EveryMatrix ‘on course’ to hit 2023 goals after another record quarter

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EveryMatrix has announced another record-breaking quarter for the second quarter of 2023, highlighting the impact of casino products driving growth.

The igaming technology provider also spotlighted the recent acquisition of DeepCI, as Group CEO Ebbe Groes noted that the company is “on course” to achieve its goals for the year.

Publishing its Q2 2023 financial update, EveryMatrix reported a seventh successive record quarter with new benchmarks for net revenue and EBITDA thanks to “strong growth and profitability in all business segments”.

Group revenue for the quarter improved by 88 per cent year-over-year to €56m, net revenue improved by 82 per cent YoY to €27.1m (Q2 2022: €14.9m) and EBITDA is up by 188 per cent YoY to €15m (2022: €5.2m) with a margin of 55 per cent (2022: 35 per cent) following a “strong conversion of Net Revenue growth into profit growth”.

Net revenue and EBITDA also improved by 15 per cent and 42 per cent in comparison to the previous quarter. The company’s cash position stands at €34m.

EveryMatrix casino unit sets quarterly records

In terms of gross gaming revenue performance for EveryMatrix’s operator partners, a new quarterly record was set by the casino unit, producing €432m GGR, up 86 per cent YoY (2022: €232m) and up 16 per cent compared to the previous quarter.

Casino net revenue also improved by 83 per cent YoY to a record €12.6m, with the EBITDA margin rising as well to 60 per cent thanks to the net revenue growth and cost control. The CasinoEngine platform generated a €4bn monthly turnover and surpassed four billion monthly game rounds for the first time in Q2.

During the quarter, EveryMatrix agreed to a partnership with Future Anthem for Amplifier AI, a real-time personalisation product that can enhance a player’s experience by combining “anonymised transactional data with machine learning to enable real-time personalisation”.

Meanwhile, the turnover of the company’s sports unit rose by 137 per cent YoY to €802m (2022: €368m), GGR increased to €57m (2022: €24m), net revenue was up by 79 per cent YoY to €7.8m and EBITDA margin improved to 56 per cent.

EveryMatrix also highlighted a 75 per cent decrease in bet settlement times during high-traffic periods, as well as the addition of 30 new markets across several sports.

The provider’s platform unit saw its net revenue rise by 85 per cent YoY to €6.7m with an EBITDA contribution of €3m.

EveryMatrix added that the platform unit continues to support casino and sports contracts and clients being successfully migrated to its new wallet service, as clients reached 90,000 bets per minute during peak times.

Commenting on the results, Groes said: “This business, and our team of more than 750 people across 12 countries, continue to amaze me every day generating consistent, record growth and profitability for our customers who continue to benefit from the industry’s best casino, sports, and platform products.

“Our mission this year centres around our relentless drive to deliver the highest quality technology and services for our customers, and a seventh record quarter in a row proves we are firmly on course to achieving our goals.”

DeepCI acquisition

During Q2, EveryMatrix also acquired DeepCI, a data-driven betting and gaming affiliate optimisation service founded in 2020 by Riaan de Jager and Lewis Civin.

DeepCI allows gaming companies to track their own and their competitor’s performance to “make rapid, revenue-generating optimisation decisions”, as the service monitors affiliate sites globally to identify the location of a gaming brand on every page of every website to establish a brand’s exposure and the effectiveness of such exposure while also offering actionable recommendations.

As a result of the DeepCI acquisition, the company was able to add over 50 new customers.

“Our acquisition of DeepCI shows we are constantly looking to add complementary and innovative technology to our existing offering,” added Groes.

“Alongside our PartnerMatrix business unit, this game-changing technology will create even more value for our clients and I’m excited with what more we can achieve in the quarters to come.”

In total, EveryMatrix signed 26 new contracts across eight markets during the quarter. These included deals with 2win.mk, the company’s sixth European Lotteries/World Lottery Association customer with OddsMatrix sportsbook.

Elsewhere, LotteryEngine went live with its first client, powering omnichannel ticket sales for the Malta National Lottery, services launched with DraftKings and WynnBet in the US and OddsMatrix agreed to a data feeds partnership with US Integrity to safeguard North American consumers from betting-related fraud and corruption.