EveryMatrix notes ‘key progress’ in US was made in 2021

EveryMatrix has published its Q4 and full-year 2021 financials, noting a strong revenue growth and ‘key progress’ being made in the US.
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EveryMatrix has published its fourth quarter and full-year 2021 financial results, noting a strong revenue growth in both measuring periods and ‘key progress’ being made in the US.

The B2B igaming technology provider reported a profit of $15.50m in Q4 2021, a 26% increase year-over-year, while EBITDA came in at $4.91m, a 23% improvement YoY. 

For the full year, EveryMatrix declared a gross profit gain of 32% YoY to $57.44m, and an EBITDA of $21.97m, a 65% YoY rise.

The firm also highlighted Q4 key milestones such as its OddsMatrix platform surpassing over $111.5m in total placed bets, nearly double the figure recorded in the fourth quarter of 2020, whilst 10 game vendors were integrated with the CasinoEngine.

EveryMatrix noted as well that it has made key progress in the US market during the quarter. After fulfilling the New Jersey license requirements, it submitted license applications in West Virginia and Michigan, with more fillings to happen soon across North America.

The igaming provider also signed distribution and partner agreements during the period, including a games contract with Golden Nugget Online Gaming and with another tier one operator not yet announced.

Group CEO Ebbe Groes stated: “I am delighted to report excellent results for the fourth quarter and 2021 as a whole in terms of strong gross profit and EBITDA growth, onboarding of new clients, and deals signed. We delivered this result despite the regulatory changes in Germany which have impacted the Casino segment significantly.

“This achievement proves the positive effect of the bold leap EveryMatrix took when investing heavily in product and technology. It has given us a strong, diverse, and competitive product offering and the ability to attract new clients.”

EveryMatrix casino EBITDA fell to 47% (Q4 2020: 64%) due to the impact of German regulations, although the firm added that this could also be attributed to increased investment in its game studios.

The provider’s casino profit was up 21% YoY to over $6.69m in Q4. It was helped by SlotMatrix RGS going live with nine partners, becoming available in 15 markets, and launching 18 games by the end of the quarter.

Gross profit in sports gaming increased by 35% YoY to over $4.46m in the quarter thanks to a series of ‘complete match schedules’, with a full-year increase of 48%. 

Sports betting EBITDA also increased by 15% on a quarterly basis and 127% YoY following investments in a ‘high-quality development and team’ and ‘continuous product upgrades’. 

Alongside the previously mentioned deal with a tier one operator in the US, EveryMatrix stated it is working with three other new clients outside the European market, including in Latin America and Africa, totaling eight new tier one operator deals in 2021.

The igaming provider also established eight turnkey projects with new client brands in Q4, totaling 19 turnkey launches for the full year, including with brands in the regulated markets in Denmark, Cyprus, Greece, Malta, Romania, Mexico, and Africa.

“The number of active leads, client launches, and new product launches makes me confident about our prospects and further demonstrates the momentum with EveryMatrix’s innovative product offering and highly scalable and modular software platform”, commented Groes.

Looking forward, EveryMatrix declared it would be monetizing investments for the next level of growth, continue its US expansion, be active in M&A engagement, strict controls on non-profitable products, a strong presence with tier one operators, and growth in new markets.