Aviv Sher, CEO of Codere Online, has expressed a lot of confidence that his bookmaker will come out on top against its competitors during trading around the North America-hosted FIFA World Cup 2026.
The World Cup is always big business in Spanish language nations, whether in Spain itself or the football-obsessed Latin American countries of Uruguay, Argentina, Colombia, Mexico, Ecuador and Paraguay.
It stands to reason that it will be big business for Codere Online also, but the company will find itself going up against a host of local and international competitors in the Spanish-speaking markets it targets. This has not affected Codere Online’s outlook…
SBC News: What would define a successful World Cup year for Codere?
Aviv Sher: For Codere Online, a successful World Cup is defined by a few broad areas, naturally with a key focus on acquisition and retention. It’s an important window for acquisition, but equally so for retention or reactivating past users.
We’re lucky enough that all five of our core markets have seen their national teams qualify, so we’re well placed to capitalise on national pride and fervour as those teams enjoy what we hope to be successful campaigns.
How important is not only onboarding new customers, but customer retention after the tournament has concluded?
Our focus is always on quality over quantity.
We have seen in our own customer database that certain promotional approaches can attract players who have a limited impact on net gaming revenue while making segmentation more complex, and that’s a lesson we take very seriously heading into the World Cup window.
The operators who win over the medium term are those who use tournaments as a funnel, not a finish line.
Mexico seems to be your standout improver ahead of the World Cup. Are you already seeing early signs of increased engagement linked to the tournament, with the country playing host?
Mexico is performing exceptionally well, and the trajectory is clearly positive heading into this summer. Our active customer growth, ahead of the tournament, is encouraging. Mexico delivered standout results that bode well for us as the country prepares to co-host the FIFA World Cup starting this month.
We’re seeing underlying engagement improve, and the brand awareness and football culture in Mexico gives us a real tailwind. The World Cup being played on Mexican soil creates a level of local fervour and personal connection that no overseas tournament can replicate.
How aggressive has investment in customer acquisition around the World Cup been, and how do you balance that with maintaining profitability targets?
We are being disciplined and strategic rather than reckless. We’re looking at efficient, high-impact marketing opportunities such as opportunistic content partnerships, rather than competing purely on media spend.
The cost-per-acquisition environment is relatively stable right now, with the exits of some competitors partially offset by some new entries. In any case, we are not chasing World Cup content but rather maintaining our targeted approach towards high-value customers leveraging our brand strength.
Active customers rose significantly again this quarter. Is there now more of a focus on iGaming, rather than sportsbook for Codere, even with the World Cup coming up?
The numbers speak for themselves. Casino accounted for 63% of total net gaming revenue in Q1 2026, with sports betting contributing the remaining 37%. Casino is our primary engagement engine and that has been true for some time now in our core markets.
That said, the World Cup provides a genuine opportunity to grow the sportsbook vertical and introduce casino to new customers who come in via football. The two products are complementary. We expect a natural sportsbook uplift during the tournament, but our strategy is to cross-sell those players into our casino offering.
The long-term revenue profile of an engaged casino player is significantly stronger than a purely sports-focused one. Beyond sports and casino we also offer poker, bingo, and are always looking to improve our offering to give our customers a full 360-degree experience.
Competition across Latin America is intensifying ahead of the World Cup. Where do you think Codere Online has a structural advantage over larger international operators?
Our biggest structural advantage is that we are genuinely local. We leverage the Codere Group’s extensive bricks-and-mortar casino footprint across Spain and Latin America to support an omnichannel gaming strategy. Global operators parachuting into these markets don’t have that.
We have been in Mexico, Colombia, Argentina and Panama for years, and we understand the regulatory landscapes, the cultural nuances, the payment infrastructure, and crucially, we have brand trust. We don’t deploy a one size fits all strategy globally but rather localize our offering to each market, and that makes a huge difference for our customers.
With this year’s World Cup being a North American-hosted one, what knowledge about the tournament and its significance for betting do you think SBC Summit Americas attendees will leave with?
Attendees will leave with a much clearer understanding of why this particular World Cup is unlike any before it for the betting industry. Mexico is a co-host with some of the most passionate football fans on the planet, and it is Codere Online’s largest and fastest-growing market.
The proximity of games, the timezone alignment, and the national investment in the host nations’ participation creates a depth of engagement that is extraordinary. We’ll share what we’ve learned about the importance of localised, compliant marketing in a tournament window, how to balance sportsbook acquisition with iGaming retention, and what realistic expectations look like when it comes to tournament-driven revenue.
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Aviv Sher is one of many high profile gambling industry figures who will be speaking at the SBC Summit Americas, running between 9-11 June 2026.
The conference starts tomorrow, 10 June, so there’s still time to get your ticket!
Still haven’t got a ticket? Get your tickets for SBC Summit Americas here!
Source: SBC News
