EveryMatrix announces net revenue of $29 million in Q3, profit margin figures above 50%

B2B iGaming technology provider EveryMatrix announced that it has recorded profit margin figures above 50% for another consecutive quarter. 
 
EveryMatrix noted that its Q3 2023 update shows "consistently strong growth and profitability" with Net Revenue of €27.2 million ($29 million) and EBITDA of €14 million ($14.9 million), up by 62% and 113% respectively year-on-year (YoY). This is the third consecutive quarter with organic Net Revenue growth above 50%.
 
EBITDA/Net Revenue was at 50% compared to 38% for the same period in 2022 – the second consecutive quarter above 50%.  

The company also reached new milestones both this quarter and post-period, including in September, becoming the first iGaming supplier to receive World Lottery Association Safer Gambling certification, pledging an organization-wide commitment to integrating and raising safer gambling standards across its business, products, and partners.
 
Post-period, in October, key tier-1 turnkey projects went live with bet-at-home.de and the Hungarian National Lottery's online brand TippmixPro, plus a first multistate content aggregation agreement in the US regulated market with operator betPARX. 
 

EveryMatrix quarterly Gross Gaming Revenue (GGR) performance for operator partners within the casino business unit continued to grow generating €463 million ($494 million), an increase of 77% YoY compared to the same period in 2022.

Casino Net Revenue set a successive quarterly record, rising to €13.3 million ($14.2 million), 74% higher YoY. Sports generated €35 million ($37.3 million) in GGR, a YoY rise of 26%, while quarterly net revenue reached €6.3 million ($6.7 million), up 29% YoY.
 
Platform Net Revenue reached €6.3 million ($6.7 million), up 87% YoY, while the Affiliate Platform division, which includes PartnerMatrix and new acquisition DeepCI, saw Net Revenue grow to €1.2 million ($1.3 million), up 48% YoY.

From this quarter onwards, EveryMatrix said that it will report the Affiliate product segment separately from Platform, which consists mainly of the GamMatrix PAM and the MoneyMatrix payments platform products.
 
DeepCI currently services more than 280 brands across 65 iGaming companies and is said to be one of the fastest-growing technology businesses in the iGaming affiliate sector, enabling brands and affiliates to significantly boost and optimize their day-to-day operations.  

 
Ebbe Groes, Group CEO of EveryMatrix, said: "Everyone's hard work has paid off this quarter with yet another very strong period of organic growth and profitability that has seen us accomplish some major milestones and launch significant tier-1 projects. 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 colors and the involvement of almost every EveryMatrix business unit."

Groes pointed out that both clients have recognized the demanding nature of the migration and integration, and that have been "glowing with praise" for EveryMatrix's work. "This fills me with pride and confidence for our future growth," the CEO added.
 
"Positive and social impact, however, is also proven to drive a sustainable and profitable business so I was particularly proud in September when the business became the first supplier to achieve WLA Safer Gambling Certification. This sees us commit to consistently implementing high standards of safer gambling and player protection across the entire business in everything we do, and I look forward to building on this as we head towards 2024."