EveryMatrix has appointed Bobby Longhurst as group chief commercial officer (GCCO) ahead of ICE 2024.

Longhurst, former managing director of SportingTech, has joined the business as GCCO assuming responsibility for commercial strategy including account management, sales, and marketing, working closely with each business unit to enhance EveryMatrix’s global efforts.

He has more than 20 years of industry knowledge, strategic insight, and executive leadership experience within leading iGaming suppliers such as SportingTech (managing director), Pronet Gaming (CCO) and SBTech (commercial director), where he focused on areas such as rapid revenue growth, team management, process improvements and new business development.

Bobby Longhurst replaces co-founder Stian Hornsletten as GCCO who will transition to CEO of the company’s Games division on February 1st.

Ebbe Groes, group CEO, EveryMatrix, said: “EveryMatrix is on an accelerated growth path therefore to fulfil the huge plans we have for 2024 and beyond we are continually looking to invest in the best talent the industry has to offer.

“Bobby is a well-respected and well-known individual within iGaming with extensive commercial, product and strategic experience and knowledge that will provide us with even greater firepower to expand our reach across new and existing verticals, global markets and technologies. I’d like to welcome and wish him well as we embark on an exciting chapter at EveryMatrix.”

Bobby Longhurst, group CCO, EveryMatrix, said: “Joining EveryMatrix at this stage of growth is something I was very keen to do, and I am delighted to be on board.

“There are huge opportunities on the horizon across all our major business units and products in both established and new markets such as LatAm and particularly within our turnkey platform offering following the success the business has had in recent years. I’m looking forward to leading EveryMatrix’s commercial strategy with some very exciting projects in the pipeline.”

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EveryMatrix co-founder Stian Hornsletten is set to become CEO of the technology supplier’s games division from 1 February.

Hornsletten will be tasked with driving both in-house development and third-party content partnerships, including building on EveryMatrix’s distribution network and content offering.

He will also maintain an active senior role on the EveryMatrix board.

Hornsletten co-founded EveryMatrix in 2008 and has been serving as CCO since November 2019.

EveryMatrix plans to announce a new CCO soon, who will assume responsibility for the commercial department, including account management, sales, and marketing.

EveryMatrix said Hornsletten has been one of the principal driving forces behind the company’s commercial strategy and product development in the last 15 years.

He has been directly involved in attracting some of the largest brands to integrate EveryMatrix’s software and services.

“If it wasn’t for Stian there would not be an EveryMatrix and I’ll be forever grateful to him for asking me to join him for a drink to discuss the idea of starting this business together 15 years ago.”
EveryMatrix group CEO Ebbe Groes

Group CEO and co-founder Ebbe Groes commented: “If it wasn’t for Stian there would not be an EveryMatrix and I’ll be forever grateful to him for asking me to join him for a drink to discuss the idea of starting this business together 15 years ago.

“He wanted to take on a new challenge within the business to grow our games offering and he has mine and all the company’s full support. 

“I’m certain he will immediately take it to another level, bringing enormous energy, innovation and passion to the team.”

Between 2011 and 2017, Hornsletten served as EveryMatrix’ executive chairman, while between 2008 and 2011 he was the company’s CEO. 

Before that, Hornsletten was managing director of BetOnBet, an online gaming company which he co-founded in 2001.

EveryMatrix today has a workforce of more than 850 employees across 12 offices.

In Q3 2023, EveryMatrix posted a 62% year-on-year net revenue increase to €27.2m, as well as a 113% year-on-year EBITDA rise to €14m.

iGaming technology supplier EveryMatrix has recorded a third consecutive quarter with organic net revenue growth above 50%.

Topline numbers 

In Q3 2023, EveryMatrix posted a 62% year-on-year net revenue increase to €27.2m, as well as a 113% year-on-year EBITDA rise to €14m.

Q3 also marked the third consecutive quarter of organic net revenue growth above 50%.

However, the company reported a 9% sequential EBITDA decrease, as the EBITDA margin declined from an all-time high of 55% to 50% quarter-on-quarter.

The decreases were primarily driven by adverse exchange rate developments and sports trading margins, which were in line with difficulties faced by others in the industry.

Meanwhile, EveryMatrix operator partners within the Casino business unit continued to grow. They generated GGR of €463m, a 77% year-on-year increase.  

Sports turnover surged by 85% year-on-year to €810m, while GGR reached €35m, down 61% sequentially.

Casino net revenue set a successive quarterly record, rising to €13.3m, up 74% on Q3 2022. 

Sports generated net revenue of €6.3m, up 29%.

