inLuxembourg4
  • Business address7 Rue Robert Stumper, Luxembourg, N4 L-25574
  • Filer categoryAccelerated filer, Emerging growth company4
  • LEI222100ZJU57ZQLLYNO893
  • StatusActive3
  • LEI statusIssued and current3
  • Registered address7, rue Robert Stümper, 2557 Luxembourg, Luxembourg3
  • Registered withLuxembourg Business Registers, B2557983

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Codere Online Luxembourg, S.A. was incorporated under the laws of the Grand Duchy of Luxembourg by Codere Newco on June 4, 2021 as a limited liability company ( société anonyme ) having its registered office at 7 rue Robert Stümper, L-2557 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Trade and Companies Register ( Registre de Commerce et des Sociétés, Luxembourg ) under number B255798 and with telephone number +34 91354 28 19. Codere Online Luxembourg, S.A. was incorporated with an initial share capital of €30,000, represented by 30,000 Ordinary Shares with a nominal value of €1 per share.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in EUR, the currency the company reports in.

Key numbers, fiscal 2024

2.2%Operating margin6
1.9%Net margin6
24.2%Revenue growth, 20246
16.1%Return on equity6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Online casino wagering brought in 62% of the revenue Codere Online broke down this way in fiscal 2025.

  1. Online casino wagering131.0M EUR762%up 12% from 2024
  2. Online sports betting78.9M EUR737%down 5% from 2024
  3. Others534.0K EUR70%up 947% from 2024
Products and services by year
Products and services202320242025
Online casino wagering89.5M EUR117.2M EUR131.0M EUR
Online sports betting72.2M EUR83.4M EUR78.9M EUR
Others10.0K EUR51.0K EUR534.0K EUR

Business segments

Mexico brought in 40% of the revenue Codere Online broke down this way in fiscal 2025.

  1. Mexico107.2M EUR740%up 12% from 2024
  2. Spain90.5M EUR733%up 3% from 2024
  3. Supporting60.9M EUR722%up 17% from 2024
  4. Other Operations [member]12.7M EUR75%down 27% from 2024
Business segments by year
Business segments202320242025
Mexico73.3M EUR95.7M EUR107.2M EUR
Spain75.7M EUR87.8M EUR90.5M EUR
Supporting45.3M EUR52.2M EUR60.9M EUR
Other Operations [member]12.7M EUR17.2M EUR12.7M EUR

Regions

Mexico brought in 51% of the revenue Codere Online broke down this way in fiscal 2025.

  1. Mexico107.2M EUR751%up 12% from 2024
  2. Spain90.5M EUR743%up 3% from 2024
  3. Others12.7M EUR76%down 27% from 2024
Regions by year
Regions202320242025
Mexico73.3M EUR95.7M EUR107.2M EUR
Spain75.7M EUR87.8M EUR90.5M EUR
Others10.3M EUR17.2M EUR12.7M EUR

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue16¢32.0M EUR
  • Other costs81¢163.3M EUR
  • Income tax1¢1.5M EUR
  • Profit2¢3.9M EUR

Out of 200.7M EUR in revenue.6

Financial statements

Revenue86200.7M EUR in 2024+226% since 2019
0100.0M EUR200.0M EUR300.0M EUR2019: 61.6M EUR61.6M EUR20192020: 70.5M EUR70.5M EUR2020+14%2021: 80.3M EUR80.3M EUR2021+14%2022: 115.7M EUR115.7M EUR2022+44%2023: 161.6M EUR161.6M EUR2023+40%2024: 200.7M EUR200.7M EUR2024+24%
Operating income864.3M EUR in 2024
-80.0M EUR-60.0M EUR-40.0M EUR-20.0M EUR020.0M EUR2019: -15.9M EUR-15.9M EUR20192020: -14.2M EUR-14.2M EUR2020−10%2021: -71.0M EUR-71.0M EUR2021+398%2022: -55.9M EUR-55.9M EUR2022−21%2023: -14.8M EUR-14.8M EUR2023−74%2024: 4.3M EUR4.3M EUR2024
Net income863.9M EUR in 2024
-80.0M EUR-60.0M EUR-40.0M EUR-20.0M EUR020.0M EUR2019: -16.1M EUR-16.1M EUR20192020: -16.3M EUR-16.3M EUR2020+1%2021: -68.0M EUR-68.0M EUR2021+318%2022: -46.4M EUR-46.4M EUR2022−32%2023: -2.4M EUR-2.4M EUR2023−95%2024: 3.9M EUR3.9M EUR2024

