EveryMatrix Reports Record Growth in Q3 2024

EveryMatrix, one of the leading providers in the iGaming technology industry, has once again delivered impressive financial results in the third quarter (Q3) of 2024. The company’s record-breaking net revenue, coupled with its sixth consecutive quarter of profit margins exceeding 50%, highlights its continuous expansion and market dominance. This growth trajectory is further fueled by two strategic acquisitions—FSB Technology in June and Fantasma Games in October—which have significantly boosted EveryMatrix's portfolio and operational capabilities.

The company’s impressive growth and innovation in the iGaming sector are a testament to its adaptability and leadership in a highly competitive market. EveryMatrix's results for Q3 2024 demonstrate not only the financial strength of the company but also its commitment to future-proofing its business model with value-adding acquisitions and a focus on long-term market penetration.

A Record-Breaking Quarter: Financial Highlights for Q3 2024

EveryMatrix’s financial performance in Q3 2024 marked a significant milestone, as the company set a new record with quarterly net revenue of €45 million, representing a 66% year-on-year (YoY) increase. This robust growth was accompanied by a strong EBITDA margin of 52%, with EBITDA for the quarter reaching €23 million, a 71% increase compared to the same period last year.

These results reflect the company’s continued focus on enhancing its core business units, expanding its customer base, and leveraging acquisitions to boost its offerings. The achievement of a 50%+ quarterly profit margin for six consecutive quarters underscores EveryMatrix's ability to scale its operations while maintaining profitability, even in a competitive and rapidly evolving industry.

Strategic Acquisitions to Bolster Growth

One of the key drivers of EveryMatrix’s continued success has been its strategic acquisitions. In June 2024, the company completed the all-cash acquisition of FSB Technology, a move that significantly strengthened its sports betting business. This acquisition added approximately 15% to the Group’s Gross Gaming Revenue (GGR) from the sportsbook unit and has enhanced its technology offerings. The integration of FSB Technology has allowed EveryMatrix to expand its sportsbook offerings and improve its trading capabilities, including doubling its trading and quantitative team. This has been instrumental in enhancing personalization within managed odds and risk services.

FSB Technology’s acquisition also brought onboard a strong client base, including UK operator BetGoodwin, which entered into a multi-year agreement to expand its use of EveryMatrix’s sports and casino technology. This partnership exemplifies the growing trust in EveryMatrix’s technology solutions and their ability to support tier-1 operators in the iGaming industry.

In October 2024, EveryMatrix further bolstered its portfolio by acquiring Fantasma Games, one of the fastest-growing casino studios in the industry. This acquisition adds to EveryMatrix’s suite of casino games and strengthens its presence in key markets, including North America. Fantasma Games has a proven track record of success, with its titles already live with over 250 operators and played by millions of users in more than 50 countries. The integration of Fantasma Games will not only enhance EveryMatrix's games portfolio but also help the company expand its reach in emerging markets.

Exceptional Growth in Core Business Units

EveryMatrix’s core business units have also experienced significant growth in Q3 2024, particularly in its Casino and Sports divisions. The company’s Casino business unit reported a 53% YoY increase in Gross Gaming Revenue (GGR), achieving a record performance of €709 million for the quarter. The GGR for the last 12 months reached €2.6 billion, a 63% YoY increase, reflecting the growing demand for EveryMatrix’s innovative casino products and solutions.

Quarterly casino net revenue reached €23.8 million, up 78% YoY, while EBITDA for the division reached €14.9 million, a remarkable 95% YoY increase. The introduction of SlotMatrix, EveryMatrix’s aggregation product, has been a significant contributor to this growth. With 970 unique game titles and over 170 vendors integrated, SlotMatrix has positioned EveryMatrix as one of the leading aggregators in the industry.

The Sportsbook division, powered by OddsMatrix, also demonstrated impressive growth, with quarterly turnover climbing 87% YoY to €1.5 billion. Over the past 12 months, total turnover reached €5.3 billion, reflecting a 60% YoY increase. The division’s GGR grew by 158% YoY, reaching €361.9 million. The quarterly net revenue for OddsMatrix reached €11.7 million, up 85% YoY, while EBITDA increased by 117% YoY to €6 million. The division also achieved a record number of live events, with 530,000 events in Q3 2024, representing a 14% YoY increase. The total number of bets placed in Q3 reached 132 million, a staggering 225% increase compared to the previous year.

Platform solutions, powered by the GamMatrix Player Account Management (PAM) system, also experienced significant growth. In Q3, the Platform unit’s net revenue increased by 30% YoY to €8.1 million, while EBITDA reached €2.8 million. The PAM system processed 400,000 bets per minute during peak hours, up 18% QoQ, and the number of successful payment transactions reached €4.4 billion, a 91% YoY increase.

Strong Focus on Market Expansion and Customer Acquisition

In addition to strong financial results, EveryMatrix’s market expansion efforts have been equally impressive. The company continues to attract new customers and enter new markets, further solidifying its position as the fastest-growing iGaming technology supplier.

