Codere Online Luxembourg, S.A.
- Open
- 9.45
- Day high
- 9.45
- Day low
- 8.95
- Prev close
- 9.27
- Volume
- 41K
- Mkt cap
- $417M
- P/E (TTM)
- 42.1
- EPS (TTM)
- $0.22
- P/B
- 12.7
- P/S
- 1.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$201K over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions reducing (13F)
Codere Online Luxembourg, S.A. (CDRO) is a Consumer Cyclical company listed on NASDAQ. The stock is up 11% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
Codere Online Luxembourg, S.A. (CDRO) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CDRO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.05 | $0.15 | +225.0% | $74M | +13.4% |
| Nov 17, 2025 | $0.06 | $0.04 | -45.5% | $61M | -7.6% |
| May 1, 2025 | — | $-0.03 | — | $48M | — |
| Feb 20, 2025 | $0.12 | $-0.00 | -102.6% | $55M | -4.8% |
| Nov 15, 2024 | $0.01 | $0.05 | +388.8% | $54M | +8.5% |
| May 15, 2024 | $-0.03 | $-0.00 | +90.1% | $55M | +15.0% |
| Aug 31, 2023 | $-0.16 | $-0.00 | +97.7% | $41M | -2.7% |
| May 11, 2023 | $-0.11 | $-0.00 | +96.7% | $41M | +0.6% |
| Nov 16, 2022 | $-0.30 | $-0.32 | -6.8% | $31M | +15.1% |
| Sep 1, 2022 | $-0.34 | $-0.19 | +43.0% | $27M | — |
| May 13, 2022 | $-0.26 | $-0.69 | -164.6% | $23M | +14.2% |
| Mar 11, 2022 | $-0.12 | $-0.20 | -70.7% | $28M | — |
CDRO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 23, 2026 | Iglesias Sanchez Oscardirector | Sell | 14,276 | $10.04 |
| Jun 18, 2026 | Iglesias Sanchez Oscardirector | Sell | 2,812 | $10.01 |
| Jun 16, 2026 | Iglesias Sanchez Oscardirector | Sell | 2,130 | $10.00 |
| Jun 16, 2026 | Iglesias Sanchez Oscardirector | Sell | 300 | $10.00 |
| Jun 10, 2026 | Iglesias Sanchez Oscardirector | Sell | 50 | $10.00 |
| Jun 4, 2026 | Iglesias Sanchez Oscardirector | Sell | 432 | $10.01 |
| May 7, 2026 | Guivisdalsky Deborah Fridaofficer: Chief Operating Officer | Grant | 7,000 | — |
| May 7, 2026 | Guivisdalsky Deborah Fridaofficer: Chief Operating Officer | Tax | 1,154 | $8.72 |
| May 7, 2026 | Rodriguez Robles Yaiza Mariaofficer: GC & Secretary of the BOD | Grant | 7,000 | — |
| May 7, 2026 | Lopez Castano Amaliaofficer: Chief Accounting Officer | Grant | 6,000 | — |
| May 7, 2026 | Telias Alberto Hernanofficer: Chief Marketing Officer | Grant | 7,000 | — |
| May 7, 2026 | Sher Avivofficer: Chief Executive Officer | Grant | 30,000 | — |
| May 7, 2026 | Shemesh Matanofficer: Chief of Growth and Strategy | Grant | 7,000 | — |
| May 7, 2026 | Arildsson Marcus Kaiofficer: Chief Financial Officer | Grant | 30,000 | — |
| May 7, 2026 | Arildsson Marcus Kaiofficer: Chief Financial Officer | Tax | 1,327 | $8.72 |
Source: CDRO SEC Form 4 filings, latest Jun 23, 2026. For informational purposes only — not investment advice.
See the full CDRO insider & 13F page →Codere Online Luxembourg, S.A. company profile
Overview
Codere Online Luxembourg, S.A. (NASDAQ:CDRO) is an online gambling company that operates digital casino gaming and sports betting platforms across Latin America and Europe. Founded as the digital arm of the traditional Codere casino and gaming group, the company went public in January 2021 through a SPAC merger. Codere Online primarily serves customers in Spain, Mexico, Italy, Colombia, Panama, and Argentina, positioning itself as a leading operator in Spanish-speaking markets with a focus on both sports wagering and online casino games.
Business
Codere Online operates in the online gambling industry, which encompasses digital platforms that allow users to place bets on sports events and play casino games through websites and mobile applications. The company's core offerings include two main product categories that generate revenue through customer wagering. The sports betting segment allows customers to place wagers on various sporting events, from soccer matches to tennis tournaments. Users can bet on game outcomes, player performances, and live events as they unfold. This product requires sophisticated odds-making technology and real-time data feeds to offer competitive betting lines and in-game wagering options. The online casino segment provides digital versions of traditional casino games including slot machines, blackjack, roulette, and poker. These games use random number generators to ensure fair play and often feature themes, bonus rounds, and progressive jackpots to enhance player engagement. The casino segment has become increasingly important for Codere Online, now representing approximately 59% of total net gaming revenue as of Q2 2024. Geographically, the company's revenue is concentrated in two primary markets. Mexico represents approximately 53% of revenue, showing strong growth momentum with 57% year-over-year growth in Q2 2024. Spain accounts for roughly 41% of revenue, serving as the company's most mature market with steady growth of 25% year-over-year. The remaining revenue comes from smaller operations in Colombia, Panama, and Argentina, which collectively contribute less than 10% of total revenue.