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Revenue210.4M EUR200.7M EUR161.6M EUR
Personnel expenses-25.0M EUR-18.8M EUR-17.4M EUR
Depreciation and amortization-645.0K EUR-388.0K EUR-114.0K EUR
Other operating expenses-179.0M EUR-177.2M EUR-158.8M EUR
Operating expenses-204.7M EUR-196.4M EUR-176.4M EUR
OPERATING INCOME/(LOSS)5.7M EUR4.3M EUR-14.8M EUR
Finance income/(costs)-2.4M EUR1.0M EUR5.8M EUR
Net finance income-2.4M EUR1.0M EUR5.8M EUR
NET INCOME/(LOSS) BEFORE TAX3.3M EUR5.4M EUR-8.9M EUR
Income tax benefit/(expense)-2.0M EUR-1.5M EUR6.5M EUR
NET INCOME/(LOSS) FOR THE YEAR1.3M EUR3.9M EUR-2.4M EUR
Attributable to equity holders of the Company1.3M EUR3.9M EUR-2.4M EUR
Attributable to non-controlling interests3.0K EUR2.0K EUR2.0K EUR
Basic earnings per share attributable to equity holders of the parent (Euro)0.03 EUR0.09 EUR-0.05 EUR
Diluted earnings per share attributable to equity holders of the parent (Euro)0.03 EUR0.08 EUR-0.05 EUR

Compare Codere Online with another company

Corporate structure

Codere Online is part of a group headed by Codere. 12 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Codere Online

  • BAMCO INC /NY/ Filed SCHEDULE 13G/A on Codere Online, latest Aug 14, 2026 (4 filings since Feb 14, 2023)
  • Codere New Topco S.A. Filed SC 13G on Codere Online, latest Feb 15, 2022
  • Castle Creek Arbitrage, LLC Filed SC 13G/A on Codere Online, latest Feb 11, 2022
  • Codere Luxembourg, Luxembourg
    • Codere Online Luxembourg, Luxembourg
    • CODERE AMERICA, S.A. Subsidiary · Alcobendas, Spain
    • CODERE ESPANA SA (CODERE ESPAÑA SA) Subsidiary · Alcobendas, Spain
    • CODERE INTERNACIONAL DOS, S.A. Subsidiary · Alcobendas, Spain
    • CODERE INTERNACIONAL, S.A. Subsidiary · Alcobendas, Spain
    • CODERE LATAM SA Subsidiary · Alcobendas, Spain
      • CODERE MEXICO SA DE CV Subsidiary · 100% · Ciudad de México, Mexico
    • CODERE NEWCO S.A. Subsidiary · Alcobendas, Spain
    • COLONDER, S.A. Subsidiary · Alcobendas, Spain
    • NIDIDEM, S.A. Subsidiary · Alcobendas, Spain
    • OPERIBERICA SA Subsidiary · Alcobendas, Spain

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Codere Online reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net453.0K EUR6 Dec 31, 2024331.0K EUR6 Dec 31, 2023+36.9%
Operating-lease assets (leased space)2.0M EUR6 Dec 31, 20249.0K EUR8 Dec 31, 2020+21644.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents40.3M EUR6 Dec 31, 202441.3M EUR6 Dec 31, 2023−2.4%

Leadership

Who has led Codere Online, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Aviv Sher2026–now

