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Malta – EveryMatrix exceeds 2023 expectations with record annual results

By - 5 February 2024

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

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 per cent 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 per cent year-on-year driven by strong sports trading margins and significant growth across its casino segment. 

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.

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.

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

Quarterly casino net revenue rose to €17.9m, up 101 per cent year-on-year while EBITDA reached €11.4m reflecting a 212 per cent year-on-year increase. Full year net revenue reached €54.7m, up 86 per cent, with EBITDA soaring 162 per cent 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 per cent year-on-year to €9.1m, while EBITDA reached €4.9m, up 178 per cent year-on-year. Q4 sports GGR climbed to €74m, up 210 per cent year-on-year, while annual GGR rose 85 per cent to €190m year-on-year.

Thanks to a series of major tier-1 launches OddsMatrix saw a 75 per cent year-on-year rise in total bets from 109m 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 €44.4m following a record month just four weeks earlier in November 2023 (€48.5m).

Platform saw Q4 2023 net revenue reach €7.9m, up 91 per cent Year-on-Year, while EBITDA reached €4m, up 283 per cent year-on-year.

The Affiliate Platform division, including PartnerMatrix and DeepCI, saw net revenue grow to €1.3m, up 39% YoY with EBITDA down 21 per cent year-on-year 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 1,000th 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.”

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