EveryMatrix sets new financial records after ‘mind-blowing’ 2023

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EveryMatrix closed 2023 with a third consecutive quarter of profit margin being above 50 per cent, contributing towards a record-breaking financial performance.

Reflecting on the fourth quarter and the historic full-year financial results, Group CEO Ebbe Groes has described the past year as “mind-blowing”, adding that “the future is very bright” for the company in 2024 and beyond.

‘Mind-blowing’ 2023 for EveryMatrix

Publishing its results, EveryMatrix declared a Q4 revenue of €76m, up 92 per cent year-over-year, while net revenue came in at €36m, an 87 per cent improvement YoY and a new quarterly high.

EBITDA stood at €20m, up 194 per cent YoY thanks to “strong sports trading margins and significant growth across its casino segment”. EBITDA margin was 56 per cent, with cash position at €51m.

For the full year, EveryMatrix posted revenues of €240m, up 89 per cent YoY, while net revenue rose by 75 per cent YoY to €114m (2022: €65m) and was four times better than 2019’s €28m.

Off the back of the sports trading margins and casino growth, 2023 EBITDA improved by 155 per cent YoY to €60m, with a margin of 52 per cent.

Groes stated: “2022 was phenomenal but this year’s numbers are mind-blowing. Every business unit and every one of our employees has contributed to a stellar set of financials proving we really are among, if not, the industry’s fastest-growing igaming technology supplier.”

Casino growth

Per segment, casino gross gaming revenue improved by 89 per cent YoY in Q4 to €588m (Q4 2022: €312m). For the full year, casino GGR rose by 83 per cent to €1.9bn, while the full-year turnover reached €49bn.

Quarterly casino net revenue grew by 101 per cent YoY to €17.9m, while EBITDA reached €11.4m, a 212 per cent increase. Full-year net revenue rose by 86 per cent to €54.7m, with EBITDA rising by 162 per cent to €32.3m.

Throughout 2023, casino content was launched with 98 new operators, and 3,225 game titles were introduced including nine games from Armadillo Studios, EveryMatrix’s own studio.

The company also launched its live dealer product PlayMatrix and secured casino partnerships with Veikkaus in Finland and bet-at-home in Germany. 

In total, 37 casino vendor integrations took place in 2023. US growth continued as well with a licence approval in Pennsylvania and a casino content partnership with Rush Street Interactive in Michigan.

For sports, quarterly turnover improved by 78 per cent YoY to €1.3bn (Q4 2022: €737m), with GGR rising by 210 per cent to €74m (Q4 2022: €24m). For the full year, turnover grew by 110 per cent to €3.9bn, while GGR increased by 85 per cent to €190m.

EveryMatrix noted that OddsMatrix had its best year in terms of “record growth, profitability, and a record number of bets for tier-one customers”. 

OddsMatrix’s Q4 net revenue came in at €9.1m, up 69 per cent YoY while EBITDA reached €4.9m, a 178 per cent improvement. Full-year net revenue rose by 51 per cent to €29.1m, while EBITDA increased by 103 per cent to €13.5m.

“Our growth acceleration from 2019 to today is staggering, while crucially we continue to deliver huge returns for our customers.”

EveryMatrix Group CEO Ebbe Groes

The number of bets placed in 2023 grew by 96 per cent YoY, the number of live events rose by 31 per cent, while the number of outcomes offered for bets improved by 91 per cent thanks to additional markets such as fast markets for football and the NBA.

December 2023 was the unit’s second highest-ever month in GGR for customers at €44.4m, slightly behind November 2023’s record amount of €48.5m.

EveryMatrix also launched a turnkey sportsbook with the Hungarian state lottery Szerencsejáték Zrt and with bet-at-home in Germany, which the company says are “immediately delivering great results”.

Platform Q4 2023 net revenue reached €7.9m, up 91 per cent YoY, with an EBITDA of €4m, a 283 per cent uptick. During the year, player account management GamMatrix v2 was developed which uses microservices, can horizontally scale indefinitely and can be customised for multiple markets, lowering time to market​.

For Affiliate, net revenue grew by 39 per cent to €1.3m, with EBITDA declining by 21 per cent YoY due to accelerated product investment. 

Affiliate optimisation service DeepCI was acquired by EveryMatrix in July 2023. It has since been integrated into PartnerMatrix to provide the company’s operators and affiliate customers with end-to-end insights to enhance their brand’s footprint and maximise efficiencies and earnings.

Groes added: “Our growth acceleration from 2019 to today is staggering, while crucially we continue to deliver huge returns for our customers. 

“Particularly pleasing has been the development of our OddsMatrix technology where the team’s hard work has paid off in both winning and delivering to some of the largest operators in Europe. The last 12 months have propelled OddsMatrix to join the ranks of the industry’s largest sportsbook providers.”

In addition to the PlayMatrix launch, EveryMatrix has also been adding to its executive team with the appointment of Stian Hornsletten as CEO of Games, Bobby Longhurst as Chief Commercial Officer and Nikolina Gabelica as Head of Lottery.

Groes concluded: “Our progress shows no signs of slowing with investment in PlayMatrix; an exciting new live casino product, new technologies, innovations, and new tier-one customers in the pipeline, while we are closing in on our 1,000th employee at the same time as opening a state-of-the-art, purpose-built headquarters in Bucharest. 

“The future is very bright for EveryMatrix in 2024 and beyond.”