EveryMatrix feeling the ‘full Germany effect’ in Q3 results

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EveryMatrix noted the firm is experiencing the “full Germany effect” after witnessing a strong gross profit performance in casino, as well as on an overall basis.

Updating its financial figures for the third quarter period, EveryMatrix’s performance and gross profit growth covers across all its business verticals – casino, sports and platform. 

Overall, gross revenue less direct costs to game suppliers increased by 33 per cent year-on-year in Q3, 2022 to €16.8m, compared to the €14.9m the year prior, with a four-year compound annual growth rate of 35 per cent.

Looking specifically at its casino performance alone, the EveryMatrix unit enjoyed its best gross profit in Q3 totalling €7.7m, representing a 31 per cent year-on-year growth. 

Ebbe Groes, Group CEO of EveryMatrix, noted: “I am pleased to see a fantastic third quarter, with global sales performance and very good financial results. Even more important, we won  two new Tier-1 clients in the quarter, Veikkaus in Finland and bet-at-home in Germany and  international markets. 

“EveryMatrix launched with BetMGM in the US and Morroco’s state-owned lottery MDJS. The  group’s record gross profit across all business segments clearly underlines our strong market position.”

EveryMatrix’s EBITDA also witnessed an increase up to €6.4m in the third quarter this year, compared to €5.2m in the same period in 2021. This, according to the firm, is down to continued reinvestment of its positive cash flow into future growth. 

The company also emphasised that key investments remain in its US expansion and the games segment of the business. Furthermore, EveryMatrix’s EBITDA/gross profit margin was 38 per cent, growing after successful cost control and profit growth. 

During Q3, EveryMatrix was awarded the public tender for ‘Online Casino Games as a Service’ to provide the Finnish state-owned gaming and lottery monopoly Veikkaus with a vast library of casino content, including the SlotMatrix exclusive content. 

Other key milestones achieved by EveryMatrix in the third quarter saw the firm surpass a total of €100m in gross gaming revenues in September and saw it go live in 18 regulated markets of its own RGS, with the addition of Argentina. 

In Q1 2022, EveryMatrix initiated a determined welfare support programme for its Ukrainian staff. During Q2 and Q3 2022, the company offered continuous support to Ukrainian staff relocating abroad and large donations to supporting causes. 

At the period end, operations remain unaffected, and staff are now largely returning to Ukraine.