EveryMatrix reveals record-high revenue in the year’s first quarter
One of the most renowned iGaming software and solutions providers, EveryMatrix, recently shared its first quarterly revenue report. A massive 69 percent year-on-year (YoY) spike saw the company’s quarterly revenue touch €23.5 million. The increased net revenue also marked a significant 21 percent quarter-on-quarter (QoQ) increase as all the business segments, including casino, sports, and platform, performed well.
One of the most renowned iGaming software and solutions providers EveryMatrix, recently shared its first quarterly revenue report.©Zan/Unsplash
EveryMatrix is one of the global leaders in the B2B provision of iGaming software and solutions. In addition, the Malta-based company also provides services and solutions for the casino and sports betting segments. Other services include payments and affiliate management solutions. Established in 2008, EveryMatrix caters to Tier-1 gambling operators who are present in regulated gambling markets worldwide. With its compliant, modular, and scalable platform, the Maltese entity caters to over 200 customers around the globe. EveryMatrix is also an active member of renowned organizations like the World Lottery Association, the European Lotteries Association, and IDEA Growth in the United States. The company has provided its service to licensed operators in about 25 regulated jurisdictions. Many of these locations include European countries. The expansion is ongoing as EveryMatrix has applied to provide solutions in several North American cities and provinces. The company has applied to enter the Bulgarian, Croatian, and Dutch gambling markets with its iGaming solutions next.
ince its inception, EveryMatrix has secured 65 B2B licenses in 25 countries. Six more countries will be added to this list once EveryMatrix’s latest license applications are approved. The company’s portfolio currently hosts over 50 clients, including big names like Tipico, Kindred, BetVictor, 888casino, and more. The company was quite active during the first quarter of the new year. 2023 started with a couple of license approvals for EveryMatrix’s new jackpot gamification product, JackpotEngine. The gambling regulators of Malta and Greece issued the licenses. Last year, the company signed eight new affiliate program deals in the first quarter. This year, in the same period, 14 new deals were finalized. Additionally, the entity also signed 35 contracts in eight jurisdictions. A major omnichannel and managed services agreement was also signed in this quarter with a tier-1 gambling operator in Croatia. EvertMatrix also launched a revamped bet-at-home.com on its platform with a tech stack. The domain offers iGaming and online sports betting services.
All these positive developments contributed to the company’s remarkable revenue growth in the first quarter of this year. In Q1 2022, the company was pleased with a 14 percent YoY increase as its quarterly revenue amounted to €13.9 million. As the year progressed, the revenue kept rising, and in the final quarter of 2022, the gross profit rose to €19.4 million. In the iGaming segment, first quarters usually do not pop up with positive numbers. However, in EveryMatrix’s case, it was the opposite. In Q1 2023, the revenue notched a record-high YoY spike of 69 percent and amounted to €23.5 million. Meanwhile, the EBITDA recorded a 119 percent YoY increase as it soared from €4.8 million to €10.5 million with a three-year CAGR of 39 percent. The EBITDA margin in the corresponding quarter last year was 35 percent. In the current quarter, it increased by 10 percent. The quarterly Gross Gaming Revenue (GGR) performance for Casino partners was up 77 percent YoY to €374 million. The sports business segment shot up 210 percent YoY to €991 million.
The revenue for EveryMatrix is generated via three main segments – Casino, Sports betting, and Platform. The Casino segment touched a record-high net revenue for the fifth consecutive quarter. It roped in €10.8 million, marking a significant 84 percent YoY increase, while its EBITDA margin rose to 52 percent. In the Sports betting segment, the YoY spike was 29 percent as the segment reeled in €5.9 million. The Platform segment performed really well, with a 97 percent YoY increase, and contributed €3.4 million to the EBITDA.
The CEO of EveryMatrix, Ebbe Groes, was extremely pleased with his company’s relentless performance in the gambling sector.
“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.”
License approval in Malta and a content deal in the US
Innovation is a vital part of EveryMatrix’s global operation. The company is constantly looking to develop better and simpler solutions to enhance online gambling and sports betting performance. One such innovation came in the form of JackpotEngine this year. This tool was built as an integration on EveryMatrix’s platform, enabling seamless creation, configuration, and control of online jackpots. This integration recently received approval from the Malta Gaming Authority (MGA).
Europe was not the only continent EveryMatrix has been active on. Earlier this year, the company signed a game content deal with BetParx. The deal will enable the Malta-based entity to provide gaming content via its subsidiaries Armadillo Studios and Spearhead Studios, to the US-based online casino and sportsbook operator. The content will be delivered to BetParx via EveryMatrix’s proprietary CasinoEngine integration platform. This was one of 14 new deals the Maltese company signed in the first quarter of this year.
EveryMatrix secured a supplier license in Sweden
The issuance of a B2B supplier license in Sweden aided the European expansion of EveryMatrix in the first quarter of this year. Towards the end of March, the Malta-based company confirmed that the Swedish Gambling Authority, Spelinspektionen, had approved EveryMatrix’s application for a B2B license. Like any other gambling permit, the provider’s B2B license validity is five years.
Under this permit, EveryMatrix can legally provide state-of-the-art API-driven iGaming, sports betting, and content solutions to all gambling operators with valid Swedish gambling licenses. From July 1 this year, all B2B operators will require a license to offer their services in Sweden. EveryMatrix respected the deadline and secured the B2B permit months before the previously specified deadline.