EveryMatrix’s partnership with Pinnacle, a tier-1 operator, has been another significant milestone. The company’s casino platform technology is now live with Pinnacle, further enhancing EveryMatrix’s reputation as a leading provider of innovative iGaming solutions. Additionally, the successful launch of GamMatrix in Peru, with all necessary certifications, marks another important step in EveryMatrix’s global expansion strategy.

The company has also focused on developing new technologies and products to enhance customer loyalty and engagement. The launch of LoyaltyEngine, an advanced loyalty module, allows players to earn XP, level up, and earn coins that can be spent in a Loyalty Shop. This innovative product aims to increase player retention and drive long-term engagement across EveryMatrix’s platforms.

Looking Ahead: The Future of EveryMatrix

EveryMatrix’s CEO, Ebbe Groes, expressed confidence in the company’s future, noting that the past few months have been some of the busiest since the company’s founding 16 years ago. He highlighted the record GGR generated for customers, the successful integration of two major acquisitions, and the company’s ongoing commitment to innovation and growth.

Groes stated that EveryMatrix expects to see even more growth and profitability as it migrates more FSB customers to its technologies and accelerates production and distribution through its Games division. He emphasized that EveryMatrix is poised to become a significant global player in both the sports and casino verticals, with ambitious plans for the future.

With a strong pipeline of new customers, innovative products, and a commitment to operational excellence, EveryMatrix is well-positioned to continue its rapid growth and maintain its status as the fastest-growing iGaming technology supplier in the industry.

Key Q3 2024 Highlights:

• Integration of FSB Technology, enhancing EveryMatrix’s sportsbook capabilities and client base.
• Acquisition of Fantasma Games, bolstering the company’s casino offerings and expanding market reach.
• Record-breaking performances in Casino, Sportsbook, and Platform divisions.
• Successful launch of new products, including LoyaltyEngine and PartnerMatrix website.
• Expansion into new markets, including the launch of GamMatrix in Peru and a partnership with Pinnacle.

Conclusion

EveryMatrix’s exceptional performance in Q3 2024 demonstrates the company’s ability to consistently drive growth, expand its market reach, and innovate within the iGaming industry. The strategic acquisitions of FSB Technology and Fantasma Games, along with its strong financial results, position EveryMatrix for continued success in the years ahead. With a focus on customer acquisition, product innovation, and market expansion, EveryMatrix is set to remain a leader in the rapidly evolving iGaming sector.

FAQs

What were EveryMatrix’s key achievements in Q3 2024?
EveryMatrix achieved record net revenue of €45 million in Q3 2024, a 66% YoY increase, along with a strong EBITDA margin of 52%. The company also made two significant acquisitions: FSB Technology and Fantasma Games.

How did the FSB Technology acquisition impact EveryMatrix?
The acquisition of FSB Technology added 15% to EveryMatrix’s sportsbook business unit and improved its trading capabilities. It also strengthened the OddsMatrix sportsbook and expanded the company’s client base.

What are the benefits of acquiring Fantasma Games?
The acquisition of Fantasma Games enhances EveryMatrix’s casino portfolio and strengthens its presence in North America and other emerging markets. Fantasma’s popular titles are now available to EveryMatrix’s customers.

What was EveryMatrix’s performance in the Casino division in Q3 2024?
EveryMatrix’s Casino division achieved a record €709 million in GGR, a 53% YoY increase, and €23.8 million in net revenue, up 78% YoY. EBITDA for the division reached €14.9 million, a 95% YoY increase.

How did the Sportsbook division perform in Q3 2024?
The Sportsbook division saw a 87% YoY increase in quarterly turnover to €1.5 billion, with GGR rising by 158% YoY to €361.9 million. Net revenue for the quarter reached €11.7 million, up 85% YoY.

What is LoyaltyEngine, and how does it benefit players?
LoyaltyEngine is an advanced loyalty module that allows players to earn XP, level up, and earn coins redeemable in a Loyalty Shop. This product aims to increase player retention and engagement.

What markets has EveryMatrix expanded into recently?
EveryMatrix recently launched its GamMatrix system in Peru, gaining all necessary certifications. The company has also formed partnerships with tier-1 operators, including Pinnacle.

How has EveryMatrix grown its customer base in Q3 2024?
EveryMatrix expanded its customer base by migrating FSB Technology clients to its platform and adding new clients, including BetGoodwin and Mbet.

What was EveryMatrix’s EBITDA for Q3 2024?
EveryMatrix’s EBITDA for Q3 2024 was €23 million, a 71% increase compared to Q3 2023, with a strong EBITDA margin of 52%.

What are EveryMatrix’s plans for future growth?
EveryMatrix plans to continue its expansion by accelerating its Game division’s production, integrating FSB customers, and expanding its presence in key markets like North America.