iGaming technology solutions provider EveryMatrix reports a record high net revenue of 45 million euros (47.8 million USD) for the third quarter of 2024, a 66% increase year-over-year.
The company's EBITDA profit margin remains at 52%, exceeding 50% for six consecutive quarters, with EBITDA reaching 23 million euros, up 71% from the previous year. This growth is attributed to the strong performance of its core businesses in casino and sports betting, as well as recent acquisitions.
Strategic Acquisitions in Sports Betting and Casino Sectors
In the past five months, EveryMatrix has completed two acquisitions to enhance its sports betting and casino products. In June, the acquisition of FSB Technology increased the total gross gaming revenue (GGR) by approximately 15%, securing new partnership agreements, including a multi-year agreement with UK operator BetGoodwin.
This acquisition also doubled the size of the OddsMatrix trading team, supporting the growth in personalized odds and risk management.
In October, EveryMatrix acquired casino game studio Fantasma Games, adding mature gaming products and expanding technical expertise.
Notably, Fantasma's team brings commercial and creative support to EveryMatrix's casino division, expected to aid its future growth in North America.
CEO Ebbe Groes stated, "The past few months have been the busiest since the company was founded 16 years ago; we continue to generate record total gaming revenues for our clients, launch more tier-one operators, and have made two significant acquisitions that immediately added value to the entire group and will secure our future in sports and gaming sectors."
Core Business Segment Performance
In the third quarter of 2024, the casino division generated a GGR of 709 million euros for its operating partners, a 53% increase, marking the twelfth consecutive quarter of growth.
Casino net revenue grew by 78% to 23.8 million euros, with EBITDA increasing by 95% to 14.9 million euros. The SlotMatrix aggregator platform added 970 games, integrating 10 new suppliers, bringing the total number of suppliers to over 170.
With support from OddsMatrix, the sports betting division's turnover grew by 87% over the past 12 months, reaching 1.5 billion euros, with GGR increasing by 158% to 361.9 million euros.
The sports betting company's net revenue for the third quarter reached 11.7 million euros, up 85%, with EBITDA growing by 117% to 6 million euros. OddsMatrix processed 530,000 live events this quarter, with betting numbers reaching 132 million, a 225% increase.
The platform division also reported a 30% increase in net revenue, reaching 8.1 million euros, with the company's player account management system GamMatrix processing 400,000 bets per minute during peak periods. Successful transactions reached 4.4 billion euros, up 91%.
Expanding into the African Market and Product Development
EveryMatrix continues its expansion into Africa, establishing partnerships with MBet in Tanzania and the Democratic Republic of Congo. Through this turnkey sports betting partnership, MBet has transitioned to the EveryMatrix OddsMatrix platform, benefiting from localized content and betting management tools. Groes describes the African market as a region with unique scalability challenges.
In addition to the MBet deal, EveryMatrix has launched a new website for its affiliate division, merging PartnerMatrix and PartnerMatrix Intelligence to streamline affiliate management. The division's net revenue grew by 13% to 1.4 million euros, with customer numbers increasing by 11% from the previous quarter.
Recent Highlights and Future Outlook
Key highlights for EveryMatrix in the third quarter of 2024 include the launch of the LoyaltyEngine module, allowing players to earn rewards, and the launch of GamMatrix in Peru. The company also launched "Hero Academy," a non-governmental organization program supporting the career development of Ukrainian veterans in IT.
Looking back, EveryMatrix has maintained a consistent growth momentum, marked by its partnership with African operator MBet to expand the OddsMatrix platform, and strategic acquisitions of FSB Technology and Fantasma Games. The company has also expanded its operations in Mexico by joining AIEJA.
