B2B technology provider iGaming EveryMatrix has announced strong results for the second quarter of 2022.
EveryMatrix Q2 update shows financial performance ahead of expectations and gross profit growth across all business segments (casino, sports and platform) against the same period in 2021, strong global sales performance with a significant contract signed, good cash balance, and acquisition success.
Financial performance ahead of expectations
Gross profit (total revenue less direct costs to game suppliers) increased 17% year-over-year in the second quarter of 2022 to €14.9 million (12.7) at a 4-year compound annual growth rate (CAGR) of 35%. While regulatory changes in Germany have affected the gross profit in the casino segment, the segment is still growing at 11% year-over-year thanks to the company’s product diversification and broad customer base.
EBITDA was €5.2 million (5.2) as the company continues to reinvest positive cash flow into future growth. Major investments continue to expand in the US and this quarter saw the acquisition of retail sports betting supplier Leapbit, bringing in approximately 20 new employees and a Croatian office.
The EBITDA margin was 35%.
Net cash grew from €11.1 million at the end of the first quarter of 2022 to €15.2 million in the second quarter of 2022. The company reinvests in positive cash flow into future growth and remains debt-free.
Says Ebbe Groes, CEO of EveryMatrix Group: “Judging by our diverse product offerings and strong customer base, we saw another record number of new customers win this quarter with 43 deals signed across all products. Furthermore, a 17% gross profit increase, which is the best reflection of the group’s underlying performance. allow us to continue investing in our future growth.”
Completed strategic acquisition
In May 2022, the company successfully completed the acquisition of sports betting development company Leapbit. The merger enhances the group’s OddsMatrix sports betting product with its advanced and proven retail offering.
OddsMatrix will fully integrate Leapbit’s comprehensive retail-focused software solution and other products such as virtual horse racing and lottery games. As such, the company is elevating its first online sports betting platform OddsMatrix into a true multi-channel iGaming solution for retail-based operators.
Commenting on the largest acquisition to date, Ebbe Groes . says: “OddsMatrix is one of the three pillars of the company and is growing at an already phenomenal rate. Retail is a huge component of any comprehensive sports betting suite, and by integrating Leapbit technology, we will take OddsMatrix to become a leader in true multi-channel sports in regulated markets.“
Key milestones in the second quarter
- A new customer wins a record by signing 43 deals across all products in the second quarter of 2022.
- Reach 90% of the total transaction value as of 2021 for client profit in just 6 months.
- 4 new Tier 1 clients secured through 888casino and BetMGM in the US, and in Europe, the National Lottery of Malta and one of the best operators in Italy.
- Two major clients in the regulated markets, Germany and Romania, have started working with CasinoEngine.
- 54 new brands launched with SlotMatrix.
In the first quarter of 2022, the company started a specific program of welfare support for its Ukrainian employees. During the second quarter of 2022, the company made ongoing support to Ukrainian employees and large donations to support the causes. At the end of the period, operations were not affected, and employees are now returning to Ukraine.
Signing a large number of customers after the end of the second quarter
In July 2022, B2B platform provider EveryMatrix and German bet-at-home operator agreed to offer a comprehensive end-to-end solution to the supplier. The Frankfurt-listed operator will replace its existing platform with the EveryMatrix technology stack.
This includes an up-to-date sportsbook, a casino platform, player management, a payments module, and affiliate programs. The agreement covers all markets in which home betting is currently present, including the primary regulated German market.
“This historic agreement reflects the breadth and depth of our products, especially the quality of our OddsMatrix sports platform. Continuous investment and development in OddsMatrix has been at the heart of what we do for many years, and I am delighted to see more Tier 1 operators join our client list.” Ebbe Groes . concludes.
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