Casino the star performer for EveryMatrix as Q1 revenue climbs 39%
EveryMatrix is on track to beat its “phenomenal” 2024 performance in 2025, according to group CEO Ebbe Groes, after Q1 revenue and EBITDA grew year on year. Casino made up more than half of group revenue for the period, with sports betting breaking “breaking record after record”, Groes said.
Net revenue for the three months to 31 March hit €54.3 million ($61.5 million), up 39% from Q1 of last year, results released Thursday show. However, it falls marginally short of the €55 million reported by EveryMatrix in Q4.
As a private company, EveryMatrix does not publish a full financial review for its quarterly performance. Instead, it released a roundup of each period, highlighting certain figures and key events. With this, the supplier said revenue growth was accompanied by a 27% rise in group EBITDA to €28.2 million.
Despite the business posting record numbers in 2024, Groes believes EveryMatrix’s Q1 results suggest it could surpass these levels in 2025.
“I’m very excited for 2025,” Groes said. “Q1 was a solid quarter, a great start, and the rest of the year looks just as promising. We had a phenomenal year in 2024, which will be hard to beat, but thanks to the momentum we’ve set in motion during the last few years, I’m sure we’ll be able to do it.”
Record casino quarter for EveryMatrix
In the report, EveryMatrix noted year-on-year growth in both its casino and sports betting segments.
Casino remains the primary revenue source, generating €26.6 million in Q1. This represents a rise of 44% and a new quarterly record for the segment. EBITDA was also 29% higher at €16.8 million for this area of the business.
The supplier put this down to continued investments in live dealer and in-house production, including the launch of two new games and its first three dedicated blackjack tables. This, it added, was helped by the acquisition of Fantasma Games in October last year.
Turning to sports betting, net revenue climbed 50% to €15.8 million, with EBITDA up 51% to €9.7 million. EveryMatrix said this was partly driven by a record number of live events in the quarter, reaching almost 600,000.
Also on sports betting, the total number of wagers jumped by 35% to 160 million. This, the supplier added, includes figures from FSB Technology, which it purchased in July 2024. The FSB deal allowed EveryMatrix to roll out its new horse racing product in Q1.
“Our sports division never ceases to amaze me, breaking record after record,” Groes said. “This quarter, we managed to reach 600,000 live events, all thanks to our ability to expand our coverage and add new products and features even while experiencing this much continuous growth.”
Platform growth, affiliate decline in Q1
As for its other segments, platform net revenue climbed 18% to €8.6 million, though EBITDA was down 23% to €2.4 million. Standout developments here include a new, UK-regulatory compliant turnkey solution and migrating the first FSB client to its platform after the quarter end.
Its PAM wallet system processed 475,000 gaming transactions per minute during peak hours. This is 5% higher than the previous quarter.
Finally, net revenue from Q1 affiliate activities under the PartnerMatrix brand was 4% lower year-on-year at €1.3 million. In addition, EBITDA came in at a loss of €700,000 for the quarter.
EveryMatrix launched its PartnerMatrix Intelligence product with FanDuel in the US, as well as merging intelligence and affiliate back offices to improve its offering. The supplier also rolled out a new intelligence portal for clients in Q1. In total, PartnerMatrix signed up 20 new clients in the quarter.
By the end of the first quarter, EveryMatrix increased its total employee count by 36% to 1,311.
Samoil Dolejan, CEO of GamMatrix, assumed leadership of payments arm MoneyMatrix and DataMatrix. In addition, the supplier relocated to new offices in Cebu, Chiang Mai, and returned to London, where it opened a new office last month.