EveryMatrix Posts Strong Q2 2022 Results

B2B iGaming software provider EveryMatrix has posted its results for the second quarter of 2022. The period was marked by a strong global sales performance, good cash balance and the successful acquisition of Leapbit.

A Strong Quarter for EveryMatrix

EveryMatrix reported that its gross profits for the period sit at $14.9 million, which is a YOY increase of 17%. The company noted that its German operations were impacted by strong headwinds but despite that, the company’s casino segment saw gross profits increase by 11%. The provider attributed its successful growth to its product diversification and broad client base.

Meanwhile, EBITDA plateaued at $5.2 million with an EBITDA/gross profit margin of 35%. Net cash increased to $15.2 million, which represents a 37% quarter-on-quarter increase. EveryMatrix remains free of any debts.

In addition, 2022 saw EveryMatrix complete the acquisition of Leapbit, a sports betting developer that strengthened OddsMatrix’s portfolio with a proven retail offering. This helped EveryMatrix boost its virtual horse racing and lottery games.  

Q2 2022 also saw EveryMatrix ink 43 deals with clients, which helped it reach 90% of its 2021 deal value in just six months. EveryMatrix notably powered 54 new gaming brands during the period. It also launched a determined welfare support program for its employees in Ukraine.

Groes Praised the Results

EveryMatrix’s chief executive, Ebbe Groes, spoke about the company’s Q2 2022 results. He praised his team for the favorable results and said that the company will continue to invest in its future growth.

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.

Ebbe Groes, CEO, EveryMatrix

Groes added that the acquisition of Leapbit is an important step for the evolution of OddsMatrix and the company as a whole since OddsMatrix is one of EveryMatrix’s three core pillars. Groes noted that retail is a big component of any comprehensive sports betting suite and the integration of Leapbit will help Oddsmatrix cement itself as a leader of true omnichannel sports in regulated markets.

Groes pointed to EveryMatrix’s recent German operator bet-at-home as a testament to OddsMatrix’s quality.

This landmark agreement reflects the breadth and depth of our products, but especially the quality of our sports platform, OddsMatrix.

Ebbe Groes, CEO, EveryMatrix

Groes concluded that investment and development in OddsMatrix have been at the core of his company’s business for many years and said he is happy to see more Tier 1 operators joining the client list.