Chief financial officer

  1. Marcus Kai Arildsson2026–now

Chief operating officer

  1. Deborah Frida Guivisdalsky2026–now
201520202025
Board members and other officers (12)

Products and brands

  • online casino
  • sports betting

Listed on Wikidata.1

Subsidiaries and ownership

Parent company

From Wikidata.1

Timeline

  1. Mar 25, 2026New chief executive Aviv Sher becomes CEO9
  2. 2021Went public Listed on NASDAQ1
  3. 2014Founded Founded1

Filings

216 filings to the SEC since October 2021: 5 annual reports, 29 insider forms, 6 large holders, 176 other. The latest 20:

  1. Sep 30, 20266-K EDGAR
  2. Sep 28, 20264 EDGAR
  3. Sep 10, 20266-K EDGAR
  4. Aug 14, 2026SCHEDULE 13G/A EDGAR
  5. Jul 30, 20266-K EDGAR
  6. Jul 14, 20266-K EDGAR
  7. Jun 30, 20266-K EDGAR
  8. Jun 23, 20264 EDGAR
  9. Jun 18, 20264 EDGAR
  10. Jun 17, 20266-K EDGAR
  11. Jun 16, 2026144 EDGAR
  12. Jun 16, 20264 EDGAR
  13. Jun 10, 2026EFFECT EDGAR
  14. Jun 10, 20264 EDGAR
  15. Jun 10, 2026424B3 EDGAR
  16. Jun 8, 2026CORRESP EDGAR
  17. Jun 5, 2026UPLOAD EDGAR
  18. Jun 4, 20264 EDGAR
  19. Jun 2, 2026F-3 EDGAR
  20. May 7, 20264 EDGAR

The 216 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

7 open-market trades by officers, directors and large owners since October 2021: 0 buys and 7 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 25, 2026Iglesias Sanchez OscarDirectorSale460$10.10$4.6KForm 4
Jun 18, 2026Iglesias Sanchez OscarDirectorSale14,276$10.04$143.3KForm 4
Jun 16, 2026Iglesias Sanchez OscarDirectorSale2,812$10.01$28.1KForm 4
Jun 15, 2026Iglesias Sanchez OscarDirectorSale300$10.00$3.0KForm 4
Jun 12, 2026Iglesias Sanchez OscarDirectorSale2,130$10.00$21.3KForm 4
Jun 8, 2026Iglesias Sanchez OscarDirectorSale50$10.00$500Form 4
Jun 2, 2026Iglesias Sanchez OscarDirectorSale432$10.01$4.3KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Codere Online is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCodere Online Luxembourg, S.A.2
  • CIK0001866782
  • Filer statusAccelerated filer an emerging growth company; not a shell company5
  • Incorporated inN45
  • Fiscal year endsDecember 312
  • Industry code (SIC)7990 Services-Miscellaneous Amusement & Recreation2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address7 Rue Robert Stumper, Luxembourg, N4 L-25572
  • Phone352 26 25 88 882
  • Shares outstanding45,249,812 shares as of Dec 31, 20255
  • AuditorMaloneBailey, LLP, Houston, Texas PCAOB ID 206; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceJun 22, 20212
  • Filings227 in all: 6-K (89), 425 (44), 3 (15), 4 (14), 424B3 (12), EFFECT (9), CORRESP (6), POS AM (6)2
    All 23 form types

    20-F (5), UPLOAD (5), 144 (3), S-8 (3), F-3 (2), NT 20-F (2), SC 13G (2), SC 13G/A (2), SCHEDULE 13G/A (2), 8-A12B (1), CERT (1), F-1 (1), F-4 (1), F-4/A (1), S-8 POS (1)

  • Latest filingsAnnual report (20-F) Apr 28, 2026

Securities registered for trading

ClassSymbolExchange
Ordinary SharesCDRONasdaq
WarrantsCDROWNasdaq

From the cover page of the 20-F filed Apr 28, 2026 (Section 12(b) of the Exchange Act).5

Sources

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