EveryMatrix, a leading provider of iGaming technology solutions, has reported its strongest financial results yet for Q3 2024, achieving a record-high net revenue of €45 million ($47.8 million). This impressive performance marks a 66% increase year-on-year, further solidifying the company’s position in the highly competitive iGaming industry. The company’s sustained growth trajectory has been powered by strategic acquisitions, expansion into new markets, and a focus on enhancing its core casino and sportsbook offerings.

EveryMatrix Reports Record Net Revenue for Q3 2024, Driven by Strategic Acquisitions and Core Business Growth

Robust Financial Performance in Q3 2024

EveryMatrix’s Q3 2024 results showcased a significant boost in profitability, with the EBITDA margin holding steady at 52% for the sixth consecutive quarter. The company reported an EBITDA of €23 million, reflecting a remarkable 71% year-on-year growth. This sustained profitability is indicative of EveryMatrix’s strong operational efficiencies and its ability to maximize revenue through a diversified portfolio.

Key Financial Metrics:

• Net Revenue: €45 million (up 66%)
• EBITDA Margin: 52% (sixth consecutive quarter above 50%)
• EBITDA: €23 million (up 71%)

The company attributes this strong performance to robust growth across its core business units—casino, sportsbook, and platform services—alongside recent strategic acquisitions that have expanded its market reach and technological capabilities.

Strategic Acquisitions Bolstering Sportsbook and Casino Segments

Over the past five months, EveryMatrix has completed two significant acquisitions aimed at enhancing its offerings in the sportsbook and casino verticals.

• FSB Technology Acquisition (June 2024):

This acquisition added approximately 15% to EveryMatrix’s sportsbook gross gaming revenue (GGR), enabling the company to secure new partnerships such as a multi-year deal with UK operator BetGoodwin.

The acquisition also doubled the OddsMatrix trading team, strengthening capabilities in personalized odds and risk management.

• Fantasma Games Acquisition (October 2024):

The acquisition of Fantasma Games, an established casino game studio, expanded EveryMatrix’s portfolio with popular game titles and deepened its technical expertise. This move aligns with EveryMatrix’s strategy to enhance its SlotMatrix aggregation platform, which saw the addition of 970 new game titles in Q3 2024.

CEO Insights

CEO Ebbe Groes expressed confidence in these acquisitions, stating, “The last few months have been some of the busiest since we founded the company 16 years ago, continuing to drive record GGR for our customers, launching more tier-one operators, and making two significant acquisitions that will futureproof our sports and games divisions.”

Performance Across Core Business Units

Casino Division: Continued Momentum

The casino division remained a cornerstone of EveryMatrix’s growth, achieving its twelfth consecutive quarter of growth. For Q3 2024, gross gaming revenue (GGR) for partner operators in the casino segment reached an impressive €709 million, representing a 53% increase from the previous year.

• Casino Net Revenue: €23.8 million (up 78%)
• Casino EBITDA: €14.9 million (up 95%)

The SlotMatrix platform continues to be a key driver, having integrated 10 new vendors and added nearly 1,000 game titles, bringing the total to over 170 providers on the platform. This focus on expanding game variety has positioned EveryMatrix as a leader in iGaming content aggregation.

Sportsbook Division: Outstanding Growth with OddsMatrix

Powered by the OddsMatrix platform, EveryMatrix’s sportsbook division experienced significant growth, reporting a 87% increase in turnover to €1.5 billion. Over the last 12 months, GGR in the sportsbook segment rose by an astounding 158%, reaching €361.9 million.

• Q3 Net Revenue (Sportsbook): €11.7 million (up 85%)
• Sportsbook EBITDA: €6 million (up 117%)

The OddsMatrix platform processed over 530,000 live events during Q3, with the total number of bets placed reaching 132 million, an impressive 225% increase from the previous quarter. This growth is driven by enhanced risk management tools and the ability to offer personalized betting experiences.

Platform Division: Strengthening Infrastructure

The platform services division also posted robust growth, with net revenue increasing by 30% to €8.1 million. The GamMatrix player account management system played a crucial role in this success, handling 400,000 bets per minute during peak times. The platform processed over €4.4 billion in successful transactions, a 91% increase year-on-year.

