EveryMatrix, a Malta-based B2B iGaming content and technology supplier, released the financial results for the first quarter of 2023 to report the record financial performance in the given period. According to the supplier’s web page, all business segments – Casino, Sports, and Platform – had a profitable quarter and contributed to the EBITDA growth of 119% over the same period last year to mark the highest growth in company history.
The company reported record financial results in Q1 2023, the simultaneous launch of the ambitious platform migration project, and the closure of an omnichannel deal with a first-class European brand. Every Matrix reportedly continued to reinvest revenues into future developments in the given quarter.
Record Results:
As of March 31, 2023, the company recorded net revenue of €23.5 million, which is 69% more than the prior year’s quarter, as well as a 21% increase over the level seen in the previous quarter (Q4 2022). These figures represent the sixth consecutive quarter of increased revenues and represent the key driver for the record profit levels seen in the first quarter of 2023.
These levels have been reflected by earnings before interest, tax, depreciation, and amortization (EBITDA) soaring by 119% on a year-on-year basis to reach the €10.5 m height compared to €4.8m achieved in Q1 2022.
Strong Performance:
As indicated above, these figures were propelled by the company’s revenue performance of its Casino segment which generated a record quarterly gross gaming revenue of €374 m, representing a 77% growth over the same period in 2022. At the same time, Every Matrix implemented a strong cost control policy to increase the net revenue levels.
The sports wagering operation reportedly recorded a €991 m handle in the quarter which is as much as 210% more than Q1 2022. The company expects to stay on track for further growth after signing significant deals with bet-at-home and The Hungarian Lottery. These investments are set to add value to the company’s operations.
Quarter-on-Quarter Growth:
Ebbe Groes, Group CEO of EveryMatrix, said: “Records keep on being broken and that is all down to our people. I’m very proud of all our business units and their teams who are relentlessly driving quarter-on-quarter growth for the business and for our partners across all areas.”
Groes added: “This year is all about delivering and going above and beyond for our global customers. We have several large-scale projects underway including a successful platform migration and new look sportsbook for bet-at-home, with Germany to come shortly, and the launch of the Hungarian lottery’s new digital sports offering later this year.”
Commenting on the future prospects, Groes reportedly said: “I’m more excited than ever for the future growth of EveryMatrix, with new omnichannel agreements being signed, and new, innovative gamification features set to create even more value for our operator partners.”
Record Net Revenues:
For the fifth consecutive quarter, the Casino segment made record net revenue of €10.8 m representing an 84% growth over Q1 2022. The Sports segment went up 29% to €5.9 m compared with the same period last year. But the Platform segment made an exceptional Q1 2023 performance with a net revenue increase of 97% over the first quarter of 2022 and a record EBITDA contribution of €3.4 m.
Q1 2023 Milestones:
In addition to record revenues and deals with bet-at-home and the Hungarian Lottery, the first quarter of 2023 marked around 50 new content and technology supply contracts and agreements between Every Matrix agreements and operators across nine jurisdictions. The company also received license approval in Connecticut, which is the fifth US state license for the developer who also received license approval for its JackPot engine product in Malta and Greece.
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