Results

EveryMatrix hails successful Q2 as gross profit grows 17% and business strikes 43 client deals

By Conor Mulheir - 19 Sep, 2022

B2B iGaming technology supplier EveryMatrix grew its gross profit by 17.3% year-on-year in Q2 2022, up from €12.7m to €14.9m.

EBITDA was consistent with Q2 2021 at €5.2m, which the business said was a result of its decision to continue reinvesting positive cashflow into its future growth. Key areas for investment include expansion in the US, EveryMatrix said.

Net cash as of the end of the quarter grew by 36.9% compared to Q1 2022, from €11.1m to €15.2m, and the company remains debt-free.

The business said that while regulatory changes in Germany impacted its gross profit in the casino segment, the segment still grew by 11% year-on-year thanks to its product diversification and broad client base.

Group CEO of EveryMatrix Ebbe Groes said: “Driven by our diverse product offering and strong client base, we saw yet another record number of new client wins in the quarter with 43 deals signed across all products.

“Furthermore, a 17% increase in Gross Profit, the best reflection of the underlying performance of the Group, allows us to continue to invest in our future growth.”

EveryMatrix CEO Ebbe Groes: “Driven by our diverse product offering and strong client base, we saw yet another record number of new client wins in the quarter with 43 deals signed across all products.”

New client deals signed in Q2 included agreements with 888casino and BetMGM in the US, as well as Malta’s National Lottery and “one of the top operators in Italy.”

Further, two key clients in Germany and Romania went live with its CasinoEngine aggregator, while 54 new brands went live with the SlotMatrix aggregator.

During the quarter, the business completed its acquisition of sports betting supplier Leapbit, adding close to 20 new staff to the business and an office in Croatia.

Completed in May, EveryMatrix said the acquisition strengthens its OddsMatrix sports betting product by adding an advanced and proven retail offering.

OddsMatrix will fully incorporate Leapbit’s retail-focused software solution and other products including virtual horse racing and lottery games, which the firm said “elevates its online-first OddsMatrix sport betting platform to a true omnichannel iGaming solution to operators with retail presence.”

EveryMatrix CEO Ebbe Groes: “The constant investment and development in OddsMatrix have been at the core of what we do for many years, and I’m happy to see more tier 1 operators joining our client list.”

Commenting on the acquisition, EveryMatrix Group CEO Ebbe Groes said: “OddsMatrix is one of the company’s three pillars and is growing at a tremendous rate already.

“Retail is a big component of any comprehensive sports betting suite, and by integrating Leapbit’s technology, we will take OddsMatrix to become a leader of true omnichannel sports in regulated markets.”

Following the end of the quarter, EveryMatrix agreed on the delivery of its comprehensive turnkey solution to German-based bet-at-home, which will replace its existing proprietary platform with EveryMatrix’s tech stack.

That deal includes the operator’s sportsbook, casino platform, player management, payments module and affiliate software. The deal covers all markets where bet-at-home has a presence.

“This landmark agreement reflects the breadth and depth of our products, but especially the quality of our sports platform, OddsMatrix,” said Ebbe Groes.

“The constant investment and development in OddsMatrix have been at the core of what we do for many years, and I’m happy to see more tier 1 operators joining our client list,” he concluded.