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EveryMatrix’s growth streak continued into Q1 2024, with the supplier smashing its own records for net revenue and EBITDA.

In Q1, the business generated record net revenue of €39m across all products, representing year-on-year growth of 66%.

EBITDA also surged to an all-time high of €22m, up 111% year-on-year, as the company’s EBITDA margin reached a record 57%, up from 45% in Q1 2023.

The record quarter comes just three months after EveryMatrix registered the strongest financial results in its 16-year history.

Large value client signings, multiple new client launches across all the company’s core business units, strong sports trading and innovation, and continued growth in the casino segment drove the performance, according to EveryMatrix.

EveryMatrix was among the first wave of iGaming technology providers to gain regulatory accreditation in Peru, while it made further progress in the US by launching its first casino aggregation partner with third-party content live on DraftKings in New Jersey.

The supplier also hit a significant post-period milestone as it reached 1,000 employees across 13 global locations, with its largest purpose-built office opening its doors to 450 personnel in Bucharest, Romania.

The firm also launched a new office in Cebu, Philippines, focused on the data products of its acquired affiliate optimisation service DeepCI.

“It’s been more than a year of the company breaking records and hitting new highs, and this quarter has been the best yet,” said EveryMatrix group CEO Ebbe Groes.

“It’s mind-blowing how far we’ve come and how much progress continues to be made across the entire business.

“From casino, sports and platform that are all showing extremely positive signs of sustained growth and expansion, to our affiliate, payments and live casino divisions that are pushing the boundaries of technology and paving the way for future success, we’re in a fantastic position for the remainder of 2024 and beyond,” Groes added.

Breakdown by business unit

In Q1 2024, EveryMatrix operator partners within the casino business unit continued to grow.

They generated record GGR of €619m during the quarter, up 65% year-on-year.

As a result, EveryMatrix’s quarterly casino net revenue rose to €19.9m, up 83% year-on-year, while EBITDA reached €13.2m reflecting a 132% year-on-year increase.

The SlotMatrix aggregation product introduced 886 new games during the period. 

Elsewhere, the OddsMatrix sports division saw turnover rise 31% year-on-year to €1.3bn, with GGR climbing 308% year-on-year to €96m.

Net revenue for the business unit reached €10.5m, up 78% on Q1 2023, while EBITDA hit €6.2m, reflecting a 313% increase. 

OddsMatrix covered a record 173,000 live events in a single month, while the average monthly number of bets placed reached 39m. 

Meanwhile, EveryMatrix’s platform division saw quarterly net revenue reach €7.3m, up 28% year-on-year, with EBITDA at €3.2m, up 13% on Q1 2023.

The company’s affiliate platform division saw net revenue grow to €1.4m during the quarter, up 39% year-on-year, with EBITDA down €0.4m due to continued product and commercial investment.

EveryMatrix is among a select few private companies in the iGaming space that report their quarterly financial performance.

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