EveryMatrix reported another record quarter in Q2 2023, highlighting particular growth in its casino segment along with net revenue and EBITDA
Net income for the quarter was €27.0 million, up 82.0% year-on-year and driven by record performance in the casino segment from EveryMatrix.
The casino contributed €12.6 million of total net revenue, an increase of 83%.
EveryMatrix has called its casino segment the “driving force” behind the growth of top brands.
Meanwhile, earnings before interest, tax, depreciation and amortization (EBITDA) soared 188% year-on-year to €15.0m.
EveryMatrix Acquires DeepC
After the end of the quarter, EveryMatrix acquired DeepCI for an undisclosed amount. EveryMatrix noted that the acquisition added 50 new customers to its roster.
“Our acquisition of DeepCI shows that we are constantly looking to add complementary and innovative technology to our existing offering,” said Ebbe Groes, CEO of EveryMatrix Group.
“Together with our PartnerMatrix business unit, this innovative technology will create even more value for our customers, and I’m excited about what more we can achieve in the coming quarters,” added Groes.
Increase in net revenue and GGR
Net income consisted of €7.8 million in sports income, an increase of 79.0%. Net income from the platform segment also grew by 85% to €6.7 million.
In June, EveryMatrix began operations with DraftKings in New Jersey. The following month, it also launched its operations with WynnBet. Plans are in place for both agreements to eventually expand to other states.
In terms of gross gaming revenue (GGR), EveryMatrix recorded €432 million in its casino segment, up 86.2% year-on-year – yet another record.
GGR for EveryMatrix’s sports segment increased by 137.5% to €57.0 million. The company attributed this to improved margins due to reduced odds promotions.
EveryMatrix’s profit margin for the second quarter grew to 55%, reaching an all-time high. The company attributed this to increased revenue and “successful” cost control.
The company also maintained its cash position during the quarter, with a balance of €34 million at the end of the quarter.
