The rapid growth trajectory of EveryMatrix continued in the third quarter of 2024, once again setting a net revenue record and delivering a sixth consecutive profit margin of over 50%, driven by two major casino and sports deals. In the last five months, the company acquired FSB Technology and Fantasma Games.
The tier 1 global business, which saw employee numbers increase by 31% year-on-year to 1,188 after two all-cash acquisitions of FSB Technology in June and Fantasma Games in October, confirmed its status as the fastest-growing iGaming technology provider with another set of stellar financial results.
Revealing the Q3 2024 results, EveryMatrix set a quarterly net revenue record of €45 million across all products, a 66% year-on-year increase, while recording an EBITDA margin of 52%. The third quarter EBITDA stood at €23 million, a 71% year-on-year increase.
The sixth consecutive quarterly profit margin of 50%+ was driven by new client launches, continued growth in its core business units of sports and casinos, and further enhanced by strong sports trading margins.
Preparing the Group for the future with value-added acquisitions
The EveryMatrix Group significantly bolstered future success, greater market penetration, and a strong pipeline of new clients with two value-added acquisitions: FSB Technology and Fantasma Games.
FSB Technology added approximately 15% additional Gross Gaming Revenue (GGR) to the Group's sports betting business unit volumes with client migration on schedule. This includes the British operator BetGoodwin, which closed a multi-year deal to expand its use of EveryMatrix's turnkey sports and casino technology.
The acquisition also strengthened key areas of the business, including the OddsMatrix sportsbook, doubling the trading team and time to enhance customization within managed odds and risk services.
Fantasma Games, one of the fastest-growing young casino studios in the industry, was added to the Group in October. The integration of the Fantasma Games team will bring strong commercial, technical, and creative skills.
EveryMatrix clients will significantly benefit from the immediate addition of well-known titles that are already active with over 250 operators and played by millions of players in more than 50 countries.
Fantasma Games' market distribution will also increase EveryMatrix's presence in rapidly growing regions such as North America, where the fastest-growing technology provider in the sector has ambitious plans to develop its established partnerships with tier 1 brands.
Main business units experience accelerated growth
The Q3 2024 GGR for operator partners within the casino business unit generated a twelfth consecutive record quarterly performance of €709 million, a 53% year-on-year increase with the GGR over the last 12 months at €2.6 billion, a 63% year-on-year increase.
The quarterly net revenue of the casino improved to €23.8 million, a 78% year-on-year increase, while EBITDA reached €14.9 million, reflecting a 95% increase. The SlotMatrix aggregation product introduced a total of 970 unique game titles and integrated 10 new providers, bringing the total to over 170, well above any other aggregator in the world.
The quarterly sports betting turnover of OddsMatrix rose to 87% year-on-year to €1.5 billion and €5.3 billion over the last 12 months, reflecting a 60% year-on-year increase, while the GGR over the last 12 months increased 158% year-on-year to €361.9 million. The quarterly net revenue reached €11.7 million, an 85% year-on-year increase, while EBITDA reached €6 million, reflecting a 117% year-on-year increase.
OddsMatrix reached a record number of live events with 530,000 in the third quarter, a 14% year-on-year increase. The total number of bets made in Q3 reached 132 million, reflecting a 225% year-on-year increase.
The platform saw third-quarter net revenue increase 30% year-on-year to €8.1 million, with EBITDA of €2.8 million. The GamMatrix, EveryMatrix Player Account Management (PAM) system, processed 400,000 bets per minute during peak times, an 18% year-on-year increase, while also going live in Peru. The number of successful payment transactions reached €4.4 billion in Q3, a 91% year-on-year increase.
The affiliate division, including PartnerMatrix and PartnerMatrix Intelligence, launched a new website combining affiliate software and affiliate intelligence products into a single proposition. The business unit reached 82 active clients, an 11% quarter-on-quarter increase, and saw net revenue reach €1.4 million in Q3 2024, a 13% year-on-year increase. EBITDA decreased by -€0.25 million due to ongoing investment in products and marketing.
Ebbe Groes, CEO of EveryMatrix Group, said: “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 clients, launching more tier 1 operators, and making two significant acquisitions that instantly added value to the wider Group and that will safeguard our sports and gaming divisions in the future”.
“As a result of these deals, we expect to see even more growth and profitability as we migrate more FSB clients to our technologies and our gaming division accelerates production and distribution to become a significant global studio”.
“We are clearly a leader when it comes to being the fastest-growing iGaming provider”.
Source: GMB
