EveryMatrix outperforms expectations in Q3 as revenue grows 56%
B2B iGaming technology supplier EveryMatrix saw its financial performance exceed expectations in Q3 as the business continued to grow its bottom line.
Revenue for the quarter came in at €33.5m, an increase of 56% year-on-year.Gross profit, which EveryMatrix said is the best reflection of its underlying performance, came in up 33% year-on-year at €16.8m, which was also a 13% increase over the previous quarter.
EBITDA for the quarter was up by 45% year-on-year at €6.4m, giving the firm an EBITDA margin of around 38%.
EveryMatrix’s online casino segment generated €7.7m of the total gross profit, up 31% year-on-year, while the sports segment made up around €5m of the total and platform services around €4m.
Growth was driven by the company’s product diversification and broad client base, EveryMatrix said, as it continued to overcome the effects of restrictions in the German online gambling market.
In previous years, EveryMatrix generated a larger proportion of its gross profit from Germany, but declines in the market in recent quarters have now been more than offset by growth in other markets around the world.
The firm is currently live in 18 regulated markets on its own remote gaming servers. In Q3, it launched services with the Moroccan state lottery, MDJS, and its first US client, BetMGM, which went live with its SlotMatrix casino aggregator.
EveryMatrix group CEO Ebbe Groes: “I am pleased to see a fantastic third quarter, with global sales performance and very good financial results. Even more important, we won two new tier-1 clients in the quarter, Veikkaus in Finland and bet-at-home in Germany and international markets.”
EveryMatrix signed a total of 14 new casino deals in Q3, with 22 new client launches within the vertical. It also signed a further 18 new affiliate platform deals and 11 sports betting deals, in addition to securing market entry in the Canadian province of Ontario.
The firm also signed a significant deal with bet-at-home in Q3, which is expected to go live with EveryMatrix products in Q1 2023, immediately becoming one of its top sports clients in terms of revenue and brand value, it said.
Another leading European operator to sign a deal with EveryMatrix during the quarter was Finnish state-owned gaming monopoly Veikkaus, which awarded a public tender to supply online casino games to EveryMatrix, lasting for a period of six years.
As of the end of the quarter, EveryMatrix had a cash balance of €21.1m.
“I am pleased to see a fantastic third quarter, with global sales performance and very good financial results. Even more important, we won two new tier-1 clients in the quarter, Veikkaus in Finland and bet-at-home in Germany and international markets,” said Ebbe Groes, group CEO of EveryMatrix.
“EveryMatrix launched with BetMGM in the US and Morroco’s state-owned lottery MDJS. The group’s record gross profit across all business segments clearly underlines our strong market position.”