B2B igaming technology provider EveryMatrix announces its highest growth in company history.
EveryMatrix’s Q1 2023 update shows record financial performance and profitability across all business segments (casino, sports and platform), launching its biggest ever platform migration project, signing a significant omnichannel deal with a tier-1 brand in Europe and reinvesting positive cashflow for future growth.
RECORD QUARTERLY RESULTS
For the first quarter of 2023 (1 January to 31 March) the company recorded net revenue of €23.5 million, a staggering 69% year-on-year (YoY) growth and a 21% quarter-on-quarter (QoQ) increase. This is the sixth consecutive quarterly increase in a row.
The strong revenue growth resulted in record profits. EBITDA was up 119% YoY at €10.5m (€4.8m in Q1 2022) with a three-year CAGR of 39%. EBITDA/net revenue margin rose to 45% driven by strong growth and successful cost control.
EveryMatrix set a record quarterly gross gaming revenue (GGR) performance for operator partners within its casino business unit generating €374m, up 77% YoY compared to the same period in 2022.
The sports business unit continued to make impressive progress recording €991m in turnover, a more than 210% YoY increase. This strong growth is set to stay with two of the company’s largest deals signed in 2022 with Bet-at-home and the Hungarian lottery, Szerencsejáték, expected to be reflected in the last two remaining quarters of the year.
Ebbe Groes, group CEO of EveryMatrix, said: “Records keep on being broken and that is all down to our people. I’m very proud of all our business units and their teams who are relentlessly driving quarter-on-quarter growth for the business and for our partners across all areas.
“This year is all about delivering and going above and beyond for our global customers. We have several large-scale projects underway including a successful platform migration and new look sportsbook for Bet-at-home, with Germany to come shortly, and the launch of the Hungarian lottery’s new digital sports offering later this year.
“I’m more excited than ever for the future growth of EveryMatrix, with new omnichannel agreements being signed, and new, innovative gamification features set to create even more value for our operator partners.”
CASINO, SPORTS & PLATFORM GAIN FURTHER MOMENTUM
Casino recorded its fifth quarterly record net revenue in a row (€10.8m), up 84% YoY compared to Q1 2022, with EBITDA margin rising to 52%.
Sports net revenue was up 29% to €5.9m compared with the same period last year with the team migrating and relaunching Bet-at-home.com within the EveryMatrix platform and focused on delivering Bet-at-home.de, alongside a new digital sportsbook offering for the Hungarian lottery Szerencsejáték, later this year.
Bet-at-home also became the first tier-1 brand to use EveryMatrix’s new, enhanced front-end sportsbook which will be offered to other customers going forward.
The platform segment reported a net revenue increase of 97% compared to the same period last year with a record EBITDA contribution of €3.4m with the business supporting both casino and sports business units.
KEY MILESTONES IN Q1
- Launched Bet-at-home.com on EveryMatrix platform and tech stack with new look front-end; on track to launch Bet-at-home.de in Q2 2023
- Signed significant omnichannel and managed services agreement with a tier-1 operator in Croatia
- 35 new contracts signed in eight different jurisdictions including three turnkey clients
- 14 new affiliate platform deals signed compared to eight in Q1 2022
- Nine new payment integrations delivered
- Received licence approval in the US state of Connecticut; fifth North American licence after Michigan, West Virginia, New Jersey and Ontario, Canada
- Agreed content deal with US brand BetParx, one of the largest mobile brands in the northeast of the US
- Received MGA (Malta) and Greece licence approval for new jackpot gamification product JackpotEngine