Company's remarkable 2023 performance breaks records, surpassing initially predicted outcomes.
EveryMatrix Breaks Records with Stellar Q4 2023 Performance
EveryMatrix, a leading iGaming software provider, has announced its strongest financial results in its 16-year history, with a record-breaking Q4 2023. The company's net revenue soared to €36 million, marking an impressive 87% Year-on-Year (YoY) increase.
The Affiliate Platform division, including PartnerMatrix and DeepCI, saw net revenue grow to €1.3 million, up 39% YoY. The Platform division, which includes sportsbook, casino, payments, and CRM products, reached a net revenue of €7.9 million in Q4 2023, up 91% YoY. The OddsMatrix sports division also recorded significant growth, with a 69% YoY increase in Q4 net revenue to €9.1 million.
OddsMatrix witnessed a remarkable rise in total bets, with a 75% YoY increase from 109 million to 183 million from 2022 to 2023, and a 95% QoQ increase in bets in Q4 2023 compared to the same period a year ago. The sports division set a record for growth, profitability, and number of bets for tier-1 customers in 2023.
EveryMatrix integrated DeepCI into its PartnerMatrix division in Q4 2023, further strengthening its iGaming intelligence capabilities. The company also expanded its footprint with the opening of a purpose-built, eco-friendly HQ in Bucharest and a new office in Batumi, Georgia, to facilitate new product expansion.
EveryMatrix's full year 2023 GGR stood at €1.9 billion, a 83% YoY increase. The company's annual net revenue for 2023 was €114 million, a 75% increase from 2022 and more than four times higher than in 2019. Annual EBITDA surged to €60 million, a 155% increase compared to 2022.
EveryMatrix's Q4 2023 EBITDA was €20 million, a 194% YoY increase. The company gained regulatory approval in Pennsylvania, completing the licensing process in all regulated US iGaming states. EveryMatrix also delivered two of its largest turnkey platform launches to date in 2023, to the Hungarian state lottery, Szerencsejáték Zrt and Bet-at-home in Germany.
Three new senior hires were made in Q4, including CEO Games, CCO, and Head of Lottery. EveryMatrix launched a new live casino product and business unit entitled PlayMatrix on December 27th, 2023. The Casino business unit generated €588 million in Q4 2023 Gross Gaming Revenue (GGR), a 89% YoY increase. Q4 sports GGR climbed to €74 million, up 210% YoY, while annual GGR rose 85% to €190 million YoY.
While the general drivers of EveryMatrix's financial performance are typically its technology solutions for iGaming operators, including strong client acquisition and retention in regulated markets, growth in key regions such as Europe and North America, expansion through new partnerships and integrations, operational efficiency, scalable technology infrastructure, and diversification of revenue streams across products, without explicit Q4 2023 data or analysis, these remain general drivers rather than confirmed factors for the record 2023 performance. For precise insights on the key contributors to their record-breaking results, readers are encouraged to check EveryMatrix’s official Q4 2023 financial report or press releases.
The sportsbook division contributed significantly to EveryMatrix's record-breaking Q4 2023 net revenue, which was up 91% YoY. The company's expansion into finance and business sectors, such as integrating DeepCI into its PartnerMatrix division and opening new offices, may have also played a role in its strong performance. Furthermore, the technology division, specifically OddsMatrix, recorded a 69% YoY increase in Q4 net revenue, signifying the potential impact of technological advancements on EveryMatrix's business.
