EveryMatrix has highlighted another strong period in its latest financial report for the second quarter of 2024, with a record high in quarterly net revenue and profit margin.
As for casino, the igaming supplier underlined “strong growth and increasing profitability” for the segment after generating an 11th consecutive quarterly gross gaming revenue record, a net revenue increase of over 70 per cent year-over-year, while EBITDA also improved by more than 90 per cent YoY.
Reflecting on the results, Ebbe Groes, Group CEO of EveryMatrix, stated that “the EveryMatrix effect” is benefiting the business and customers alike, “ensuring they continue to break their own records month after month”.
‘Best ever period of sustained growth’
Publishing its Q2 results, EveryMatrix declared a net revenue of €42.4m across all products, a record high and a 57 per cent increase in comparison to the same quarter the previous year (Q2 2023: €27.1m). Revenue stood at €82m, up 45 per cent YoY.
EBITDA for the period improved as well by 67 per cent YoY to €25.1m (2023: €15m), with a margin of 59 per cent (2023: 55 per cent).
The company noted that this was the fifth consecutive quarter in which growth and profit margin exceeded 50 per cent.
EveryMatrix accredited the strong quarter to “significant customer launches, positive sports trading margins and continued growth in its core business units of casino and sportsbook”.
Groes stated: “It’s difficult to know what to say when our results just keep getting better and better.
“What is evident is that it’s been our best ever period of sustained growth and that the EveryMatrix effect is benefiting not just the business, but also crucially our customers, ensuring they continue to break their own records month after month.”
Casino grows by over 50 per cent
Per segment, EveryMatrix’s casino – CasinoEngine, BonusEngine, JackpotEngine, SlotMatrix, PlayMatrix, Armadillo Studios – GGR of €658m was a 53 per cent increase YoY (2023: €432m) and an 11th consecutive quarterly record.
Net revenue for the segment rose by 73 per cent YoY to €21.9m (2023: €12.6m), while EBITDA improved by 93 per cent YoY to €14.7m with a margin of 67 per cent (2023: 60 per cent).
Other data points highlighted by the supplier include that it introduced 1047 game titles, integrated nine new casino vendors to bring its total to over 160, released its first RGS partner – Supremeland – in the US, released four games from its own studio and two from its RGS partners, as well as increased traction for its RGS with GGR rising by 59 per cent YoY.
For its sportsbook platform and odds feeds division OddsMatrix, turnover improved by 48 per cent YoY to €1.19bn (2023: €802m), while GGR grew by 67 per cent YoY to €95m (2023: €57m). Net revenue grew by 44 per cent YoY €11.3m (2023: €7.8m), while EBITDA increased by 65 per cent YoY to €7.2m with a margin of 64 per cent (2023: 56 per cent).
EveryMatrix noted that OddsMatrix reached a record 176,000 live events in a single month and a total of 500,000 during Q2, up 16 per cent YoY thanks to the addition of premium content, table tennis and new e-sport events.
The average number of bets per month also grew by 166 per cent YoY to 36.5 million, while the trading margin for the quarter reached a “satisfactory” eight per cent.
Acquisition and rebrand
Following the end of the quarter, EveryMatrix also announced the acquisition of FSB Technology to bolster OddsMatrix, “generating immediate additional revenues, cross-company synergies and establish a presence in the UK, Ireland and Africa where FSB has developed a strong market share”.
As for its platform segment – GamMatrix, MoneyMatrix and DataMatrix – the company noted that net revenue rose by 35 per cent YoY to €7.8m (2023: €5.8m) and EBITDA increased by 26 per cent YoY to €3.4m with a margin of 43 per cent (2023: 46 per cent).
EveryMatrix’s Player Account Management system was able to outperform the previous quarter by processing 255,000 bets per minute during peak times. Including bets plus wins, the system processed over 340,000 betting transactions per minute during peak times. Successful payment transactions increased by 80 per cent YoY to €3.8bn.
The platform segment also launched more than 20 features with a focus on German compliance regulations on AML and Lugas, in addition to delivering a “state of the art” cashier skin to the operator bet-at-home.
For its affiliate segment, which includes ParterMatrix and the recently rebranded DeepCI into PartnerMatrix Intelligence, net revenue stood at €1.4m, up 66 per cent in comparison to the same period last year (2023: €900,000).
However, EBITDA fell by 138 per cent YoY to minus €150,000 “driven by ambitious product and commercial investment” with a negative margin of minus 11 per cent (2023: 46 per cent).
EveryMatrix did note that the segment had “very strong commercial development” as it signed 26 clients across the PartnerMatrix unit.
Groes concluded: “The acquisition of FSB Technology and the strengthening of PartnerMatrix with PartnerMatrix Intelligence to create the most powerful affiliate platform proposition available are just two great examples of how we’re continuing to build on our success and grow our customers even more.
“We have enormous momentum, and I can’t wait to see what happens next.”
PartnerMatrix’s CEO Vahe Khalatyan and Chief Product Officer Lewis Civin recently spoke to SBC News’ Jessie Sale about the DeepCI and PartnerMatrix link-up and the future compliance plans it has to help operators manage regulatory requirements across jurisdictions.