Platform saw net revenue reach €6.3m, up 87% on Q3 2022, while the affiliate platform division, that includes PartnerMatrix and new acquisition DeepCI, grew 48% year-on-year to €1.2m. 

From this quarter onwards, EveryMatrix will report the affiliate product segment separately from platform, which consists mainly of the GamMatrix PAM and the MoneyMatrix payments platform.

DeepCI currently services more than 280 brands across 65 iGaming companies.

Major Milestones

EveryMatrix  achieved multiple milestones in Q3 2023 and shortly after became the first iGaming supplier to receive World Lottery Association Safer Gambling certification.

Moreover, in Q3, Hungarian state lottery Szerencsejáték Zrt (SZRT) went live with EveryMatrix’ turnkey platform and sportsbook, while in October, bet-at-home went live in the German market. 

Following the migration of its MGA-licensed business earlier this year, bet-at-home replaced its in-house platform with EveryMatrix’ back- and front-end solutions, including sportsbook, casino platform, player account management, payments module, and affiliate software. 

CEO comment

Group CEO Ebbe Groes said EveryMatrix has seen another “strong period of organic growth and profitability”. 

“Bet-at-home.de and SZRT have arguably been the most complex technical and regulatory undertakings we have ever achieved in the 15 years since we began, but we have delivered extensive turnkey projects with flying colours and the involvement of almost every EveryMatrix business unit,” he said. 

EveryMatrix currently employs 850 people across 12 countries.

EveryMatrix has released its Q2 2023 financial results, delivering a seventh consecutive record-breaking quarter.

Notably, the company’s profit margin shot up by 55%, positioning it as one of the most lucrative suppliers in the industry.

Topline numbers

EveryMatrix posted net revenue of €27m and EBITDA of €15m, marking year-on-year increases of 82% and 188% respectively.

Compared to the first quarter of 2023, these figures are up by 15% and 42% on a sequential basis.

The EBITDA margin rose from 45% in Q1 to 55% in Q2, propelled by aggressive growth and successful cost management strategies, according to the company.

The supplier also broke records across every business segment. Casino continues to be the primary growth engine, helping to achieve quarterly GGR of €432m — up 86%.

Casino revenue soared to €12.6m, marking an 83% rise compared to the same period of last year. EveryMatrix’s CasinoEngine platform delivered monthly turnover of €4bn and surpassed four billion monthly game rounds for the first time.

The sports betting business unit delivered GGR of €57m, which is a 137% increase on the same period of last year. Sports net revenue climbed 79% over the same period.

Finally, the platform business unit reported a net revenue rise of 85%, as clients placed more than 90,000 bets per minute during peak times.

Strategic acquisition of DeepCI

During the reporting period, EveryMatrix announced the acquisition of DeepCI, a data-driven betting and gaming affiliate optimisation service.

DeepCI’s technology has the capability to monitor thousands of affiliate sites globally, thereby offering actionable recommendations to operators.

It counts operators such as bet365, 888, Betway, and Betsson as clients and has reached profitability.

It has now been integrated into the EveryMatrix platform, with CEO Lewis Civin managing it as an independent part of the group.

CEO comments

Reflecting on the performance, EveryMatrix CEO Ebbe Groes said: “Our mission this year centres around our relentless drive to deliver the highest quality technology and services for our customers, and a seventh record quarter in a row proves we are firmly on course to achieving our goals.”

During the quarter, EveryMatrix signed 26 new contracts across eight markets and added more than 50 new customers via the DeepCI acquisition.

The company also expanded its US footprint by going live with DraftKings and WynnBet and entered into an integrity partnership to safeguard US consumers from betting-related fraud and corruption.

The company also onboarded 80 new employees during the quarter, taking its total staff count to more than 750 across 12 countries.

B2B iGaming supplier EveryMatrix has acquired affiliate optimisation service DeepCI.  

Financial details of the transaction were not disclosed.

DeepCI’s team will be integrated into EveryMatrix’s operations, while Lewis Civin, the CEO and co-founder of DeepCI, will continue to manage the business as an independent part of the EveryMatrix Group.

Despite being founded just three years ago by Civin and Riaan de Jager, the affiliate intelligence platform has already achieved profitability and is providing services to major betting and gaming brands such as bet365, 888.com, Betway and Betsson.

DeepCI’s proprietary technology monitors a vast number of affiliate sites worldwide and can identify the location of each gaming brand on every page of every website.

This enables DeepCI to evaluate the exposure and effectiveness of each brand on different sites, pages and markets, and offer actionable recommendations to operators.

DeepCI value

EveryMatrix CEO Ebbe Groes said the business had “admired” DeepCI for a long time.

