EveryMatrix smashes all commercial records in 2023

EveryMatrix has proclaimed its “best financial results in its 16-year history” as the igaming and sports betting technology group sets new growth and profitability records.

Publishing its Q4 and full-year results, EveryMatrix registered a 75% increase in FY2023 consolidated net gaming revenues (NGR) of €114m (FY2022: €65m).

Headline growth reflects EveryMatrix expanding its key client base across all products and services, in which the company underscores that FY2023 income results are “four times higher than 2019’s €28m”.

2023 trading ended with EveryMatrix declaring a record-breaking Q4 performance of NGR €36m (+87%), combined with a 2x increase in consolidated EBITDA to €20m (Q42022: €7m).

A record-breaking close to 2023 saw EveryMatrix’s FY2023 EBITDA surge to €60m, up 155% compared to FY2022 of €23m, driven by strong sports trading margins and significant growth across its casino segment.

Commenting on results, Group CEO Ebbe Groes 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.”

Updating investors, EveryMatrix outlined the ‘exceptional performance of core products’ led by its online casino unit generating Q4 NGR of €18m, while EBITDA reached €11.4m reflecting a 212% YoY increase. EveryMatrix’s online casino full year net revenue stood at €55m, up 86%, with EBITDA soaring 162% to €32m.

Further highlights saw the OddsMatrix sports betting unit set new records as Q4 net revenue increased by 69% on 2022 comparatives of €9.1m, and EBITDA reached €4.9m, up 178% YoY.

Of significance, OddsMatrix smashed wagering records declaring a GGR contribution of €190m (+85%), as sports betting FY2023 NGR increased by 50% to €29m and combined with a doubling in EBITDA results to €13.5m.

Groes detailed: “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.”

2023 was heralded as a year of ‘tier-1 client wins’ as EveryMatrix expanded its partner portfolio launching its online casino content and aggregation service with Veikkaus – Finland’s state-owned gambling firm.

Elsewhere, OddsMatrix was significantly expanded by the principal sportsbook supplier deals with Hungary’s state lottery, Szerencsejáték Zrt, and German heritage sportsbook Bet-at-home AG.

Expanding its resources, EveryMatrix increased its global headcount to over 900 employees and opened a “purpose-built, eco-friendly HQ in Bucharest”, as well as a new office in Batumi, Georgia “to facilitate new product expansion”.

CEO Ebbe Groes concluded: “Our progress shows no signs of slowing with investment in PlayMatrix; an exciting new live casino product, new technologies, innovations, and new tier-one 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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