EveryMatrix, the renowned iGaming software provider, has witnessed a season of remarkable financial growth, setting new records across its multi-faceted online gaming products. A significant surge was seen across all products, encompassing revenues even from recent strategic acquisitions. When adjusting for these acquisitions, organic net revenue experienced an impressive annual leap of 65%.
The first quarter of 2024 became a testament to EveryMatrix’s thriving business model, with revenues reaching a substantial €80m. This figure not only represents a 66% increase compared to the same quarter in the previous year but also marks a pivotal milestone for the company. EBITDA, a measure of the company’s operating performance, followed suit by soaring to a record €22.3m, indicating a year-on-year rise of 111%.
Remarkably, the EBITDA margin also hit a new milestone, climbing to 57% in the quarter, up from 45% in Q1 of 2023. This significant margin growth can be attributed to various factors, such as successful client launches, improved sports trading margins, and continued advancement in the casino segment.
Ebbe Groes, the Group CEO of EveryMatrix, articulated his enthusiasm regarding the extraordinary segmental performance in Q1. He noted, “It’s been more than a year of the company breaking records and hitting new highs, and this quarter has been the best yet.” Groes highlighted the sustainability of growth and expansion across all EveryMatrix verticals, including casino, sports, and platform services, in addition to the divisions such as affiliate, payments, and live casino that are at the forefront of technological advancement, setting up the enterprise for long-term success.
During this eventful quarter, EveryMatrix amplified its market influence by launching gaming content in Michigan, collaborating with DraftKing’s Golden Nugget as well as BetMGM via Entain partnership. The company’s B2B aggregator, SlotMatrix, swelled its library of games by an additional 886 titles, culminating in an impressive total of 27,825 games. Additionally, EveryMatrix secured crucial B2B technology provider accreditation from Peru’s Ministry of Foreign Trade and Tourism (MINCETUR), bolstering its credentials in the international iGaming arena.
Furthermore, EveryMatrix made its debut in the New Jersey market with Supremeland Gaming. With this arrangement, Supremeland Gaming’s content has been made accessible on DraftKings through the SlotMatrix platform. The company has also played a significant role in publishing the Slot Trumps Player Behaviour Report for Colombia, Germany, and Peru in partnership with iGB.
The casino segment alone brought in a gross gaming revenue (GGR) of €619m for the quarter, reflecting growth from the previous quarter and a staggering 65.5% year-on-year increase. Casino net revenue was reported at €19.9m, soaring by 82.5% on a year-over-year basis. The EBITDA for this segment reached €13.2m, jumping by 132%, with the EBITDA margin slightly increasing to 67%.
The sports segment, known as OddsMatrix, witnessed a GGR that quadrupled since Q1 2023 to €96m. Although the sports turnover saw a 1% quarterly decline, it achieved a substantial year-on-year rise of 30.9%, resulting in a sports net revenue upsurge of 77.9% to €10.5m. OddsMatrix also boasted an impressive feat, charting 173 live events within a single month during the quarter and an average of 39 million bets placed monthly.
EveryMatrix’s Platform segment saw a 28% increase in net revenue, reaching €7.3m, while its EBITDA grew by 13% to €3.2m. The company’s player account management system also smashed records, managing to handle 230,000 bets per minute at its peak times.
On the affiliate front, despite net revenue rising 39% to €1.4m, the EBITDA faced a nosedive, resulting in a loss of €400,000, which the company attributes to ongoing investments in product enhancement and commercial strategies.
In reviewing the financial highlights from the previous year, EBITDA summed up to an impressive total of €71m, presenting a robust 145% year-on-year growth, setting a strong foundation for EveryMatrix’s future in 2024 and beyond.
