(AsiaGameHub) –   Colombia has continued to play a crucial role in Codere Online’s growth, as the country’s President was urged to suspend the 19% emergency VAT tax imposed on the industry.

Previously, the operator had maintained a firm position, stating it would pause all further investments in Colombia until the 19% tax introduced by President Gustavo Petro and his Humana government was fully revoked.

With Petro now ordered to remove the tax, the Colombian market holds significant potential for Codere Online, particularly as it remains one of the group’s key markets despite ongoing taxation challenges.

As net gaming revenue increased for the company, Mexico emerged as its primary growth engine, supported by broader positive trends across the region, especially in major markets including Panama, Colombia, and Buenos Aires.

Overall, the period marked a generally favorable performance for Codere Online, with revenue rising 16% compared to the prior period, reaching €60.3 million (£54.7 million).

Crucially, the company’s financial trajectory is moving toward profitability, with Marcus Arildsson, Chief Financial Officer of Codere Online, noting “a clear step forward in profitability.”

Aviv Sher, Chief Executive Officer of Codere Online, commented: “We delivered an exceptionally strong start to 2026, achieving record quarterly net gaming revenue of €64.4 million, up 13% year-on-year.

“In Spain, performance improved notably, with net gaming revenue growing 16%, reflecting a sustained and accelerating continuation of the positive momentum we observed in the second half of 2025—particularly during the fourth quarter.

“Mexico also sustained double-digit growth, driven by a 20% increase in the number of active customers.”

In anticipation of a pivotal opportunity for market expansion during the World Cup, Mexico remained Codere’s leading market.

During Q1, net gaming revenue (NGR) in Mexico alone rose by 13% to €34.6 million (€30.5 million), underscoring robust overall performance in the country, where total revenue amounted to €30.4 million.