EveryMatrix CEO hails ‘mind-blowing’ 2023 as revenue hits record €114m

Net revenue was 75% higher year-on-year following growth across all core businesses within EveryMatrix. EBITDA, meanwhile, jumped 155% to €60m for the 12 months to 31 December 2023.

Casino remained the primary source of revenue for EveryMatrix by some distance. However, there was also growth within the sports betting segment, as well as across the platform and affiliate divisions. 

EveryMatrix CEO Ebbe Groes openly praised the annual results. He said to improve on what he described as “phenomenal” results in 2022 was a huge achievement for the group.

“2022 was phenomenal but this year’s numbers are mind-blowing,” Groes said. “Every business unit and every one of our employees has contributed to a stellar set of financials proving we really are among, if not, the industry’s fastest-growing igaming technology supplier.

“Our growth acceleration from 2019 to today is staggering, while crucially we continue to deliver huge returns for our customers. 

“Particularly pleasing has been the development of our OddsMatrix technology where the team’s hard work has paid off in both winning and delivering to some of the largest operators in Europe. The last 12 months have propelled OddsMatrix to joining the ranks of the industry’s largest sportsbook providers.”

Casino revenue rockets 86% at EveryMatrix

Breaking down the full year performance, casino activity accounted for €54.7m of annual revenue, up 86%. EBITDA for casino was also 162% higher year-on-year at €32.3m.

This was helped by an increase in casino vendor integrations and roll-out of new games. In total, casino content went live with 98 new operators during 2023.

As for sports betting, revenue jumped 51% to €29.1m and EBITDA 103% to €13.5m. It was noted that the number of bets also jumped 96% year-on-year and available live events 31%. Average sports bets per day reached 234,000.

Elsewhere, platform revenue almost doubled to €25.7m, with EBITDA surging by 344% to €12.5m. Average transactions per day were also higher year-on-year.

Finally, affiliate revenue climbed 39% to €4.4m. However, EBITDA for this segment slipped 21% to €1.2m. Affiliates net gaming revenue on PartnerMatrix increased 77% to €326m.

Record Q4 boosts 2023 figures

Full year performance was helped by a record Q4. Revenue for the final quarter of the year was 87% higher at €36m. EBITDA for the quarter was also 194% up to an all-time high of €20m.

Casino revenue in Q4 jumped 101% to €17.9m, with EBITDA 212% higher at €11.4m. For sports betting, revenue climbed 69% to €9.1m and EBITDA 178% to €4.9m.

Elsewhere, platform revenue for the quarter was 91% higher at €7.9m and EBITDA 283% up to €4.0m. Affiliate revenue also increased 39% to €1.3m but EBITA fell 89% due to product and commercial investment.

“Our progress shows no signs of slowing with investment in PlayMatrix; an exciting new live casino product, new technologies, innovations, and new tier-one customers in the pipeline, while we are closing in on our 1,000th employee at the same time as opening a state-of-the-art, purpose-built headquarters in Bucharest,” Groes said.

“The future is very bright for EveryMatrix in 2024 and beyond.”

iGB and EveryMatrix have covered several countries in the Slot Trumps series. Last month, iGB reflected on what we have learnt about the markets covered. 

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