Key points:
- EveryMatrix's net revenue reached €45m in Q3 2024, marking a 66% year-on-year increase
- EBITDA margin stood at 52%, with EBITDA reaching €23m, up 71%
- Recent acquisitions of FSB Technology and Fantasma Games are expected to boost market share in sportsbook and casino
EveryMatrix, a provider of iGaming technology solutions, reported a record high in net revenue for Q3 2024, achieving €45m ($47.8m)—a 66% increase year-on-year.
The company’s EBITDA margin held at 52%, marking the sixth consecutive quarter above 50%, with EBITDA reaching €23m, up 71% from the previous year. This growth is attributed to core business performance in casino and sportsbook, alongside recent acquisitions.
Strategic acquisitions in sportsbook and casino
In the past five months, EveryMatrix has completed two acquisitions to enhance its sportsbook and casino offerings. The June acquisition of FSB Technology added roughly 15% to sportsbook gross gaming revenue (GGR), helping the company secure new partnerships, including a multi-year deal with UK operator BetGoodwin.
This acquisition also doubled the OddsMatrix trading team, supporting growth in personalised odds and risk management.
October saw EveryMatrix acquire casino game studio Fantasma Games, adding established game titles and expanding technical expertise.
Good to know: Fantasma’s team brings commercial and creative support to EveryMatrix’s casino division, which is expected to support future growth in North America.
CEO Ebbe Groes 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 customers, launching more tier-one operators and making two significant acquisitions that have instantly added value to the wider Group and that will futureproof both our sports and games divisions.”
Performance across core business units
In Q3 2024, the casino division’s GGR for partner operators reached €709m, a 53% increase, marking the twelfth consecutive quarter of growth.
Casino net revenue grew 78% to €23.8m, while EBITDA increased 95% to €14.9m. The SlotMatrix aggregation platform added 970 new game titles and integrated 10 new vendors, totalling over 170 providers.
The sportsbook division, powered by OddsMatrix, saw an 87% increase in turnover to €1.5bn, with a 158% rise in GGR to €361.9m over the last 12 months.
Q3 net revenue for the sportsbook reached €11.7m, up 85%, with EBITDA rising 117% to €6m. OddsMatrix processed 530,000 live events during the quarter, while the number of bets reached 132 million, up 225%.
The platform division also reported a 30% increase in net revenue to €8.1m, with GamMatrix, the company’s player account management system, handling 400,000 bets per minute during peak times. The volume of successful transactions reached €4.4bn, up 91%.
Expansion in African markets and product development
EveryMatrix continued its expansion into Africa, securing a partnership with MBet in Tanzania and the Democratic Republic of Congo. Through this turnkey sportsbook partnership, MBet has transitioned to EveryMatrix’s OddsMatrix platform, benefiting from localised content and betting management tools. Groes described the African market as a region with unique scalability challenges.
In addition to the MBet deal, EveryMatrix launched a new website for its affiliate division, merging PartnerMatrix and PartnerMatrix Intelligence to streamline affiliate management. The division saw a 13% increase in net revenue to €1.4m, while client numbers rose 11% from the previous quarter.
Recent highlights and future outlook
Recent highlights for EveryMatrix in Q3 2024 include the launch of the LoyaltyEngine module, which allows players to earn rewards and GamMatrix going live in Peru. The company also launched the “Academy for Heroes”, an NGO initiative supporting IT career development for veterans from Ukraine.
Looking back, EveryMatrix has shown consistent growth, marked by the expansion of the OddsMatrix platform in partnership with African operator MBet and the strategic acquisitions of FSB Technology and Fantasma Games. The company has also expanded in Mexico by joining the AIEJA.
