B2B iGaming technology provider EveryMatrix shared its Interim Financial Report on Tuesday. The report covers the business’ performance for Q1 to Q3 of 2021, and shows gross profit at €12.6 million in Q3 (up 46% from the same period last year) and gross profit increased by 35% year-over-year to €37.6 million for the first nine months of the year.
The group claims the period was one of “strong financial performance,” in which EveryMatrix has “continued its strong top-line growth.” The business has also won several key new customers in regulated markets, and further developed its comprehensive product portfolio.
EBITDA for Q3 amounted to €4.4 million, an increase of 12% versus the comparable period last year. For the first nine months of 2021, EBITDA significantly increased by 77% year-over-year to €14.8 million.
“The strong financial performance this quarter confirms our ability to deliver on the growth strategy we have set out,” said Ebbe Groes, Group CEO of EveryMatrix. “In the Casino segment, we saw a significant impact of the regulatory changes in Germany, where EveryMatrix is particularly strong.”
The implementation of the Fourth Interstate Gambling Treaty in Germany resulted in the country accounting for 24% of EveryMatrix’s gross gaming revenue in Q3 2021, in comparison to 50% in 2020. But despite this setback, “the diversity of our client base as well as our well-balanced product portfolio” still helped deliver a strong quarter, according to the chief executive.
Among the highlights of the third quarter is EveryMatrix’s continued expansion in the US market through multi-state casino content agreements with Resorts Digital Gaming and Kindred Group. Moreover, the business has also increased its payment capabilities by entering partnerships with PXP Financial and Nuvei.
“Our expansion plan for the highly attractive US market is progressing very well,” added Groes. “We now have an office, an experienced team, a pipeline that is delivering sales, and we continue to advance with the licensing process.”
Progress has also been made in portfolio enhancement, with the group launching new product initiatives, including a significant upgrade to its OddsMatrix Sports Betting Data Solution, which allows clients to fully control and define their own odds and payout levels.
In order to further support its customers, the company has also launched Managed Services, a new division which provides 360° marketing and operation support. This enables operators to capitalize on opportunities, improve their brand performance, and win market share.
The group also completed the restructuring of its Platform Division in Q3, leading to reduced operating costs and improved effectiveness. On the commercial side, a milestone was reached when Greek market Tier-1 client winmasters migrated to EveryMatrix’s full product suite of Casino, Sports and Platform.
“We continue to expand footprint by attracting Tier-1 clients through our compelling product offering consisting of highly scalable and modular software platforms and solutions,” remarked EveryMatrix’s CEO. “A key part of our growth strategy is to have a well-balanced portfolio comprising our three business segments, Casino, Sports, and Platform. This mix enables us to have a healthy split of revenues.”
