EveryMatrix doubles Q1 EBITDA as igaming tech’s fastest growing player

EveryMatrix has declared a stellar opening to 2024 trading, maintaining its position as ‘the iGaming sector’s fastest growing technology firm’.

Publishing a Q1 update this morning, EveryMatrix declared that it had achieved a ‘16-year quarterly high‘ across financial metrics and corporate KPIs.

Headline growth saw EveryMatrix achieve corporate net revenues of €39m, up 66% year-on-year from Q1 2023 results of €24m.

Group accounts indicate that for a fourth consecutive quarter EveryMatrix benefited from a record-breaking profit margin of 57%, as Q1 EBITDA results doubled to €22.3m (Q1 2023: €10.5m).

Further records were pronounced as the firm’s Casino segment achieved a quarterly gross gambling revenues (GGR) of €619m (+65%) – helping EveryMatrix maintain a +€2.1bn wagering volume across its casino partner network on an annual basis.

Peak wagering saw quarterly casino net revenue rise to €19.9m, up 83% Year-on-Year whilst EBITDA reached €13.2m (+132%).

For sports, the OddsMatrix unit saw client wagering increase by 31% to €1.3bn, reported across 173k live events in a single month as OddsMatrix detailed that ‘average monthly number of bets placed reached 39m.’

Citing peak wagering once more, OddsMatrix recorded a 96% increase in GGR to €96m as net revenue for Q1 2024 reached €10.5m, up 78% Year-on-Year, while EBITDA hit €6.2m, reflecting a 313% increase compared to 2023.

The group’s platform segment maintained growth, reporting net revenues of €7.3m (+28%) and EBITDA of €3.2m (13%), in which KPIs reported that ‘Player Account Management (PAM) system hit a new record of 230k bets per minute at peak times’.

PartnerMatrix, the affiliate platform of EveryMatrix, reported net revenues of €1.4m and an EBITDA decline to €400,000 – attributed to product investments servicing 14 new clients.

Q1 commercial highlights saw EveryMatrix announce its US debut, launching its casino content partnerships with Entain (BetMGM), Golden Nugget Online Gaming, and DraftKings.

Operationally, EveryMatrix increased its total headcount to over 1,000 by opening a new office in Cebu, Philippines, which focuses on DeepCI products. Additionally, four new senior hires were made in the first quarter, including the CEO of MoneyMatrix, CEO of PlayMatrix, CCO of PlayMatrix, and CCO of PartnerMatrix.

Ebbe Groes, Group CEO of EveryMatrix, said: “It’s been more than a year of the company breaking records and hitting new highs, and this quarter has been the best yet.

“It’s mind-blowing how far we’ve come and how much progress continues to be made across the entire business. From casino, sports, and platform that are all showing extremely positive signs of sustained growth and expansion, to our affiliate, payments, and live casino divisions that are pushing the boundaries of technology and paving the way for future success, we’re in a fantastic position for the remainder of 2024 and beyond.

“Watch this space as there is plenty more to come from EveryMatrix this year!”