EveryMatrix Achieves Record Growth in Q1 2023
EveryMatrix, a B2B provider of iGaming technology, has announced its highest growth in company history in its Q1 2023 update. The company achieved record financial performance and profitability across all business segments, including Casino, Sports, and Platform. EveryMatrix launched its biggest-ever platform migration project, signed a significant omnichannel deal with a tier-1 brand in Europe, and reinvested positive cash flow for future growth.
For the first quarter of 2023, EveryMatrix recorded net revenue of €23.5 million, a staggering 69% YoY growth and a 21% QoQ increase. This is the sixth consecutive quarterly increase in a row. The strong revenue growth resulted in record profits, with EBITDA up 119% YoY at €10.5 million, and a 3-year CAGR of 39%. The EBITDA/Net Revenue margin rose to 45% driven by strong growth and successful cost control.
The casino business unit generated €374 million in gross gaming revenue (GGR), a record quarterly performance for operator partners. The sports business unit recorded €991 million in turnover, a more than 210% YoY increase, and this growth is set to continue with two of the company’s largest deals signed in 2022 with bet-at-home and The Hungarian Lottery, Szerencsejáték, expected to be reflected in the last two remaining quarters of the year.
EveryMatrix’s Casino, Sports, and Platform segments have gained further momentum. Casino recorded its fifth quarterly record net revenue in a row, up 84% YoY compared to Q1 2022, with an EBITDA margin rising to 52%. The sports net revenue was up 29% to €5.9 million compared with the same period last year. The Platform segment reported a net revenue increase of 97% compared to the same period last year with a record EBITDA contribution of €3.4 million.
Key milestones in Q1 included launching bet-at-home.com on EveryMatrix platform and tech stack with new look front-end, signing a significant omnichannel and managed services agreement with a tier-1 operator in Croatia, and signing 35 new contracts in eight different jurisdictions, including three turnkey clients. EveryMatrix also received licence approval in the US state of Connecticut, agreed to a content deal with US brand betParx, and received MGA (Malta) and Greece licence approval for its new jackpot gamification product, JackpotEngine.
Ebbe Groes, Group CEO of EveryMatrix, said: “Records keep on being broken and that is all down to our people. I’m very proud of all our business units and their teams who are relentlessly driving quarter-on-quarter growth for the business and for our partners across all areas.
“This year is all about delivering and going above and beyond for our global customers. We have several large-scale projects underway including a successful platform migration and new look sportsbook for bet-at-home, with Germany to come shortly, and the launch of the Hungarian lottery’s new digital sports offering later this year.
“I’m more excited than ever for the future growth of EveryMatrix, with new omnichannel agreements being signed, and new, innovative gamification features set to create even more value for our operator partners.”