EveryMatrix, a leading software provider to the global iGaming industry, announces its combined Q4/full year 2023 financial results to reveal the company’s record financial performance since the 2008 establishment. The fastest-growing iGaming technology provider registered the record annual revenue of €114million in 2023 to see the revenue increase of 75% over the preceding year. EveryMatrix wounded up the year 2023 with a quarter-on-quarter profit growth of 56% in Q4 2023 to contribute to the record annual growth and profitability.
Record Annual Growth:
The company reported that the profitability increased more than 50% each quarter to hit the record level in the fourth quarter of the year. At the same time, the annual net revenue figure of €65 million reached in 2022 rose to €114 million in 2023 to stand for a tremendous 75% year-on-year increase. The growth and profitability have been seen across all products and the annual EBITDA consequently hit the €60 million level representing a 155% growth when compared to the year 2022. Q4 EBITDA grew 194% year-on-year to contribute €20 million to the overall result driven by sports betting and casino segments.
Comprehensive Offerings:
EveryMatrix boasts its record-breaking 2023 financial performance due to continued improvement in technological developments and service quality delivered to more than 300 customers worldwide. The company launched the Hungarian state lottery and Bet-at-home in Germany in 2023 to see both brands delivering impressive results. In addition, EveryMatrix acquired a leading iGaming data-tracking platform DeepCI in the same year to expand offerings and drive revenue growth through its verticals. For the same purpose, the company launched a new live casino vertical PlayMatrix on December 27, 2023 to offer a live roulette product for the very first time.
In the casino business unit, EveryMatrix generated gross gaming revenue of €588 million in Q4 2023 and €1.9 billion in full year 2023. These levels stand for a y-o-y growth of 89% and, respectively, 83%. Quarterly casino net revenue reached €17.9million, which is up 101% more than in 2022. EBITDA rose to €11.4million to stand for a 212% y-o-y increase. Full year net revenue hit €54.7million, 86% more than in prior year, with EBITDA reaching €32.3million, or 162% more than in 2022.
Sports Betting Figures Boosted by Q4 Result:
In the sports betting sector, the vertical OddsMatrix boasts the record growth and the rising number of VIP customers. Q4 gross revenue reached €74 million, with EBITDA settling at €4.9m to represent the growth of 210% and, respectively, 178%. Annual gross generated revenue soared to €190 million to reflect the increase of 85% in comparison with the preceding year.
Also, the vertical handled 75% more bets than in 2022 to see the handle of €183 million in 2023. The growth was again propelled by the Q4 figures that were 95% higher than those experienced in 2022. Also, November 2023 was the company’s highest ever month as gross generated revenues reached the €48.5 million level to be followed by the second-ever performance already in December with the €44.4m figure.
Outstanding Unit Performance:
Similar to OddMatrix, other verticals like EveryMatrix Platform, PartnerMatrix and DeepCI contributed to the result with a total of €9.2 million in net revenues to reflect the growth ranging from 39% to 91% across these affiliates.
Ebbe Groes, Group CEO of EveryMatrix, said in a press release: “2022 was phenomenal but this year’s numbers are mind blowing. 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.”
Groes continued: “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.
CEO added:“Our progress shows no signs of slowing with investment in PlayMatrix; an exciting new live casino product, new technologies, innovations, and new tier-1 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. The future is very bright for EveryMatrix in 2024 and beyond.”