B2B iGaming technology provider EveryMatrix announced Monday its financial results for Q2 2022, in an update that shows gross profit growth across all business segments including casino, sports, and platform, increased by 17% year-over-year to €14.9 million ($14.8 million).
In a press release, the company explained that while regulatory changes in Germany impacted gross profit in the casino segment, that vertical still grew by 11% year-over-year thanks to the company’s “product diversification and broad client base.”
EBITDA held at €5.2 million ($5.3 million) as the company continues to reinvest positive cash flow into future growth. Key investments include U.S. expansion and the quarter saw the acquisition of retail sports betting supplier Leapbit, bringing in nearly 20 new staff and a Croatian office. The EBITDA/Gross Profit margin was 35%, the same as last year’s.
Net cash grew from €11.1 million ($11.08 million) at the end of Q1 2022 to €15.2 million ($15.1 million) in Q2 2022. The company announced it remains debt-free.
In a press release, Ebbe Groes, Group CEO of EveryMatrix, said: “Driven by our diverse product offering and strong client base, we saw yet another record number of new client wins in the quarter with 43 deals signed across all products. Furthermore, a 17% increase in gross profit, the best reflection of the underlying performance of the group, allows us to continue to invest in our future growth.”
During the second quarter of the year, the company achieved some key milestones, such as a new client wins record with 43 deals signed across all products; the addition of four new Tier 1 clients in the US and Europe, including 888casino, BetMGM, the National Lottery of Malta and “one of the top operators” in Italy; two key clients in the regulated markets of Germany and Romania went live with CasinoEngine; and an additional 54 new brands went live with SlotMatrix.
Moreover, the company highlighted that during the first quarter it had initiated a determined welfare support program for its Ukrainian staff. During the second quarter, the company offered continuous support to Ukrainian staff and large donations to causes. At the end of the period, operations remain unaffected, and staff members are now returning to Ukraine.
In May, the company successfully finalized the acquisition of sports betting developer Leapbit, thus strengthening “the group’s sports betting product OddsMatrix with an advanced and proven retail offering.”
OddsMatrix will integrate Leapbit’s comprehensive retail-focused software solution and other products such as virtual horse racing and lottery games, thus expanding its customer base with a product “that can support both retail and online operations in regulated markets.”
Commenting on the largest acquisition to date, CEO Ebbe Groes stated: “OddsMatrix is one of the company’s three pillars and is growing at a tremendous rate already. Retail is a big component of any comprehensive sports betting suite, and by integrating Leapbit’s technology, we will take OddsMatrix to become a leader of true omnichannel sports in regulated markets.”
Subsequent to the period, in July, EveryMatrix and German-based operator bet-at-home agreed on the delivery of the supplier’s comprehensive turnkey solution. The Frankfurt-listed operator will replace its existing proprietary platform with EveryMatrix’s tech stack.
EveryMatrix will supply bet-at-home with its sportsbook, casino platform, player management, payments module, and affiliate software. The agreement covers all the markets where bet-at-home is currently present, including their core regulated German market.
“This landmark agreement reflects the breadth and depth of our products, but especially the quality of our sports platform, OddsMatrix. The constant investment and development in OddsMatrix have been at the core of what we do for many years, and I’m happy to see more Tier 1 operators joining our client list,” Groes concluded.
See EveryMatrix’s full Q2 2022 report here.