“DeepCI’s data-driven tools are unique to our industry, their commercial success is similarly remarkable, and their product will bring significant benefits to our customers,” he said.

“Further, there are strong synergies with our similarly successful affiliate management product PartnerMatrix,” he added.  

Civin, meanwhile, said that DeepCI has “developed a ‘must-have’ data-driven product that continues to make a significant positive impact to iGaming brands every day on a global scale, while we are also working on an exciting roadmap of complementary tools that will bring even more value to customers.”

He further conveyed his delight in joining EveryMatrix and added: “Our integration into this rapid growth business will enable us to further accelerate our development, create more innovative and disruptive tools in a faster timeframe and leverage the vast knowledge, expertise, and mutually beneficial technologies available within EveryMatrix.”

In 2022, EveryMatrix had the most successful financial year in its 15-year history, experiencing growth across all business segments and surpassing expectations with a 26% year-on-year increase in gross profit to €65m.

The company, headquartered in Malta, has 700 employees in 10 countries and serves over 200 customers globally, including in the regulated US market.

Tor Skeie has been appointed CEO at OddsMatrix, EveryMatrix’s sportsbook division.

Skeie has more than 20 years of experience in betting and gaming. With a specific focus on technology development and delivery, he has also founded several technology businesses.

He will be responsible for the supplier’s sports business unit following a period of significant growth, with the B2B iGaming technology supplier having recorded 28% year-on-year gross profit growth in 2022.

Skeie said it was a “great thrill” to lead the company’s sports business unit.

EveryMatrix acquired TOTOIT in October 2020, a Thailand-based development company founded by Skeie back in 2013. TOTOIT specialised in building websites, as well as intranet/extranet design, and programming.

EveryMatrix CEO Ebbe Groes: “Myself and many of the leadership team have known Tor for many years and he has been an excellent addition to the business since acquiring TOTOIT.”

TOTOIT’s front-end solutions business has since been integrated within the supplier’s front-end division, working with clients to build tailored websites. Skeie has led product development since the acquisition.

EveryMatrix CEO Ebbe Groes said: “Myself and many of the leadership team have known Tor for many years and he has been an excellent addition to the business since acquiring TOTOIT.”

Groes said Skeie’s arrival had contributed to better delivery on the sports front end than ever before.

“Tor has played a big role in this, and his management, leadership and client interface skills will help us build further momentum and tier-1 client growth for OddsMatrix,” he added.

Skeie’s appointment reflects the ongoing investment EveryMatrix has made in the division following the acquisition of sports betting provider Leapbit last May, while the company has gained several clients including bet-at-home throughout 2022.

B2B iGaming technology supplier EveryMatrix has recorded its best financial year in its 15-year history.

The Malta-headquartered company recorded growth across all of its business segments, including casino, sports, and platform, surpassing expectations with its gross profit increasing by 26% year-on-year in 2022 to reach €65m.

Revenue was up 47% year-on-year to €127m.

Annual EBITDA increased by 23% year-on-year to €23.3m in 2022, which resulted in an EBITDA margin of 36%.

Q4 performance

In Q4 2022, gross profit rose by 39% year-on-year to €19.4m, with a three-year compound annual growth rate of 40%.

Revenue increased by 66% to €39.5m, while quarterly EBITDA rose by 81% year-on-year to €6.9m.

Gross profit in casino was up 43% to €8.9m, while sport gross profit was up 18% to just over €5m.

Gross profit for EveryMatrix’ platform segment increased 63% year-on-year to around €5m.

The supplier attributed the financial performance to its strategic diversification and broad client base of over 200 global customers, which has helped to mitigate the “impact German regulation had on gross profit in the casino segment”.

Excluding Germany, group gross profit for the Rest of the World saw an increase of 43% year-on-year and 113% between Q4 2020 and Q4 2022.

Best sales year

The company also achieved its best sales year, signing 149 new deals worth more than €25m per year, including 14 turnkey, 18 tier-1, and 7 US contracts.

Net cash grew from €21.1m at the end of Q3 2022 to €24.1m in Q4 2022, allowing the company to reinvest positive cash flow into future growth while remaining debt-free.

EveryMatrix Group CEO Ebbe Groes commented: “It has been a phenomenal year on so many levels with records broken in every area of the business and every business unit contributing to our best 12 months yet.

The final quarter of 2022 was of particular significance as the supplier won 28 new clients across all products, including the tender to supply Hungary’s National Lottery operator Szerencsejáték with sports betting software solutions and services for its online brand TippmixPro.

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.

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.”

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 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.”