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EveryMatrix winning streak continues as casino record broken again in Q3

| By Richard Mulligan
EveryMatrix generated record net revenue in its latest trading period with huge gains across both its casino and sports verticals.
EveryMatrix q2 results

EveryMatrix saw revenue up 79% year-on-year to €60m ($64.2m/£52.1m) during the three months to 30 September. Net revenue reached a record €27.2m, which was up 62%, and with a three-year CAGR of 47%.

The technology supplier’s success was driven by strong growth across business segments. It was yet another record quarter for casino, with operator clients generating €463m in gross gaming revenue (GGR), up 77%. Sports turnover surged by 85% to €810m, and GGR increased by 26%. This is despite headwind from exchange rate effects, sports results and increased odds promotion from its large clients.

This is the third consecutive quarter with organic net revenue growth above 50%.

EveryMatrix sees strong growth across verticals

Casino set a successive quarterly record with net revenue of €13.3m, up 74% and, on a quarter-by-quarter basis, 6%. EveryMatrix introduced 890 games from casino vendors, in addition to more than 250 games integrated from four new casino vendors.

In sports, net revenue reached €6.3m, which was up 29%, but down 19% compared to Q2. Revenue grew thanks to the number of bets placed increasing by 65%. Average monthly count of live events also surged by 43%.

Net revenue from its platform reached €6.3m, which was up 87% and up 8% compared to Q2. MoneyMatrix experienced a significant 59% increase in the number of successful transactions. GamMatrix, its gaming and player account management platform, processed 110,000 bets per minute during peak hours, up 22% compared to Q2.

Affiliates increasingly important for EveryMatrix

EveryMatrix reported on its affiliate segment for the first time as a separate entity due to its increased importance. Net revenue increased to €1.2m, which was up 48% and by 44% compared to Q2. This growth was largely driven by the addition of DeepCI from July 2023. DeepCI expanded the number of serviced geographical locations by more than double, now covering over 65 jurisdictions.

EBITDA was up by 113% year-on-year to €13.7m. This came despite adverse exchange rate effects, which it said demonstrated the business’ ongoing robust ability to convert growth into profitability. EBITDA margin decreased slightly to 50% from an all-time high in Q2 driven by headwind from exchange rate effects and low sports trading margins due to adverse results in line with other industry participants.

EveryMatrix CEO focuses on new clients

Ebbe Groes, Group CEO of EveryMatrix, said: “Everyone’s hard work has paid off this quarter with yet another very strong period of organic growth and profitability that has seen us accomplish some major milestones and launch significant tier-1 projects.

“Positive and social impact, however, is also proven to drive a sustainable and profitable business so I was particularly proud in September when the business became the first supplier to achieve WLA Safer Gambling Certification. This sees us commit to consistently implementing high standards of safer gambling and player protection across the entire business in everything we do and I look forward to building on this as we head towards 2024.”

Groes also focussed on post-period events as EveryMatrix went live with Germany’s Bet-at-home and the Hungarian national lottery’s online brand TippmixPro. It also signed a first multistate content aggregation agreement in the US regulated market with operator BetPARX.

“Bet-at-home.de and SZRT have arguably been the most complex technical and regulatory undertakings we have ever achieved in the 15 years since we began, but we have delivered extensive turnkey projects with flying colours and the involvement of almost every EveryMatrix business unit,” Groes added.

“More importantly, both clients have recognised the demanding nature of this migration and integration and have been glowing with praise for our work. This fills me with pride and confidence for our future growth.”

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