EveryMatrix Continues Its Surge in the US Online Casino Market

EveryMatrix, a prominent international iGaming technology company, has announced yet another quarter of exceptional financial performance, driven primarily by its growing presence in the US online casino market. The company reported a record-high quarterly net revenue of €42.4 million for the second quarter of 2024, marking a 57% increase compared to the same period last year.

EBITDA for the quarter also saw significant growth, rising to €25.1 million from €22.3 million in the first quarter, which represents a 67% increase year-over-year. This stellar performance has resulted in an all-time high profit margin of 59%, underscoring the company’s robust financial health and operational efficiency.

This marks the fifth consecutive quarter where EveryMatrix has achieved growth and maintained a profit margin exceeding 50%. CEO Ebbe Groes expressed his delight at the company's continued success, stating in an EveryMatrix press release, “It’s difficult to know what to say when our results just keep getting better and better!” He added, “What is evident is that it’s been our best ever period of sustained growth and that the EveryMatrix effect is benefiting not just the business, but also crucially our customers, ensuring they continue to break their own records month after month.”

• Record Financial Performance: EveryMatrix achieved a record-high quarterly net revenue of €42.4 million in Q2 2024, marking a 57% increase from the previous year. EBITDA for the quarter rose to €25.1 million, up 67% year-over-year, and the company set an all-time high profit margin of 59%.
• Strong Growth in Online Casino Segment: The online casino segment saw GGR increase by 53% to €658 million, representing the 11th consecutive quarterly increase. Net revenue for this segment reached €21.9 million, up 73% year-over-year, and EBITDA surged by 93% to €14.7 million.
• Expansion in the US Market: EveryMatrix has significantly expanded its presence in the US online casino market, securing licenses in several states and forming a key partnership with Supremeland Gaming for exclusive content aggregation. This includes recent entries into Michigan and New Jersey, as well as the addition of new games and vendors.

Segmented Growth: Online Casinos Outpacing Sports Betting

EveryMatrix’s involvement spans multiple segments of the iGaming industry. While Gross Gaming Revenue (GGR) from sports betting has shown fluctuations, the company’s online casino segment has demonstrated consistent and robust growth. In the second quarter, the online casino segment set a new record with GGR increasing by 53% to €658 million compared to the previous year. This quarter marks the 11th consecutive increase for the casino division.

The online casino segment’s net revenue reached €21.9 million, up 73% from the second quarter of 2023. EBITDA for this segment surged by 93% to €14.7 million. During this period, the casino segment contributed 29% of EveryMatrix’s total net revenue.

EveryMatrix has also significantly expanded its online casino offerings, adding over 1,000 unique new games, bringing the total on its SlotMatrix aggregation product to a world-leading 29,402. The company also onboarded nine new casino vendors, increasing the total to over 160.

Strategic Expansion in the US Market

EveryMatrix’s strategic push into the US online casino market has been a major contributor to its recent success. After entering Pennsylvania in the first quarter, the company signed its first exclusive US online casino content aggregation deal in the second quarter. This partnership with Supremeland Gaming on DraftKings saw new content offered in New Jersey starting in early May.

Supremeland Gaming will create unique online casino content using EveryMatrix’s technology, leveraging the expertise of Powderkeg, EveryMatrix’s American game studio. Additionally, EveryMatrix entered the Michigan market during the second quarter, with its content now available on the Golden Nugget Online Gaming app.

Furthermore, EveryMatrix has secured online casino licenses in Connecticut and West Virginia, setting the stage for further expansion in the US market.

Outlook

EveryMatrix’s continued growth and profitability reflect its strong market position and effective strategy in the highly competitive iGaming industry. With sustained performance improvements, expanding market reach, and a burgeoning online casino segment, the company is well-positioned for ongoing success.