EveryMatrix revealed robust financial outcomes for the second trimester of 2022.
EveryMatrix’s second-quarter report demonstrated that its financial performance outstripped anticipations. Overall profit across all business divisions (gambling, athletics, and platform) outpaced the same period in 2021. Worldwide sales were robust, with a considerable agreement signed, a healthy cash balance, and a successful takeover.
Financial performance surpassed expectations.
In the second quarter of 2022, overall profit (total income minus direct costs to game suppliers) rose by 17% annually to €14.9 million (€12.7 million), with a four-year compound annual growth rate of 35%. Despite regulatory alterations in Germany affecting the gambling segment’s overall profit, the segment still witnessed an 11% annual revenue increase, driven by the company’s product diversification and extensive customer base.
EBITDA remained at €5.2 million (€5.2 million) as the company continued to reinvest positive cash flow into future expansion. Key investments included US expansion, with the acquisition of retail sports betting provider Leapbit in the quarter, bringing nearly 20 new employees and a Croatian office.
EBITDA/Gross Profit margin was 35%.
Net cash rose to €15.2 million as of the second quarter of 2022, from €11.1 million in the first quarter of 2022.
The enterprise will re-invest its positive cash flow into future expansion and maintain a debt-free status.
EveryMatrix Group Chief Executive Officer Ebbe Groes stated: “Fueled by a varied product offering and a robust customer base, we once again achieved a new record for client acquisition this quarter, securing 43 agreements across all products. Furthermore, gross profit increased by 17%, a testament to the group’s underlying performance, empowering us to continue investing in future expansion.”
Strategic Acquisition Finalized
In May of 2022, the company successfully completed the acquisition of sports betting developer Leapbit. This merger fortified the group’s sports betting product OddsMatrix, providing it with advanced and mature retail offerings.
OddsMatrix will fully incorporate Leapbit’s comprehensive retail software solutions and other products, such as virtual horse racing and lottery games. Consequently, the company is enhancing its online-first OddsMatrix sports betting platform to a genuine omnichannel betting solution for operators with retail operations.
Commenting on the largest acquisition to date, Groes stated: “OddsMatrix is one of the company’s three key pillars and has been expanding at a remarkable rate. Retail is a crucial component of any comprehensive sports betting suite, and by integrating Leapbit’s technology, we will transform OddsMatrix into a genuine omnichannel sports leader in regulated markets.”
Significant Benchmarks in Q2
During the initial three months of 2022, the business introduced a comprehensive well-being support program for its Ukrainian workforce. In the subsequent three-month period, the company continued its assistance to Ukrainian employees and contributed substantial financial resources to associated initiatives. By the conclusion of the quarter, operations maintained stability, and workers had returned to Ukraine.
Following the conclusion of the second quarter, the company established agreements with significant customers.
In the seventh month of 2022, EveryMatrix, a business-to-business platform provider, reached an agreement with German operator Bet-at-home to furnish them with a complete turnkey solution. The Frankfurt-listed operator will replace its existing private platform with EveryMatrix’s technological infrastructure.
The agreement encompasses a contemporary sports betting platform, casino platform, player management system, payment module, and affiliate software. The agreement covers all markets where Bet-at-home currently operates, including its primary regulated German market.
“This significant agreement showcases the extent and depth of our offerings, particularly the quality of our sports platform OddsMatrix. We have consistently viewed our ongoing investment and development of OddsMatrix as fundamental to our work, and I am pleased to witness more top-tier operators joining our client list,” Groes concluded.
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