EveryMatrix, a B2B sports betting and igaming supplier, said that growth in the igaming solution segment led to record revenues in Q1.
EveryMatrix reported that revenue for the three months ending 31 March reached a record EUR23.5m. This is a 69% rise from the EUR13.9m reported by the company in Q1 of the previous year.
The company reported a 21% increase in revenue on a quarter basis. It highlighted that this was the sixth consecutive quarterly record.
EveryMatrix also announced that its operator partners had achieved a record quarterly gross gaming revenue of EUR374m, a 77% increase year-on-year.
Earnings before Interest, Tax, Depreciation, or Amortisation (EBITDA), compared to the EUR4.8m that the company achieved in 2020, stood at EUR10.5m.
The company said that the EBITDA-to-revenue ratio increased from 45% to 118.8% as a result of “strong revenue growth and successful cost controls.”
EveryMatrix sets records in Q1
Ebbe Groes, CEO of EveryMatrix Group, said: “Records are being broken all the time and it is down to our employees.” I’m proud of our entire business unit and its teams, who have been driving growth quarter-on-quarter for the company and our partners in all areas.
Groes said that the company’s projects planned for this year could be a key factor in future growth.
He said that this year was all about exceeding expectations and delivering for our customers around the world. “We are working on several large-scale initiatives, including the successful migration of our platform and a new look sportsbook. Germany will be following shortly. We also plan to launch the new digital sports offering from the Hungarian Lottery later this year.
I’m even more excited about the future of EveryMatrix. New omnichannel agreements are being signed and innovative new gamification features will create more value for our operators.
Growth in casino, sports and platforms
Casino services saw a growth of 84% on an annual basis over the last three months, with revenues rising to EUR10.8m.
EveryMatrix has stated that they expect the growth to continue through 2023. They have also highlighted the previously announced MGA and Greek licenses for their JackpotEngine.
Sports revenue for the business rose by a relatively modest 29% on an annual basis to EUR5,9m. Bet-at home chose to relaunch their sportsbook platform in February using EveryMatrix. The agreement was in addition to the one the company already had with the Malta-based supplier for its igaming offerings.
Supplier said that one-off expenses “adversely affected” the segment’s EBITDA, which was 25% for the quarter.
Platform segment revenue grew 97% to EUR7m with a 50% EBITDA.
This quarter’s total was driven by a large one-off revenue resulting from the signing of an agreement with the Hungarian State Lottery.
The company reported that they had maintained their “strong cash position” during the quarter. They reported a balance at the end of March 2023 of EUR19,3m.