Tag: EveryMatrix Press Releases

EveryMatrix has registered the strongest financial results in its 16-year history setting record growth and profitability including 56% quarterly profit margin for Q4 2023 – its third consecutive quarter above 50%.

Announcing its combined Q4/full year 2023 financial results, the industry’s fastest growing iGaming technology provider set record annual net revenue of €114m across all products, up 75% from 2022 (€65m) and more than four times higher than in 2019 (€28m).

The business recorded significant growth in all business segments in Q4 with record quarterly net revenue of €36m, up 87% Year-on-Year (YoY). ​

Annual EBITDA surged to €60m for the full year, up 155% compared to 2022 and €20m for the quarter, up 194% YoY driven by strong sports trading margins and significant growth across its casino segment.

2023 – YEAR OF TIER-1 DELIVERY

EveryMatrix’s record-breaking 2023 financial performance was driven by continued excellence in technology and service delivery to a rapidly growing roster of 300+ global customers including its two largest turnkey platform launches to date: the Hungarian state lottery, Szerencsejáték Zrt and Bet-at-home in Germany. Both brands went live with the supplier’s turnkey platform and sportsbook solutions at the end of 2023 and are delivering impressive results. ​

The business also amplified its affiliate division with the acquisition of DeepCI, a leading iGaming intelligence platform offering game-changing data tracking across millions of affiliate publisher pages. PartnerMatrix integrated DeepCI in Q4 2023 enabling its customers to source untapped opportunities, enhance their brand’s footprint and maximise efficiencies and earnings.

PLAYMATRIX – NEW PRODUCT VERTICAL LAUNCH

On December 27th, 2023, the Group launched a new live casino product and business unit entitled PlayMatrix. Its first live Roulette product offers a cutting-edge platform and user interface built from scratch using the most modern technology available, offering 4K digital video signal processing technology with low latency enabling operators to offer next generation gaming to next generation players. The business will announce more details on PlayMatrix in the months to come.

CORE PRODUCTS CONTINUE TO SMASH RECORDS

EveryMatrix quarterly Gross Gaming Revenue (GGR) performance for operator partners within the Casino business unit generated €588m in Q4 2023, an increase of 89% YoY compared to the same period in 2022. Full year GGR stood at €1.9bn, up 83% YoY.

Quarterly casino net revenue rose to €17.9m, up 101% YoY while EBITDA reached €11.4m reflecting a 212% YoY increase. Full year net revenue reached €54.7m, up 86%, with EBITDA soaring 162% to €32.3m.

The OddsMatrix sports division had its best ever year setting record growth, profitability, and a record number of bets for tier-1 customers. Q4 net revenue was up 69% YoY to €9.1m, while EBITDA reached €4.9m, up 178% YoY. Q4 sports GGR climbed to €74m, up 210% YoY, while annual GGR rose 85% to €190m YoY.

Thanks to a series of major tier-1 launches OddsMatrix saw a 75% YoY rise in total bets from 109 million to 183m from 2022 to 2023, and a 95% QoQ increase in bets in Q4 2023 compared to the same period a year ago.

The business unit set its second highest ever month in GGR for customers in December 2023 at €44.4 million following a record month just four weeks earlier in November 2023 (€48.5m).

Platform saw Q4 2023 net revenue reach €7.9m, up 91% YoY, while EBITDA reached €4.0m, up 283% YoY.

The Affiliate Platform division, including PartnerMatrix and DeepCI, saw net revenue grow to €1.3m, up 39% YoY with EBITDA down 21% YoY due to accelerated product investment.

Ebbe Groes, Group CEO of EveryMatrix, said: “2022 was phenomenal but this year’s numbers are mind blowing. Every business unit and every one of our employees has contributed to a stellar set of financials proving we really are among, if not, the industry’s fastest growing iGaming technology supplier.

“Our growth acceleration from 2019 to today is staggering, while crucially we continue to deliver huge returns for our customers. Particularly pleasing has been the development of our OddsMatrix technology where the team’s hard work has paid off in both winning and delivering to some of the largest operators in Europe. The last 12 months have propelled OddsMatrix to joining the ranks of the industry’s largest sportsbook providers.

“Our progress shows no signs of slowing with investment in PlayMatrix; an exciting new live casino product, new technologies, innovations, and new tier-1 customers in the pipeline, while we are closing in on our 1,000^th employee at the same time as opening a state-of-the art, purpose-built headquarters in Bucharest. The future is very bright for EveryMatrix in 2024 and beyond.”

KEY Q4 & END OF YEAR HIGHLIGHTS

• Casino – First to launch casino content and aggregation services with WLA-member Veikkaus with more to come across 2024
• Sports – Live with bet-at-home and Hungarian lottery, two largest and most complex projects company has ever undertaken
• Platform – developed next generation Player Account Management: GamMatrix v2 using new microservices, can horizontally scale indefinitely and be customised for multiple markets, lowering time to market​
• Affiliate – PartnerMatrix integrated DeepCI proving end-to-end insights for operators and affiliates sites
• Gained regulatory approval in Pennsylvania completing licencing process in all regulated US iGaming states
• Increased headcount to 900+ while growing profitability to record high EBITDA margin
• Three new senior hires in Q4 including CEO Games, CCO and Head of Lottery
• Opened purpose-built, eco-friendly HQ in Bucharest; opened new office in Batumi, Georgia to facilitate new product expansion

Read the full Q4 and End of Year 2024 Update on EveryMatrix.com

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 1^st.

