Codere Online has signed a multi-year agreement with the NFL that makes it the league’s official betting partner in Mexico, handing the Nasdaq-listed operator sponsorship rights around Super Bowl LXI and the regular-season game in Mexico City on 22 November.
The agreement, announced on 10 September, carries three designations: official betting partner of the NFL in Mexico, official partner of Super Bowl LXI, and official partner of the NFL Mexico Game. Codere Online did not disclose the fee or the length of the term.
What the agreement covers
The package gives Codere Online activation rights across several Mexican cities, hospitality and VIP programmes tied to league events, and access to NFL merchandise for player promotions. The two anchor moments are fixed: the 2026 Mexico City game on 22 November, which pairs the San Francisco 49ers with the Minnesota Vikings, and Super Bowl LXI in Los Angeles in February 2027.
Carlos Sabanza, Director of Sponsorships and Public Relations at Codere Online, framed the deal in terms of brand positioning.
Partnering with the NFL represents an important milestone for Codere Online and reinforces our ambition to remain associated with world-class sports properties.
Arturo Olivé, Managing Director of NFL Mexico, framed it from the league’s side.
Mexico is one of the NFL’s most vibrant and important international markets. We are pleased to welcome Codere Online.
The NFL has run regular-season games in Mexico City since 2016 and treats the country as its largest international fanbase outside the United States. Betting sponsorship in that market is a newer category, and the league has kept it narrow, with one designated betting partner rather than a roster.
Mexico is now the larger half of the business
The timing follows Codere Online’s strongest quarter as a public company. Q2 2026 net gaming revenue reached €69.4m, up 27% year on year, with Mexico contributing €36.1m of that at 24% growth and Spain €27.6m at 25%. Other markets, which include Colombia, Panama and Argentina, added €5.7m and grew 54%.
Average monthly active players across the group hit 173,000, of which 88,200 were in Mexico. That Mexican player base grew 3% year on year, well behind the 24% revenue growth from the same market, which points to higher spend per player rather than a wider funnel. A sponsorship built around two national television moments is a reasonable answer to that gap.
Adjusted EBITDA came in at €5.8m for the quarter, €3.5m above Q2 2025. The company posted H1 net income of €5.6m against a €3.1m loss a year earlier, holds €62.6m in cash and carries no financial debt. On the back of the quarter it raised full-year guidance to €255m to €265m of net gaming revenue and €20m to €25m of adjusted EBITDA.
The market it is buying into is getting more expensive
Mexico’s Senate approved an increase in the IEPS levy on online gambling from 30% to 50% in November 2025 as part of the 2026 revenue package, over objections from operators who argued the rate would push players toward offshore sites. Codere Online is committing marketing budget to a market where the tax line moved sharply against it inside the past year.
The pressure is regional. Buenos Aires has started applying a 2% levy on online casino prizes, and Brazil’s government is preparing a decree to restrict its betting market, including advertising. Rights deals signed now are being priced into markets where both tax and promotion rules are still moving.
Sports rights remain the main lever
Codere Online’s recognition in Mexico has rested largely on football, including its sponsorship of Rayados de Monterrey, renewed in 2024. The NFL agreement puts a second sport behind the brand and gives it a February window that domestic football cannot match.
Operators across the industry are still paying for league and club association as the cheapest route to national reach, a calculation visible in deals such as BetMGM’s extension with Newcastle United for the 2026/27 season. The difference in Mexico is that the advertising and tax environment could change again before the deal has run its course.
The first test arrives on 22 November, when a single game in Mexico City has to carry the activation spend. The second arrives in February, when Super Bowl LXI gives Codere Online its widest Mexican audience of the year. Whether the numbers justify the rights fee will show up in the Q4 and Q1 player figures, not in the announcement.
Source: Codere Online
