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.
Gross Profit (Gross Revenue less direct costs to game suppliers) increased by 17 per cent year-on-year in Q2 2022 to €14.9m (12.7) with a four-year CAGR of 35 per cent. While the regulatory changes in Germany impacted Gross Profit in the Casino segment, that segment still grew by 11 per cent year-on-year thanks to the company’s product diversification and broad client base.
EBITDA held at €5.2m as the company continues to reinvest positive cash flow into future growth. Key investments remain US 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 per cent.
Net Cash grew from €11.1m at the end of Q1 2022 to €15.2m in Q2 2022. The Company is reinvesting positive cash flow into future growth and remains debt-free.
Ebbe Groes, Group CEO of EveryMatrix, said: “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 per cent increase in Gross Profit, the best reflection of the underlying performance of the Group, allows us to continue to invest in our future growth.”
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, Mr Groes, said: “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.”
The quarter saw a record for new client wins with 43 deals signed across all products in Q2 2022. This included four new Tier 1 clients secured with 888casino and BetMGM in the US, and in Europe, the National Lottery of Malta and one of the top operators in Italy.
Two key clients in regulated markets, Germany and Romania, went live with CasinoEngine whilst 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.
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.” concluded Mr. Groes.