EveryMatrix crosses €100 million EBITDA barrier for 2024

EveryMatrix, the iGaming industry’s fastest growing technology provider, has achieved historic quarterly and annual financial results with record revenues, its greatest ever growth and soaring profitability.

The global tier-1 provider’s expansion has hugely accelerated in the last five years, however Q4 2024, combined with full-year results, has seen records smashed with its best ever quarter, all-time high annual net revenue of €181 million, a 59% YoY increase, EBITDA of €101m – up 70% YoY – and a seventh consecutive profit margin of more than 50%.

This was driven by large-scale customer launches and deal wins, continued, rapid growth in its core sports and casino business units, further bolstered by strong sports trading margins.

Fourth quarter 2024 results saw EveryMatrix set a record high net revenue of €55m across all products, up 51% YoY. Q4 EBITDA stood at €30m, up 49% YoY.

The business was boosted in 2024 by two acquisitions: FSB Technology in July and Fantasma Games in October. Both teams and products have been integrated and are already contributing to Group revenues and strategy across sportsbook platform development and games content. Both transactions were all-cash and fully funded from cash flow. The company remains debt free.

BEST 12 MONTHS IN COMPANY HISTORY

The EveryMatrix Group celebrated its biggest and best year in 2024 with record performance in all product verticals, signing and delivering its biggest ever tier-1 clients including its first omni-channel agreement with Arena Casino.

It closed two accretive M&A transactions in FSB Technology and Fantasma Games, was selected in first place ahead of competitors for multiple, soon-to-be announced, large-scale public procurement processes further futureproofing the business and surpassed the 1,000-employee milestone, now with 1,300 team members.

EveryMatrix was also recognised by its peers with seven major industry awards – its best ever annual tally – including multi-channel supplier, casino supplier and aggregator of the year.

FSB Technology has added approximately 14% additional Gross Gaming Revenue (GGR) to the Group’s sportsbook business unit volumes with customer migration on track.

The acquisition has strengthened key areas of the business, including the OddsMatrix sportsbook, by doubling the trading and quants team to enhance personalisation within managed odds and risk services. The deal has also opened the UK and African markets for EveryMatrix.

The Fantasma Games acquisition added 45 well-known titles that are already live with more than 250 operators and played by millions of players across 50+ countries. This increased EveryMatrix’s in-house portfolio to 120+ games.

Fantasma Games’ market distribution will also boost EveryMatrix’s presence in rapidly growing markets. North America remains a key focus area. SlotMatrix went live in West Virginia during the quarter and is licensed in all US iGaming states. The SlotMatrix commercial team has also been strengthened with the arrival of Björn Sjöberg as CCO, formerly CCO of Evolution Games.

A QUARTER LIKE NO OTHER

Q4 2024 GGR for operator partners within the Casino business unit generated a thirteenth consecutive record quarterly performance of €782m, up 33% YoY with GGR for the last 12 months at €2.8 billion, a 49% YoY increase and processing more than 73 billion game rounds.

Quarterly casino net revenue improved to €27.1m, up 52% YoY while EBITDA reached €16.7m reflecting a 46% YoY increase. The SlotMatrix aggregation product introduced a total of 1,145 unique game titles and integrated 33 new vendors in Q4 2024 bringing the total to more than 175, well above any other aggregator worldwide.

OddsMatrix underwent an outstanding period of growth, increasing betting volumes 73% YoY – and by a factor 14 over a period of five years with the total number of bets in 2024 exceeding 515m.

Quarterly sportsbook turnover climbed to €1.9bn and €5.9bn for the last 12 months reflecting a 50% YoY increase, while Q4 GGR reached a record €160m, a 115% increase YoY. In the last 12 months GGR rose by 135% YoY to €448m. Net revenue for the quarter reached €17.5m, up 92% YoY, while EBITDA reached €11.4m, reflecting a 133% YoY increase.

OddsMatrix hit a record number of live events for 2024 of more than 2 million events, a 16% rise YoY driven by additional premium content.

Platform saw fourth quarter net revenue rise 9% YoY to €8.6m, with EBITDA at €2.8m. GamMatrix, the EveryMatrix Player Account Management (PAM) system, processed 450k gaming transactions per minute during peak hours, up 12% QoQ, while also going live in new jurisdictions in 2024 including Peru and Croatia. The number of successful payment transactions reached 230m in 2024. Since 2020 the MoneyMatrix payment platform has seen daily payment transactions increase by 25 times, more than doubling YoY.

In 2024 the Affiliate division saw PartnerMatrix integrate PartnerMatrix Intelligence (formerly DeepCI) combining affiliate software and affiliate intelligence products under one proposition. During the full year, the business unit signed 96 new deals. Quarterly net revenue landed at €1.4m up 2% YoY, while EBITDA decreased to -€0.4m.​ Full-year net revenue reached €5.6m, up 26% YoY, while EBITDA landed at -€1.1m. This is currently the only area of EveryMatrix not performing satisfactorily.

Ebbe Groes, Group CEO of EveryMatrix, said: “The timing of our results at ICE couldn’t be better while the industry gathers at the biggest event of the year.

“I’m proud of all our achievements in 2024 but particularly in sports where OddsMatrix has undergone an incredible period of growth, increasing betting volumes by a factor 14 in just five years.

“The system’s ability to handle this mega growth for bet placement, bet settlement and risk management, while simultaneously adding many features, is proof of just how solid its architecture is. In this quarter alone we launched a completely rewritten Risk Management module, infinitely scalable and with many new features. Several clients have already migrated to it.

“The momentum we’ve set in the last few years shows no signs of slowing down. Most of all, this is a result of our clients growing with us and my heartfelt thanks go to our customers and our staff. Your loyalty and efforts jointly did this. We will keep pushing to improve all products help our clients’ continued growth!”

Q4 & FULL-YEAR 2024 HIGHLIGHTS

• Record Net Revenue: €55m for the quarter, up 51% YoY; full-year revenue reached €181m, a 59% YoY increase.
• Record EBITDA: €30m for the quarter, up 49% YoY; full-year EBITDA totalled €101m, a 70% YoY growth.
• Integration of Fantasma Games into EveryMatrix Games business unit immediately contributing to Group revenues – follows integration and on-schedule migration of FSB Technology customers.
• Record year for OddsMatrix with all-time high sportsbook turnover, margins, live events and bet volumes.
• Live with first omni-channel turnkey technology solution for Croatia’s Arena Casino.
• BetMGM and Rush Street Interactive live with SlotMatrix in-house content in West Virginia, US.
• Achieved gold-standard GLI-19 and GLI-33 certifications for core platform products.
• Launched ‘Academy for Heroes’ – second fully funded NGO in Ukraine for war veterans to develop IT careers.
• 41% annual growth in staff, with total now at 1,300.