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EveryMatrix reports 41% revenue increase for Q2

EveryMatrix has reported “strong results” for the second quarter of 2022, with revenue amounting to €30.1m ($30m), a 41% increase from the prior-year period.

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Gross profit increased by 17% year-on-year to €14.9m, with a four-year CAGR of 35%.

The group noted that regulatory changes in Germany impacted gross profit in the Casino segment, but that the segment still grew 11% year-on-year due to the company’s product diversification and broad client base.

EBITDA was maintained at €5.2m as the group “continues to reinvest positive cash flow into future growth”, with an EBITDA margin of 35%. Net cash increased from €11.1m at the end of Q1 2022 to €15.2m in Q2 2022.

EveryMatrix noted many milestones for the period, including a new client wins record with 43 deals signed across all products in Q2 2022.

The group secured four new Tier 1 clients, including 888casino and BetMGM in the US, while two of its key clients in Germany and Romania went live with CasinoEngine. 54 new brands meanwhile went live with SlotMatrix.

“Driven by our diverse product offering and strong client base, we saw yet another record number of new client wins in the quarter with 43 deals signed across all products,” said EveryMatrix Group CEO Ebbe Groes.

“Furthermore, a 17% increase in gross profit, the best reflection of the underlying performance of the group, allows us to continue to invest in our future growth.”

In May, the group finalised the acquisition of sports betting developer Leapbit. Commenting on the acquisition, Groes said: “OddsMatrix is one of the company’s three pillars and is growing at a tremendous rate already. 

“Retail is a big component of any comprehensive sports betting suite, and by integrating Leapbit’s technology, we will take OddsMatrix to become a leader of true omnichannel sports in regulated markets.”

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