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EveryMatrix reports record net revenue and EBITDA in Q1

| By Marese O'Hagan
EveryMatrix set a net revenue record of €39m (£33.5m/$42.0m) in the first quarter of the year, marking a rise of 66%, while also reaching new heights in EBITDA.

The net revenue spanned all EveryMatrix products. The company noted that this growth includes revenue from acquisitions. Adjusted for this, organic net revenue rose 65% yearly.

Revenue alone hit €80m, also up 66% compared to Q1 2023. EBITDA also hit a new high, rocketing 111% to €22.3m.

The EBITDA margin was 57% for the quarter, up from 45% in Q1 2023 and another new record. EveryMatrix noted that this was due to client launches, improved sports trading margins and continued growth in its casino segment.

Ebbe Groes, group CEO of EveryMatrix, said that EveryMatrix’s segmental performance was a particular highlight in Q1.

“It’s been more than a year of the company breaking records and hitting new highs and this quarter has been the best yet,” said Groes.

“From casino, sports and platform that are all showing extremely positive signs of sustained growth and expansion, to our affiliate, payments and live casino divisions that are pushing the boundaries of technology and paving the way for future success, we’re in a fantastic position for the remainder of 2024 and beyond.”

An eventful quarter with improved GGR across the board

During the quarter, EveryMatrix launched gaming content in Michigan with DraftKing’s Golden Nugget as well as BetMGM through Entain.

It also added 886 new games to its platform, bringing its B2B aggregator SlotMatrix’s total to 27,825. EveryMatrix also received B2B technology provider accreditation from Peru’s ministry of foreign trade and tourism (MINCETUR).

Last week EveryMatrix went live in New Jersey with Supremeland Gaming, its first exclusive US aggregation partner. As part of the deal, Supremeland Gaming’s content is available on DraftKings through SlotMatrix.

In conjunction with iGB, EveryMatrix also released the Colombia, Germany and Peru editions of the Slot Trumps Player Behaviour Report during Q1.

Gross gaming revenue (GGR) from EveryMatrix’s Casino segment was €619m for the quarter, up 5% from Q4 2023 and 65.5% year-on-year.

Affiliate EBITDA drop due to “continued investment

Casino net revenue was €19.9m, a rise of 82.5% yearly. EBITDA for this segment was €13.2m, up 132% year-on-year. The EBITDA margin was 67%, edging up 3% from the previous quarter.

The OddsMatrix sports segment GGR quadrupled from Q1 2023 to €96m, while sports turnover hit €1.29bn. This turnover marked a 1% quarterly decline, but a 30.9% yearly rise. Sports net revenue was up 77.9% to €10.5m.

OddsMatrix also recorded 173 live events in a single month during Q1, with the average monthly number of bets placed reaching 39 million.

Turning to Platform and net revenue was up 28% to €7.3m. EBITDA for this segment increased 13% to €3.2m. The player account management system also saw a new record, hitting 230,000 bets per minute at peak times.

On the Affiliate side – which includes PartnerMatrix and DeepCI – net revenue rose 39% to €1.4m. However, EBITDA fell dramatically by 179% to a loss of €400,000. EveryMatrix said this was due to ongoing product and commercial investment.

Over the previous twelve months, EBITDA totalled at €71m, increasing by 145% year-on-year.

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