EveryMatrix shatters records with Q1 2024 unprecedented growth

Lea Hogg May 14, 2024

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EveryMatrix shatters records with Q1 2024 unprecedented growth

EveryMatrix has once again outdone itself in Q1 2024, setting new records for net revenue and EBITDA. The company generated a staggering €39m in net revenue across all products, marking a 66 percent year-on-year growth. EBITDA also soared to an all-time high of €22 million, a 111 percent increase from the previous year, pushing the company’s EBITDA margin to a record 57 percent, up from 45 percent in Q1 2023.

This record-breaking quarter follows closely on the heels of EveryMatrix’s strongest financial results in its 16-year history, achieved just three months prior. The company attributes this stellar performance to large value client signings, multiple new client launches across all core business units, strong sports trading and innovation, and continued growth in the casino segment.

EveryMatrix has also made significant strides in expanding its global footprint. It was among the first iGaming technology providers to gain regulatory accreditation in Peru and furthered its progress in the US by launching its first casino aggregation partner with third-party content live on DraftKings in New Jersey.

In addition to these achievements, EveryMatrix reached a significant post-period milestone, hitting the 1,000 employee mark across 13 global locations. The company’s largest purpose-built office, housing 450 personnel, opened its doors in Bucharest, Romania. A new office was also launched in Cebu, Philippines, focusing on the data products of its recently acquired affiliate optimisation service, DeepCI.

EveryMatrix’s CEO, Ebbe Groes, (in photo above), expressed his excitement over the company’s progress, stating, “It’s mind-blowing how far we’ve come and how much progress continues to be made across the entire business.”

Breakdown by business unit

EveryMatrix’s casino business unit saw significant growth in Q1 2024, with operator partners generating a record GGR of €619m during the quarter, a 65 percent year-on-year increase. This led to a rise in EveryMatrix’s quarterly casino net revenue to €19.9 million, an 83 percent year-on-year increase, while EBITDA reached €13.2 million, reflecting a 132 percent year-on-year increase. The SlotMatrix aggregation product introduced 886 new games during the period.

The OddsMatrix sports division also saw impressive growth, with turnover rising 31 percent year-on-year to €1.3 billion and GGR climbing 308 percent year-on-year to €96 million. Net revenue for the business unit reached €10.5 million, up 78 percent on Q1 2023, while EBITDA hit €6.2 million, reflecting a 313 percent increase. OddsMatrix covered a record 173,000 live events in a single month, while the average monthly number of bets placed reached 39 million.

EveryMatrix’s platform division saw quarterly net revenue reach €7.3 million, up 28 percent year-on-year, with EBITDA at €3.2 million, up 13 percent on Q1 2023. The company’s affiliate platform division saw net revenue grow to €1.4 million during the quarter, up 39 percent year-on-year, with EBITDA down €0.4 million due to continued product and commercial investment.

EveryMatrix is among a select few private companies in the iGaming space that report their quarterly financial performance, providing a transparent view into their operations and growth. With its record-breaking Q1 2024 performance, EveryMatrix is well-positioned for sustained growth and expansion for the remainder of 2024 and beyond.