EveryMatrix reported record annual net revenue of €180 million (£152 million/$186 million) in its 2024 financial year, with growth across all core product verticals.
Group net revenue was 59% higher than the €114 million recorded in the previous year, although this excludes the impact of recent M&A activity. When including this, overall revenue for 2024 hit €352 million, an increase of 46% and another record for the group.
The business was boosted in 2024 by two acquisitions. First came FSB Technology in July and Fantasma Games followed a few months later in October.
Growth in revenue also led to a rise in EBITDA. For the full year, EBITDA amounted to €101 million, a 70% increase on the previous year and another record. On top of this, EBITDA margin in terms of net revenue hit 56%.
EveryMatrix highlights OddsMatrix success
In its annual report, published today (20 January), EveryMatrix described 2024 as the best 12 months in its history. CEO Ebbe Groes (pictured) said while all segments performed well, sports betting focused OddsMatrix was a particular highlight.
“I’m proud of all our achievements in 2024 but particularly in sports where OddsMatrix has undergone an incredible period of growth, increasing betting volumes by 14x in just five years,” Groes said
“The system’s ability to handle this mega growth for bet placement, bet settlement and risk management, while simultaneously adding many features, is proof of just how solid its architecture is.”
Starting with sports betting, revenue was 75% higher year-on-year at €51.0 million. EBITDA also increased by 130% for this area of the business and EBITDA margin was at 65%.
EveryMatrix also reported an increase in the total number of bets up 73% to a record 515 million. In addition, average daily bets reached 1.4 million, almost double the previous year’s total.
Casino remains the core revenue source for EveryMatrix
Turning now to casino, revenue for the full year amounted to €92.7 million, up 46%. EBITDA was also 83% higher year-on-year, with the segment’s EBITDA margin at 61%.
EveryMatrix noted the impact of the Fantasma acquisition within this segment, reporting that it added over 4,400 unique games to its portfolio.
The group said the average number of casino game rounds per day for 2024 reached 202. This is 46% higher than the previous year and four times the average for 2020 (50).
Where else did EveryMatrix see growth?
As for other areas of the business, the platform segment saw revenue increase 24% to €31.8 million. EBITDA, however, slipped 5% to €12 million in 2024.
Highlights here include the player account management (PAM) wallet system processing an average of 260 million transactions every day. EveryMatrix also completed migrations from several third-party PAMs and launched 10 turnkey clients during the year.
Finally, revenue from the affiliate business climbed 26% to €5.6 million although EBITDA hit negative €1.1 million. The past year saw the group sign 96 new deals, while it was also able to rebrand DeepCI to PartnerMatrix Intelligence as part of the PartnerMatrix umbrella.
Average affiliates daily net gaming revenue in 2024 reached €1.8 million, with affiliates net gaming revenue for the year rising 91% to €574 million.
In terms of the wider group, EveryMatrix added 1,280 new employees throughout the year. In addition, it expanded its physical presence, opening a new office in the Philippines and taking on Fantasma sites in Sweden and Bulgaria, as well as an FSB office in the UK.
Record Q4 concludes record 2024
EveryMatrix also noted it was able to end 2024 on a positive, with several quarterly records also falling in Q4.
Highlights include revenue reaching an all-time high of €103 million. Before accounting for M&A impact, net revenue reached €55 million, another record figure for the group.
EBITDA in Q4 was 49% higher year-on-year at €30 million, which is another quarterly record at EveryMatrix. EBITDA margins also hit an all-time high of 56%.
“The momentum we’ve set in the last few years shows no signs of slowing down,” Groes said. “Most of all, this is a result of our clients growing with us and my heartfelt thanks go to our customers and our staff.
“Your loyalty and efforts jointly did this. We will keep pushing to improve all products help our clients’ continued growth!”
