Supplier sees net revenue rocket 62% year on year to €27.2m as EBITDA soars 113% to €14m
EveryMatrix has reported a 79% year-on-year (YoY) increase in revenue, reaching €60m (£52.1m) for Q3 2023.
The supplier released its Q3 2023 financial results today, 7 November, which showed net revenue had reached record levels, increasing 62% YoY to €27.2m.
EBITDA also rocketed up for the supplier, increasing 113% YoY to €14m with an EBITDA margin of 50%.
The margin decreased slightly from Q2’s 55% due to headwinds from exchange effects and low sports trading margins, according to the firm.
EveryMatrix also noted a record quarterly gross gaming revenue (GGR) of €463m for its operator partners within its casino business.
The supplier’s sports business saw GGR increase 26% YoY to €35m but it was a 38.6% drop on the €57m posted in Q2.
EveryMatrix CEO Ebbe Groes said the results were a testament to every EveryMatrix employee’s hard work, with the total headcount at the firm increasing to 850 across 12 countries in the quarter.
Groes commented: “Everyone’s hard work has paid off this quarter with yet another strong period of organic growth and profitability that has seen us accomplish some major milestones and launch significant tier-one projects.”
The projects Groes referred to include the launches post-Q3 with bet-at-home in Germany and the powering of the Hungarian Lottery with SZRT via OddsMatrix’s sportsbook.
On bet-at-home and SZRT, Groes added: “bet-at-home.de and SZRT have arguably been the most complex technical and regulatory undertakings we have ever achieved in the 15 years since we began, but we have delivered extensive turnkey projects with flying colours and the involvement of almost every EveryMatrix business unit.
“More importantly, both clients have recognised the demanding nature of this migration and integration and have been glowing with praise for our work. This fills me with pride and confidence for our future growth.”
In September this year, EveryMatrix received World Lottery Association (WLA) Safer Gambling certification.