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EveryMatrix boasts another record quarter for revenue

| By Marese O'Hagan
EveryMatrix reported another record quarter in Q2 2023, noting particular growth in its casino segment alongside net revenue and EBITDA.
EveryMatrix q2 results

Net revenue for the quarter was €27.0m (£23.2m/$29.3m), up by 82.0% year-on-year and bolstered by record performance in EveryMatrix’s casino segment. Casino accounted for €12.6m of the total net revenue, a rise of 83%.

EveryMatrix dubbed its casino segment as the “driving force” behind the growth of tier-one brands.

Meanwhile, earnings before interest, tax, depreciation and amortisation (EBITDA) rocketed 188% year-on-year to €15.0m.

Deep CI acquisition

Following the quarter’s end, EveryMatrix acquired DeepCI for an undisclosed sum. EveryMatrix noted that the acquisition saw 50 new clients added to its roster.

“Our acquisition of DeepCI shows we are constantly looking to add complementary and innovative technology to our existing offering,” said Ebbe Groes, group CEO of EveryMatrix.

“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.”

Increased net revenue and GGR

The net revenue consisted of €7.8m in sports revenue, a rise of 79.0%. Net revenue from EveryMatrix’s platform segment also grew, by 85% to €6.7m.

In June, EveryMatrix went live with DraftKings in New Jersey. The following month, it also went live with WynnBet in New Jersey. Plans are in place for both deals to eventually expand to other states.

In terms of gross gaming revenue (GGR), EveryMatrix recorded €432m in its casino segment, up by 86.2% yearly – another record.

GGR for EveryMatrix’s sports segment increased by 137.5% to €57.0m. The company said this was due to improved margins from reduced odds promotion.

EveryMatrix’s profit margin for Q2 grew to 55%, an all-time high. The company said this was due to the increased revenue and “successful” cost control.

EveryMatrix also maintained its cash position during the quarter, balancing at €34m by the quarter’s end.

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