Reading Time: 3 minutes
EveryMatrix, a B2B iGaming software provider, announces the highest growth rate in its history.
EveryMatrix’s Q1 update 2023 shows record financial performance and profits across all business sectors (Casino Sports and Platform), as well as launching the largest platform migration project ever, signing an important omnichannel agreement with a Tier-1 brand in Europe and investing positive cashflow to future growth.
RECORD QARTERLY RESULTS
The company reported a Net Revenue of EUR23.5 Million for the first quarter 2023 (Jan. 1 st-March 31 st). This represents a 69% year-over-year (YoY), and a 21% QoQ increase. This is the sixth consecutive quarter of growth.
Profits reached record levels due to the strong revenue growth. EBITDA increased 119% YoY to EUR10,5m (EUR4.8m Q1 2022), with a CAGR of 39% over the past three years. EBITDA/Net revenue margin increased to 45% due to strong growth and cost control.
EveryMatrix has set a new record for Gross Gaming Revenues (GGR) in its Casino Business Unit. The company generated EUR374m during the quarter, a 77% increase YoY over the same period of 2022.
The sports business unit made impressive progress, recording EUR991m of turnover. This represents a 210% increase YoY. Two of the largest contracts signed by the company in 2022, with bet at home and The Hungarian Lottery Szerencsejatek are expected to continue this strong growth.
Ebbe Groes said, “Records are being broken all the time and it’s down to our employees.” I am very proud of our business units, and the teams that are driving growth quarter-on-quarter for our company and our partners in all areas.
This year, we will be delivering on our promises and exceeding expectations for all of our customers. There are several large-scale initiatives underway, including the successful migration of our platform and a new look sportsbook, which will be launched in Germany shortly. We also have the launch of a new digital sports offering from the Hungarian Lottery later this year.
CASINO SPORTS & PLATFORM GAIN MOMENTUM
Casino has recorded its fifth consecutive quarterly Net Revenue record (EUR10.8m), an 84% increase YoY when compared with Q1 2022. The EBITDA Margin increased to 52%.
Sports Net Revenue increased by 29%, to EUR5,9m, compared with last year’s same period. The team migrated and relaunched bet-at home.com on the EveryMatrix Platform, and concentrated on delivering bet.at.home.de. They will also be launching a digital sportsbook for the Hungarian Lottery Szerencsejatek later this year.
EveryMatrix has also launched a new enhanced sportsbook front-end for Bet-at home, which will be available to all customers in the future.
Platform reported an increase in Net Revenue of 97% over the same period of last year. The business supported both the casino and sports businesses.
Key Milestones in Q1
- Launched the bet-at home.com platform on EveryMatrix with a new front-end design; on track to launch the bet at home.de site in Q2 of 2023
- Signed a significant omnichannel agreement and managed services contract with a Tier-1 operator in Croatia
- New contracts in eight jurisdictions, including three turnkey clients, total 35
- In Q1 2022, only eight new affiliate platform agreements were signed.
- Nine new payment integrations delivered
- Connecticut, the US state, has been granted a licence; this is the fifth North American license after Michigan, West Virginia and Ontario in Canada.
- BetParx is one of the biggest mobile brands in the Northeast of the US.
- New Jackpot gamification product JackpotEngine has been licensed by MGA (Malta), and Greece.
