Business-to-business (B2B) iGaming technology provider EveryMatrix has registered a seventh consecutive record quarter with profit margin growing 55% in the second quarter of 2023.
The company said it has witnessed significant organic growth and profitability across its casino, sports and platform businesses with net revenue of €27 million ($29 million) and EBITDA of €15 million ($16.3 million), growing 82% and 188% respectively Year-on-Year (YoY), and up 15% and 42% Quarter-on-Quarter (QoQ).
EBITDA/net revenue margin rose from 45% in Q1 to 55% in Q2, helping EveryMatrix achieve its highest-ever quarterly profit margin, driven by strong growth and successful cost control.
The company set a record quarterly Gross Gaming Revenue (GGR) performance for operator partners within its casino business unit generating €432 million ($469.7 million), an increase of 86% YoY compared to the same period in 2022, and 16% up on the previous quarter. Casino net revenue was also a record, rising to €12.6 million ($13.6 million) for the quarter, 83% higher than the same period last year.
CasinoEngine, EveryMatrix’s productivity platform, generated a monthly turnover of €4 billion ($4.3 billion) and surpassed 4 billion monthly game rounds for the first time.
Meanwhile, the sports business unit generated €57 million ($61.9 million) in GGR, which marks a YoY rise of 137%; while sports net revenue for the quarter rose 79% compared to the same period in 2022.
EveryMatrix’s platform business unit saw an annual net revenue rise of 85% with clients reaching more than 90,000 bets per minute during peak time while simultaneously migrating several major customers to its wallet service.
“Our mission this year centers around our relentless drive to deliver the highest quality technology and services for our customers, and a seventh record quarter in a row proves we are firmly on course to achieving our goals,” Ebbe Groes, Group CEO of EveryMatrix, said.
Key milestones in Q2 include twenty-six new contracts signed across eight markets, including 2win.mk, EveryMatrix’s sixth European Lotteries/World Lottery Association customer with OddsMatrix sportsbook.
The company’s LotteryEngine went live with its first client during the quarter, powering omnichannel ticket sales for the Malta National Lottery. Other major launches the business unveiled during Q2 include DraftKings and WynnBet in the U.S market.
Post-quarter, on July 1, EveryMatrix acquired DeepCI, a data-driven betting and gaming affiliate optimization service. DeepCI’s proprietary technology monitors tens of thousands of affiliate sites on a global basis with the ability to identify the location of each gaming brand on every page of every website.
EveryMatrix added 50+ new customers via the DeepCI takeover. The affiliate optimization service delivers its product to some of the world’s largest betting and gaming brands including bet365, 888.com, Betway, and Betsson. The DeepCI team has now been integrated into EveryMatrix with CEO Lewis Civin managing the business as an independent part of the group.
“Our acquisition of DeepCI shows we are constantly looking to add complementary and innovative technology to our existing offering. Alongside our PartnerMatrix business unit this game-changing technology will create even more value for our clients and I’m excited with what more we can achieve in the quarters to come,” added Groes.
Access EveryMatrix’s full Q2 report here.