EveryMatrix pleased with ‘extremely positive’ sustained growth signs in Q1

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EveryMatrix has reported a record quarter to open 2024, with revenue growth and profitability reaching new highs.

In reaction to the strong first quarter, Group CEO Ebbe Groes has stated that the entire business is showing “extremely positive signs of sustained growth and expansion,” while other divisions are “pushing the boundaries of technology and paving the way for future success”.

Net revenue record

Publishing its Q1 results, EveryMatrix declared revenue of €80m and a net revenue record of €39m (Q1 2023: €23.5m), with both figures representing a 66 per cent improvement on the same period the previous year.

The group’s EBITDA rose by 111 per cent year-over-year to €22.3m (2023: €10.5m) with a margin of 57 per cent (2023: 45 per cent). For the last 12-month period, EBITDA reached €71m, up 145 per cent YoY.

EveryMatrix noted that the solid start to the year was “driven by multiple new client launches across all the company’s core business units, strong sports trading and innovation and continued growth in casino”.

Groes commented: “It’s been more than a year of the company breaking records and hitting new highs, and this quarter has been the best yet.

“It’s mind-blowing how far we’ve come and how much progress continues to be made across the entire business. From casino, sports and platform that are all showing extremely positive signs of sustained growth and expansion, to our affiliate, payments and live casino divisions that are pushing the boundaries of technology and paving the way for future success, we’re in a fantastic position for the remainder of 2024 and beyond.

“Watch this space as there is plenty more to come from EveryMatrix this year.”

Recently, EveryMatrix secured regulatory accreditation in Peru, in addition to launching its first casino aggregation partner in the US with third-party content live on DraftKings in New Jersey with Supremeland Gaming.

Now with 1,000 employees across 13 locations globally, the group also opened new office spaces in Bucharest, Romania and Cebu, Philippines.

Vertical performance

Looking at the Q1 performance per vertical, gross gaming revenue from casino operator partners produced a record of €619m, up 65 per cent YoY (2023: €374m). GGR for the past 12 months stands at €2.1bn, up 78 per cent.

Casino net revenue rose by 83 per cent YoY to €19.9m (2023: €10.9m), with EBITDA growing by 132 per cent to €13.2m with a margin of 67 per cent (2023: 52 per cent). The SlotMatrix aggregation product introduced 886 new games.

For sports operations, OddsMatrix had a Q1 turnover of €1.3bn, a 31 per cent increase YoY, with GGR rising by 308 per cent to €96m. Net revenue for the vertical was up 78 per cent to €10.5m (2023: €5.9m), while EBITDA improved by 313 per cent to €6.2m with a margin of 59 per cent (2023: 25 per cent).

OddsMatrix covered a record 173k live events in a single month, while the average monthly number of bets placed reached 39m.

For platform operations, Q1 net revenue grew by 28 per cent YoY to €7.3m (2023: €5.7m), while EBITDA rose by 13 per cent to €3.2m with a margin of 44 per cent (2023: 50 per cent). During the period, the EveryMatrix Player Account Management system achieved a new record of 230k bets per minute at peak times.

EveryMatrix’s affiliate platform division – PartnerMatrix and DeepCI – saw its Q1 net revenue improve by 39 per cent YoY to €1.4m (2023: €1m), while EBITDA fell by 179 per cent to minus €0.4m due to continued product and commercial investment.

DeepCI added 22 further geos to its offering and signed 14 new clients, while PartnerMatrix signed 15.

Throughout Q1, EveryMatrix also made four senior hires, including CEOs for MoneyMatrix and PlayMatrix and CCOs for PlayMatrix and PartnerMatrix.