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 has become the first iGaming supplier to be awarded World Lottery Association (WLA) Safer Gambling certification following a rigorous company-wide audit process.

EveryMatrix, the industry’s fastest growing betting and gaming technology provider, joins an exclusive list of iLottery suppliers to have achieved this status.

The WLA has recognised the company’s existing high standards and ongoing and future commitments to go above and beyond its requirements to become a leader in Safer Gambling best practice.

The business underwent a stringent audit process to achieve certification. This included providing evidence that both showcased and pledges to abide by and continually implement the WLA’s guiding principles aimed at protecting players.

EveryMatrix’s Environmental, Social and Governance (ESG) policy includes a strengthened Safer Gambling strategy to ensure all its employees across its 12 global offices and all its clients have the necessary tools available to them and are fully informed of the latest research to operate in a responsible and ethical way.

Ebbe Groes, CEO, EveryMatrix, said: “The WLA are pioneers in safer gambling certification and we’re delighted they have recognised our work, commitments and pledges to both uphold and drive forward safer gambling best practice across everything we do.

“We entered this process because we firmly believe that to create and maintain a sustainable and successful industry we must ensure that all players are protected and given the right options to play safely and responsibly, and all our customers are informed of any risks and the actions needed to mitigate those risks.

“I’m personally committed to this, believe this is the way forward for both iLottery and iGaming and hope many others join us.”

Naomi Koops, Senior Compliance Counsel & Safer Gambling Co-ordinator, EveryMatrix, said: “This is the beginning of a company-wide commitment to follow the WLA principles, not just for the lotteries we partner with, but also for all our clients. Ensuring our products and services are developed with the very latest academic research, with player protection in mind, is a key priority for the business.

“We are building a safer gambling culture at EveryMatrix and are committed to becoming industry leaders in this space in the years to come.”

Melissa Azam, CSR Senior Manager, WLA, said: “The WLA is pleased to officially recognise EveryMatrix’s adherence to the WLA Responsible Gaming Guidelines for suppliers highlighting their commitment to ensuring player protection and safer gambling is at the core of both their own and their customers’ operations.”

EveryMatrix has a dedicated Global Sustainability section for its customers and their players to access.

B2B iGaming technology provider EveryMatrix announces strong results for Q2 of 2022.

EveryMatrix’s Q2 update shows financial performance ahead of expectations and Gross Profit growth across all business segments (Casino, Sports, and Platform) against the same period in 2021, a strong global sales performance with a significant contract signed, good cash balance, and a successful acquisition.

FINANCIAL PERFORMANCE AHEAD OF EXPECTATION

Gross Profit (Gross Revenue less direct costs to game suppliers) increased by 17% Y/Y in Q2 2022 to €14.9 million (12.7) with a 4-year CAGR of 35%. While the regulatory changes in Germany impacted Gross Profit in the Casino segment, that segment still grew by 11% Y/Y thanks to the company’s product diversification and broad client base.

EBITDA held at €5.2 million (5.2) as the company continues to reinvest positive cash flow into future growth. Key investments remain U.S. expansion and the quarter saw the acquisition of retail sports betting supplier Leapbit, bringing in nearly 20 new staff and a Croatian office.

The EBITDA/Gross Profit margin was 35%.

Net Cash grew from €11.1 million at the end of Q1 2022 to €15.2 million in Q2 2022. The Company is reinvesting positive cash flow into future growth and remains debt-free.

Ebbe Groes, Group CEO of EveryMatrix, says: “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.”

STRATEGIC ACQUISITION FINALISED

In May 2022, the company successfully finalised the acquisition of sports betting developer Leapbit. The merger strengthens the Group’s sports betting product OddsMatrix with an advanced and proven retail offering.

OddsMatrix will fully incorporate Leapbit’s comprehensive retail-focused software solution and other products such as virtual horse racing and lottery games. As such, the company elevates its online-first OddsMatrix sport betting platform to a true omnichannel iGaming solution to operators with retail presence.

Commenting on the largest acquisition to date, Ebbe Groes, says: “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.”

KEY MILESTONES IN Q2

• New client wins record with 43 deals signed across all products in Q2 2022.
• Reached 90% of Total Deal Value from 2021 for client wins in only 6 months.
• 4 new Tier 1 clients secured with 888casino and BetMGM in the U.S., and in Europe, the National Lottery of Malta and one of the top operators in Italy.
• 2 key clients in regulated markets, Germany and Romania, went live with CasinoEngine.
• 54 new brands went live with SlotMatrix.

In Q1 2022, the Company initiated a determined welfare support programme for its Ukrainian staff. During Q2 2022, the Company offered continuous support to Ukrainian staff and large donations to supporting causes. At the period end, operations remain unaffected, and staff are now returning to Ukraine.

LARGE CLIENT SIGNING AFTER END OF Q2

In July 2022, B2B platform provider EveryMatrix and German-based operator bet-at-home agreed on the delivery of the supplier’s comprehensive turnkey solution. The Frankfurt-listed operator will replace its existing proprietary platform with EveryMatrix’s tech stack.

This includes a modern sportsbook, casino platform, player management, payments module, and affiliate software. The agreement covers all the markets where bet-at-home is currently present, including their core regulated German market.

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