Codere Online named official NFL betting partner in Mexico

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The Backstory

NFL deal lands as Mexico becomes Codere’s main growth test

Codere Online’s agreement to become the NFL’s official betting partner in Mexico is the company’s most visible move yet to tie its growth strategy to the country’s deepening sports betting market. It also arrives at a moment when Mexico has become both Codere’s clearest revenue driver and one of its more complicated regulatory bets.

The partnership gives Codere access to NFL marketing, hospitality and fan engagement opportunities tied to one of the most-followed U.S. sports leagues in Mexico. It also puts the operator alongside major league events, including the NFL Mexico City Game and Super Bowl LXI, at a time when global sports properties are increasingly being used by betting companies to lower acquisition costs, strengthen brand trust and convert casual fans into recurring customers.

For Codere, the deal is less a standalone sponsorship than an extension of a strategy that has been building for several quarters: concentrate capital in markets where the brand is established, competition is manageable and sports betting can feed higher-margin online casino activity.

Quarterly momentum gave management room to spend

Codere’s management had signaled before the NFL announcement that Mexico was carrying the business. In its most recent second-quarter update, executives described the period as a standout, with revenue rising 27% and monthly active users up 12%. The company also reported 282,000 new-player signups and 108,000 first-time depositors, helped by World Cup-related betting volume.

Chief Executive Aviv Sher said the tournament performance was materially ahead of the 2022 comparison, while Chief Financial Officer Marcus Arildsson pointed to Spain and Mexico as the main drivers of the quarter. The company also benefited from stronger results outside its core markets, but management’s emphasis was clear: Mexico was doing more than offsetting weakness elsewhere.

The earnings call also showed why a marquee league partnership could make financial sense. Codere had increased marketing investment but still reduced its cost of player acquisition, a key metric for betting operators navigating heavy promotional competition. Sher said player quality mattered more than bargain acquisition, noting that low-cost customers tend to return only for major events. That view helps explain why Codere would pursue the NFL, whose brand and event calendar give operators a recurring set of high-attention moments rather than a one-off tournament spike.

The World Cup also provided evidence of cross-sell potential. Sher estimated that 30% to 40% of sports betting customers crossed into igaming during the tournament. That is central to Codere’s economics because online casino typically offers more stable engagement than sports betting, which is more tied to match schedules and event outcomes. The NFL partnership gives Codere another funnel into that model.

Mexico’s tax burden complicates the opportunity

Codere’s enthusiasm for Mexico has been tempered by policy risk. In a February earnings discussion, management said the country remained the company’s growth engine, even as the government moved to raise gaming taxes from 30% to 50%. Arildsson said Codere was working on operational efficiency to absorb higher taxation, while Sher said the increase was not a danger to the business or revenue generation.

That balance — confidence in demand, caution on regulation — has become a recurring theme. In a later discussion on Colombia and Mexico, Codere executives said Mexico’s higher tax rate could discourage new entrants and create a more favorable competitive landscape for incumbents. Sher said he expected a chilling effect on operators considering entry, while the company reviewed its commercial agreements to determine how the tax impact might be shared.

The logic is straightforward. Higher taxes compress margins, but they also raise the cost of competing. A company with brand recognition, existing customers and local partnerships may be better positioned than a newcomer that must spend heavily just to gain awareness. The NFL deal fits that defensive and offensive posture: it strengthens Codere’s consumer profile while the market potentially becomes harder for late entrants.

Codere also has benefited from disruption among competitors. Management previously said two major rivals in Mexico had been sidelined for political reasons, improving the company’s relative position. In that context, an exclusive official betting relationship with the NFL could help convert a temporary competitive opening into longer-term market share.

Colombia’s uncertainty pushed attention north

Codere’s Mexico push also reflects limited appetite for risk elsewhere in Latin America. Colombia, once an important regional market for international online operators, became a problem for Codere after a value-added tax on deposits weakened unit economics. Executives said in their third-quarter call that Codere would make no further investment in Colombia if the VAT were renewed, calling the market unattractive under that tax structure.

That position hardened in the fourth-quarter discussion, when Sher said the company would remain on the sideline until the VAT situation became clearer. Arildsson described the Colombian environment as fluid, and management said it was treating the tax as though it still existed even after signs that it might be removed. The result was a capital allocation shift: avoid uncertain markets and concentrate on those with better returns.

Mexico, despite its own tax increase, looked more investable by comparison. Customer acquisition costs were lower, player value was comparable and return on investment remained attractive, according to management. Sher also said it would be unwise to enter new markets while existing markets were producing excess income. That view supports the NFL partnership, which deepens Codere’s exposure to a country it already understands rather than stretching the company into unfamiliar jurisdictions.

The comparison with Colombia is important because it shows Codere is not simply chasing Latin American growth. It is choosing where regulation, consumer demand and competitive structure leave enough room to spend. Mexico’s stronger outlook won that internal contest.

Product expansion supports the sports-led funnel

Codere has also been building the product depth needed to retain users acquired through sports. The company recently expanded its Mexican casino offering through a RubyPlay content partnership in Mexico, adding slot titles from RubyPlay and Koala Games. That deal followed the launch of an iOS poker app in Mexico through a Playtech venture.

The timing matters. A high-profile sports partnership can drive registrations around NFL games, but retention depends on a broader gaming environment. Codere’s casino expansion gives the company more options to keep users active between sports events and to increase customer lifetime value. Management has said igaming already represented the majority of business in some periods, including 64% of fourth-quarter activity versus 36% for sports betting.

This blend of sports marketing and casino content mirrors a wider industry pattern. Operators use leagues and teams to create credibility and immediacy, then rely on product breadth to sustain engagement. Codere’s NFL deal therefore should be read alongside its casino and poker additions, not apart from them.

The NFL itself has been expanding its gaming-related commercial footprint in different forms. Aristocrat Leisure’s Product Madness recently launched NFL Super Bowl Slots, a free-to-play social casino game, in collaboration with the league and the NFL Players Association. That product is not a real-money betting app, but it underscores the league’s willingness to license its brand into gaming-adjacent channels that deepen fan engagement.

Brand power raises the stakes for execution

The NFL agreement gives Codere a premium asset in a market it has repeatedly identified as central to its future. It also raises expectations. Sponsorships with global sports leagues are expensive and visible, and their value depends on conversion, compliance and sustained engagement after the marketing burst fades.

Codere’s recent results suggest it has momentum to exploit the deal. Its second-quarter revenue growth, strong World Cup conversion and management’s confidence in Mexico provide a foundation. But the risks remain clear: higher taxes can pressure margins, regulatory priorities can shift and sports-led customer acquisition can be volatile if users do not migrate into broader igaming products.

That is why the NFL partnership is strategically significant. It is not merely a badge of association with a major league. It is a test of whether Codere can use a world-class sports brand to reinforce its position in Mexico, defend against future competition and turn event-driven betting enthusiasm into durable digital gaming revenue.