Expansion into African Markets and Product Innovations

EveryMatrix continues to expand its footprint in emerging markets, particularly in Africa. In Q3 2024, the company secured a turnkey sportsbook partnership with MBet in Tanzania and the Democratic Republic of Congo. By transitioning to EveryMatrix’s OddsMatrix platform, MBet has gained access to localized content and advanced betting management tools tailored for the African market.

In addition, EveryMatrix launched a revamped website for its affiliate division, merging PartnerMatrix and PartnerMatrix Intelligence to enhance affiliate management. This led to a 13% increase in net revenue for the division, with an 11% rise in client numbers.

Recent Developments and Future Outlook

Q3 2024 was marked by several key initiatives, including the launch of the LoyaltyEngine module, which allows operators to offer players rewards, and the deployment of GamMatrix in the Peruvian market. The company also introduced the “Academy for Heroes”, an NGO initiative aimed at supporting IT career development for veterans from Ukraine.

Looking Forward

EveryMatrix’s strategic acquisitions, coupled with its focus on innovation and market expansion, are expected to drive continued growth into Q4 2024 and beyond. By investing in technology and expanding into high-growth markets, the company aims to solidify its position as a leading provider of iGaming solutions.

Conclusion: The Financial Performance

EveryMatrix’s record-breaking performance in Q3 2024 underscores its commitment to driving growth through strategic acquisitions, robust platform capabilities, and a focus on emerging markets. As the company continues to expand its offerings and invest in new technologies, it is well-positioned to capture further market share and deliver sustained value to its partners.

FAQs About  EveryMatrix’s Q3 2024 Financial Results

1. What were EveryMatrix’s key financial highlights for Q3 2024?

EveryMatrix reported a record net revenue of €45 million ($47.8 million), reflecting a 66% year-on-year increase. The company maintained an EBITDA margin of 52% for the sixth consecutive quarter, with an EBITDA of €23 million, up 71% from the previous year.

2. How did EveryMatrix achieve such a high EBITDA margin?

EveryMatrix’s continued focus on operational efficiency, revenue diversification, and strategic acquisitions in the sportsbook and casino segments allowed it to maintain a high 52% EBITDA margin for the quarter.

3. What recent acquisitions did EveryMatrix make to boost its business?

In Q3 2024, EveryMatrix completed two significant acquisitions:

• FSB Technology (June 2024): Enhanced sportsbook capabilities, adding 15% to gross gaming revenue and doubling the OddsMatrix trading team.
• Fantasma Games (October 2024): Expanded EveryMatrix’s casino game portfolio with popular game titles and technical expertise.

4. How did the casino division perform in Q3 2024?

The casino division continued its growth, achieving a 53% increase in gross gaming revenue (GGR), totaling €709 million. Casino net revenue increased by 78% to €23.8 million, while EBITDA in this segment rose by 95% to €14.9 million.

5. What were the highlights of EveryMatrix’s sportsbook division?

The sportsbook division saw an 87% increase in turnover, reaching €1.5 billion. Gross gaming revenue for sportsbook operations grew by 158%, with net revenue for Q3 hitting €11.7 million (up 85%) and EBITDA increasing 117% to €6 million.

6. What role did the OddsMatrix platform play in EveryMatrix’s growth?

The OddsMatrix platform processed 530,000 live events in Q3 and handled 132 million bets, which marked a 225% increase from the previous quarter. This growth was supported by enhancements in personalized odds and risk management tools.

7. How is EveryMatrix expanding its presence in African markets?

EveryMatrix secured a partnership with MBet in Tanzania and the Democratic Republic of Congo to offer a localized sportsbook experience using its OddsMatrix platform. This partnership is part of EveryMatrix’s strategy to expand into high-growth markets.

8. What new product innovations did EveryMatrix introduce in Q3 2024?

Some notable product launches include:

• LoyaltyEngine Module: A tool to help operators reward players.
• GamMatrix Expansion in Peru: Introducing its player account management system to new markets.
• Academy for Heroes: An initiative to support IT career development for Ukrainian veterans.

9. How is EveryMatrix enhancing its affiliate management system?

EveryMatrix merged its PartnerMatrix and PartnerMatrix Intelligence platforms, leading to a 13% increase in net revenue for its affiliate division and an 11% rise in client numbers in Q3 2024.

10. What are the future growth prospects for EveryMatrix?

EveryMatrix plans to continue expanding its market presence, especially in emerging regions like Africa and Latin America. With recent acquisitions and product innovations, the company is focused on sustaining its growth trajectory into Q4 2024 and beyond.