EveryMatrix Reports Robust Second-Quarter Results

EveryMatrix declared robust second-quarter results for 2022.

EveryMatrix’s second-quarter report reveals that financial performance surpassed anticipations. All business segments (Casino, Sports, and Platform) witnessed gross profit expansion exceeding that of the second quarter of 2021. Global sales were vigorous, marked by a significant contract signing, a healthy cash reserve, and a successful acquisition.

Financial performance outstripped expectations.

Second-quarter 2022 gross profit (total revenue less direct costs to game providers) expanded by 17% year-over-year to €14.9 million (€12.7 million), exhibiting a four-year compound annual growth rate of 35%. Despite regulatory shifts in Germany impacting Casino’s gross profit, the segment still observed an 11% year-over-year increase, propelled by the company’s diverse product offerings and extensive customer base.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) remained steady at €5.2 million (€5.2 million) as the company continues to reinvest positive cash flow into future growth. Key investments persist in US expansion, with the acquisition of retail sports betting supplier Leapbit this quarter, adding nearly 20 new personnel and a Croatian office.

EBITDA/Gross Profit margin stood at 35%.

Net cash climbed from €11.1 million at the conclusion of the first quarter of 2022 to €15.2 million in the second quarter of 2022.

The organization will put its positive cash flow back into future progress and stay clear of debt.

Ebbe Groes, the head of EveryMatrix Group, stated: “We have once again set a new high for the number of new clients this quarter, signing 43 agreements covering all products, due to product variety and a strong client base. In addition, gross profit increased by 17%, which is a sign of the group’s underlying performance, allowing us to continue investing in future progress.”

Strategic Takeover Finished

In May 2022, the company successfully bought Leapbit, a sports betting developer. This merger improved the group’s sports betting product OddsMatrix, giving it advanced and proven retail products.

OddsMatrix will fully integrate Leapbit’s comprehensive retail software solutions and other products, such as virtual horse racing and lottery games. As a result, the company has upgraded its online-first OddsMatrix sports betting platform to a true omnichannel betting solution for operators with retail operations.

Commenting on the largest acquisition to date, Groes said: “OddsMatrix is one of the company’s three main components and is currently growing quickly. Retail is a key part of any comprehensive sports betting suite, and by integrating Leapbit’s technology, we will make OddsMatrix a true omnichannel sports leader in regulated markets.”

Important Achievements in Q2

During the initial three months of 2022, the business introduced a robust employee assistance program for its workforce in Ukraine. By the conclusion of this period, operations remained unaffected, and workers have subsequently returned to Ukraine.

Following the completion of the second quarter, the company secured a contract with a prominent customer.

In the seventh month of 2022, EveryMatrix, a provider of business-to-business platforms, finalized an accord with Bet-at-home, a German operator, to furnish the vendor’s comprehensive turnkey solution. The Frankfurt-listed operator will substitute its existing proprietary platform with EveryMatrix’s technological infrastructure.

The agreement encompasses all markets where Bet-at-home currently conducts business, including its primary regulated German market.

“This significant agreement reflects the scope and depth of our offerings, particularly the excellence of our sports platform, OddsMatrix. Continuous investment and advancement in OddsMatrix have been central to our endeavors for an extended period, and I am pleased to witness more top-tier operators joining our client roster,” Groes concluded.

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