Revenue model
Codere Online generates revenue through a house edge business model where the company retains a mathematical advantage on all games and bets placed by customers. In sports betting, the company sets odds that include a built-in margin, ensuring profitability regardless of individual game outcomes when aggregated across all bets. For casino games, each game has a programmed return-to-player percentage, typically ranging from 85-98%, with the company retaining the difference as gross gaming revenue. The company's paying customers are individual consumers who deposit money into their accounts to place bets or play casino games. Revenue is recognized as the net amount retained after paying out winnings to customers. Customer acquisition occurs through digital marketing campaigns, sports sponsorships (such as their partnership with Rayados in Mexico), and affiliate marketing programs. Several factors significantly impact the company's profit margins. Customer acquisition costs represent the largest expense, typically running around 50% of net gaming revenue, though management aims to reduce this percentage as the business matures. The company has shifted focus toward acquiring casino customers, who are more expensive to obtain initially but provide higher lifetime value compared to sports betting customers. Regulatory changes pose both risks and opportunities - formal regulation in Mexico could benefit Codere as an established operator, while advertising restrictions in Spain could increase acquisition costs. Competition intensity directly affects customer acquisition costs, with Mexico seeing increased competition from new market entrants. Seasonal sporting events like major soccer tournaments or Olympics can drive temporary spikes in customer activity and revenue. Technology investments in platform stability, game variety, and user experience are necessary to maintain competitiveness but represent ongoing operational expenses.
Competitive moat
Codere Online operates in a moderately competitive industry with limited sustainable competitive advantages. The company's primary moat stems from its local market knowledge and regulatory positioning in Spanish-speaking markets, particularly Mexico and Spain. As an established operator with local partnerships and Spanish-language expertise, Codere benefits from cultural familiarity and regulatory relationships that create some barriers for international competitors. The company's brand recognition in Latin American markets, inherited from its parent company's traditional casino operations, provides some customer acquisition advantages. Additionally, regulatory licenses in restricted gambling markets create temporary competitive barriers, though these can be overcome by well-funded competitors willing to invest in compliance and licensing processes. However, the company's moat is relatively weak compared to other industries. Online gambling platforms are essentially technology products that can be replicated, and customer loyalty in gambling is typically low, with players often using multiple platforms. The industry faces constant pressure from new entrants, including well-funded international operators and technology companies entering the space. Major threats include large international gambling companies with superior technology and marketing budgets, potential regulatory changes that could favor larger operators, and the commoditization of gambling products as technology becomes more standardized. The company's small scale compared to global leaders like DraftKings or Flutter Entertainment limits its ability to invest in technology and marketing at competitive levels.
Risks & safety
Codere Online presents moderate financial risk with adequate liquidity but limited profitability buffer. • Liquidity position: Strong with €42 million in cash and short-term investments as of Q2 2024, providing substantial runway given current burn rates • Debt levels: Conservative debt-to-equity ratio of 0.28, indicating manageable leverage • Cash flow: Slightly negative free cash flow of -€0.2 million in Q2 2024, but approaching breakeven • Profitability: Achieved positive adjusted EBITDA of €1.3 million in Q2 2024, marking progress toward sustained profitability • Valuation metrics: EV/EBITDA of 83x appears elevated, though this reflects the company's recent transition to profitability • Current ratio: Healthy at 1.33, indicating adequate short-term liquidity coverage • Revenue growth: Strong at 13% year-over-year, supporting business momentum • Other considerations: Regulatory risks in key markets, high customer acquisition costs, and competitive pressures from larger operators pose ongoing challenges to financial stability
Recent development
Over the past two years, Codere Online has undergone a strategic transformation from growth-focused to profitability-focused operations. The company shifted its customer acquisition strategy toward casino players, who require higher upfront marketing investment but generate superior lifetime value compared to sports betting customers. This pivot has resulted in casino games growing from 44% of revenue in 2021 to 59% by Q2 2024. The company has made significant technology investments in its casino platform, implementing enhanced prediction and recommendation engines, unique content offerings, and gamification features to improve customer engagement and retention. These improvements have contributed to a 20% increase in average monthly customer spend and a 16% increase in active customers. Geographic expansion efforts have been cautious but strategic, with the company pursuing licenses in Argentina's Cordoba and Buenos Aires provinces while maintaining focus on core markets. Management has taken a disciplined approach to new market entry, prioritizing return on investment over rapid expansion. The company renewed key partnerships, including its sponsorship with Rayados soccer team in Mexico, to maintain brand visibility in crucial markets. Operational efficiency improvements have been a key focus, with management successfully reducing marketing spend as a percentage of revenue while maintaining growth momentum. The company achieved its first positive adjusted EBITDA quarter since going public in Q3 2023 and has sustained profitability through 2024, marking a significant operational milestone.
CDRO company profile · for informational purposes only — not investment advice.
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