EveryMatrix, a B2B iGaming technology provider, has announced its highest growth in company history.
The Q1 2023 update revealed record financial performance and profitability across all business segments, including Casino, Sports, and Platform. The company also launched its biggest ever platform migration project, signed a significant omnichannel deal with a tier-1 brand in Europe, and reinvested positive cash flow for future growth.
During the first quarter of 2023, the company recorded a net revenue of €23.5 million, representing a staggering 69% year-on-year growth and a 21% quarter-on-quarter increase. This is the sixth consecutive quarterly increase in a row.
The strong revenue growth led to record profits, with EBITDA up 119% YoY at €10.5 million and a 3-year CAGR of 39%. The EBITDA/Net Revenue margin rose to 45%, driven by strong growth and successful cost control.
EveryMatrix set a record quarterly Gross Gaming Revenue (GGR) performance for operator partners within its casino business unit, generating €374m, up 77% YoY compared to the same period in 2022. The sports business unit continued to make impressive progress recording €991m in turnover, a more than 210% YoY increase.
Two of the company's largest deals signed in 2022 with bet-at-home and The Hungarian Lottery, Szerencsejáték, are expected to be reflected in the last two remaining quarters of the year.
Ebbe Groes, Group CEO of EveryMatrix, expressed his pride in the teams, who are relentlessly driving quarter-on-quarter growth for the business and for the company's partners across all areas.
He stated that this year is all about delivering and going above and beyond for global customers, with 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.
EveryMatrix's Casino, Sports, and Platform business segments also recorded significant growth. Casino recorded its fifth quarterly record Net Revenue in a row (€10.8m), up 84% YoY compared to Q1 2022, with EBITDA margin rising to 52%.
Sports Net Revenue was up 29% to €5.9m compared with the same period last year. The team is currently migrating and relaunching bet-at-home.com within the EveryMatrix platform and focusing on delivering bet-at-home.de, alongside a new digital sportsbook offering for the Hungarian lottery Szerencsejáték, later this year.
Bet-at-home also became the first tier-1 brand to use EveryMatrix's new, enhanced front-end sportsbook, which will be offered to other customers going forward.
The Platform segment reported a net revenue increase of 97% compared to the same period last year with a record EBITDA contribution of €3.4m, supporting both casino and sports business units.
During Q1, EveryMatrix achieved many key milestones, including launching bet-at-home.com on the EveryMatrix platform and tech stack with a new look front-end. The company also signed a significant omnichannel and managed services agreement with a tier-1 operator in Croatia, signed 35 new contracts in eight different jurisdictions, and delivered nine new payment integrations. The company also received license approval in the US state of Connecticut, its fifth North American license after Michigan, West Virginia, New Jersey, and Ontario, Canada.
Additionally, EveryMatrix agreed on a content deal with US brand betParx, one of the largest mobile brands in the northeast of the US and received MGA (Malta) and Greece license approval for new jackpot gamification.