EveryMatrix profit margin soars as quarterly results break more records
EveryMatrix’s Q2 2023 update shows significant organic growth and profitability across casino, sports and platform powering the business to a seventh successive record quarter with net revenue of €27 million and EBITDA of €15m, up 82% and 188% respectively year-on-year (YoY) and up 15% and 42% quarter-on-quarter (QoQ).
EBITDA/net revenue margin rose from 45% in Q1 2023 to 55% in Q2 2023, EveryMatrix’s highest ever quarterly profit margin, driven by strong growth and successful cost control.
RECORDS CONTINUE TO BE BROKEN
It has been yet another record-breaking quarter across all business segments with EveryMatrix Casino products consistently proving to be the driving force behind the accelerated growth of multiple global tier-1 brands.
EveryMatrix set a record quarterly gross gaming revenue (GGR) performance for operator partners within its casino business unit generating €432m, an increase of 86% YoY compared to the same period in 2022, 16% up on the previous quarter.
Casino net revenue was also a record, rising to €12.6m for the quarter, 83% higher than the same period last year.
CasinoEngine, EveryMatrix’s industry-leading productivity platform, generated a monthly turnover of €4bn and surpassed four billion monthly game rounds for the first time.
The sports business unit generated €57m in GGR, a YoY rise of 137%, while sports net revenue for the quarter rose 79% compared to the same period in 2022.
EveryMatrix’s platform business unit saw a net revenue rise of 85% YoY with clients reaching more than 90,000 bets per minute during peak time while simultaneously migrating several major customers to its completely rewritten and ultra scalable wallet service.
DEEPCI ACQUISITION
On 1 July EveryMatrix acquired DeepCI, a unique, data-driven betting and gaming affiliate optimisation service.
DeepCI proprietary technology monitors tens of thousands of affiliate sites on a global basis with the ability to identify the location of each gaming brand on every page of every website. This allows it to establish how much exposure each brand receives and how effective it is on each site, page and market, while providing actionable recommendations to operators.
It delivers its services to some of the world’s largest betting and gaming brands including Bet365, 888.com, Betway and Betsson.
The service empowers gaming companies to track both their own and their competitors’ performance and make rapid, revenue-generating optimisation decisions. Due to its remarkable growth DeepCI has already reached profitability.
The DeepCI team has been integrated into EveryMatrix with CEO Lewis Civin managing the business as an independent part of the group.
Ebbe Groes, group CEO of EveryMatrix, said: “This business, and our team of more than 750 people across 12 countries, continue to amaze me every day generating consistent, record growth and profitability for our customers who continue to benefit from the industry’s best casino, sports and platform products.
“Our mission this year centres around our relentless drive to deliver the highest quality technology and services for our customers and a seventh record quarter in a row proves we are firmly on course to achieving our goals.
“Our acquisition of DeepCI shows we are constantly looking to add complementary and innovative technology to our existing offering. Alongside our PartnerMatrix business unit this game-changing technology will create even more value for our clients and I’m excited with what more we can achieve in the quarters to come.”
KEY MILESTONES IN Q2 2023
- 26 new contracts signed across eight markets
- Signed 2win.mk, EveryMatrix’s sixth European Lotteries/World Lottery Association customer with OddsMatrix sportsbook
- LotteryEngine live with first client, powering omnichannel ticket sales for the Malta National Lottery
- Added 50+ new customers via DeepCI acquisition
- Live with DraftKings and WynnBet in the US market
- OddsMatrix data feeds agree US Integrity partnership to safeguard North American consumers from betting-related fraud and corruption
- Added 80 new employees during the quarter taking total to 750+ across 12 countries