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EveryMatrix posts record profit as casino takings soar

| By Richard Mulligan
EveryMatrix posted a strong close to 2022 as growth across all segments helped it achieve record revenue and profit figures.

In a trading update, the B2B igaming technology provider said revenue was up 66% year-on-year to €39.5m ($43.5m/£35.1m) for the three months to 31 December 2022. Revenue for the full year was up 47% to €127m.

During the quarter, its operators’ GGR was worth €312m from casino, which was up 54% year-on-year. Sport was down 14% to €24m due to heavy odds promotion from its biggest client, however record sport turnover of €737m was up 138%.

Gross profit, its preferred metric for underlying performance, was up 39% to €19.4m, while earnings before interest, tax, depreciation and amortisation (EBITDA) grew 81% to €6.9m. The EBITDA/gross profit margin was 36%, which it said was a small drop due to additional year-end expenses.

Future growth plans

Gross profit in casino was up 43% to €8.9m while EBITDA margin stabilised. Sport gross profit was up 18% to just over €5m, with the full-year figure up 28% to €19.3m.

The group said it expects big gains in 2023 following the addition of Bet-at-home and Szerencsejáték ZRT, the Hungarian national lottery.

Gross profit for its platform segment, which includes GamMatrix and PartnerMatrix, increased 63% year-on-year to around €5m. The group said platform continues to support casino and sports contracts while getting an increasing share of the revenue. 

EveryMatrix said the impact from the regulatory changes in Germany is now fully recovered and added to rapid growth from the rest of the world. Rest of world gross profit was up 43% year-on-year, and by 113% compared to Q4 2020.

Germany accounted for around €1m of gross profit during the quarter, as EveryMatrix said “strong comparable figures reflect the core business’ continuous growth”.

Within the €65.0m gross profit figure for the full year, casino accounted for €29.4m, with sports at €19.3m and platform at €16.3m.

EveryMatrix said it has been successful in cost control measures, with headcount increasing by just 2% to 698 compared to a 30% rise in 2021.

During the quarter, EveryMatrix announced its first US launch with BetMGM. In January, EveryMatrix won the public lottery tender to provide the Hungarian national lottery Szerencsejáték with its sports betting software and services.

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