EveryMatrix reports record-high profit margin in Q2 2024

That EveryMatrix has become accustomed to setting records should not surprise anyone. After posting its best year in 2023, EveryMatrix’s continued expansion and core strategy has sustained it through the first two quarters of 2024, resulting in a record-high profit margin in the second quarter, the company shared in a press release.

EveryMatrix continues to reap successes as it consolidates its business

Much has changed over at EveryMatrix over the past months, with the company expanding in Germany with bet-at-home, securing DeepCI to boost its technological capabilities, and more.

DeepCI was rebranded to PartnerMatrix Intelligence this year and it operates as part of PartnerMatrix, the catch-all division for EveryMatrix’s affiliate business. The company’s latest results for Q2 2024 showcase that all previous moves have been a well-thought-out investment.

Quarterly net revenue from all of the company’s verticals hit €42.4m, notching up double-digit growth at 57% year-over-year. EBITDA rose to €25.1m from €22.3m in the first quarter, demonstrating that the company is set to continue expanding.

Not only that, but the first six months of the year have been hailed as the "strongest annual financial results in its history," indicating that EveryMatrix is on course to beat estimates and exceed the company’s hallowed 2023 results. EveryMatrix CEO Ebbe Groes has welcomed the latest results:

"What is evident is that it’s been our best ever period of sustained growth and that the EveryMatrix effect is benefiting not just the business, but also crucially our customers, ensuring they continue to break their own records month after month."

Growth is unlikely to slow in the foreseeable future, however, with EveryMatrix building synergies, and cost efficiencies, and leveraging new technology through the acquisition of FSB Technology in an all-cash deal for an undisclosed amount at the beginning of the third quarter.

A big chunk of the company’s quarterly revenue was driven by the casino vertical, with net revenue soaring 73% year-over-year to €21.9m. SlotMatrix, the company’s tier-one game aggregator, was able to add 1,047 new titles during the quarter, along with six new suppliers, with a total of 163 vendors.

Meanwhile, OddsMatrix, which is the company’s sportsbook arm, saw a massive turnover of €1.2bn during the quarter, with gross gaming revenue hitting €95m, an increase of 67%, and net revenue reaching €11.3m, up 44% year-over-year.

Sports and CasinoEngine drives strong results for EveryMatrix

OddsMatrix further boasted 176,000 live events in a single month, with 500,000 events covered during the quarter. EveryMatrix has been similarly developing its platform solution, which hit €7.8m in net revenue, up 35% year-over-year.

The company’s affiliate operations also managed to hit €1.4m in net revenue, another 66% year-over-year growth. EveryMatrix also saw its CasinoEngine solution clock more than 6bn monthly rounds during the quarter, driving in €6bn in monthly turnover.

EveryMatrix’s record run is unlikely to continue indefinitely, but foreseeable expansions in the United States and globally in both the sports betting and iGaming market, plus the company’s growth in other areas of the gambling industry, have given it a strong foothold to resist market fluctuations and continue delivering strong results.

EveryMatrix now employs more than 1,000 people globally, making it one of the most significant tech players in the industry.

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