EveryMatrix Pushes OddsMatrix Sports Betting Platform Above the $1B Mark
Posted on: October 5, 2022, 08:56h.
Last updated on: October 5, 2022, 08:56h.
OddsMatrix is turning out to be a moneymaker for EveryMatrix. The B2B gaming software company’s sports betting solution just broke €1 billion (US$990.8 million) in turnover for the year, and there are still almost three months to go.
To put the results in perspective, EveryMatrix took all of 2021 to reach the same mark. August and September were banner months, resulting in turnover that was double the amounts a year ago.
New partnerships the company recently secured are now launching, as well. This means EveryMatrix should see even better results by this time next year.
Continuing Solid Results
The performance of OddsMatrix follows the continued growth EveryMatrix has seen this year. Its gross profit increased across all business segments in the second quarter as it added 17% year on year to reach €14.9 million (US$14.8 million).
OddsMatrix provides a single set of tools to operators looking to launch a sports betting solution quickly. It is completely customizable while, at the same time, offering the necessary equipment to remain compliant in multiple jurisdictions.
The current regulatory landscape in Germany hindered growth, EveryMatrix explained in its financial update. However, it still managed to increase the gross profits of its casino segment by 11%.
Net cash grew from €11.1 million (US$11 million) at the end of the first quarter of 2022 to €15.2 million (US$15.1 million) in the second quarter. The continued financial improvements allow the company to expand, making additional investments in the US.
EBITDA (earnings before interest, taxes, depreciation and amortization) reached €5.2 million (US5.18 million). The EBITDA-to-gross profit margin was 35%, the same as last year.
Global Expansion Driving Success
EveryMatrix acquired Leapbit, a retail-focused, B2B sports betting solution, this past May. In addition, EveryMatrix and Intralot are delivering a new online gaming solution to Morocco.
The companies partnered with Morocco’s state-run gaming operator MDJS (La Marocaine des Jeux & des Sports en Ligne). They signed the partnership in April before introducing MDJSJeux.ma on September 6.
EveryMatrix is providing its OddsMatrix, GamMatrix PAM and additional content, such as Intralot lottery games, virtual sports and instant games. The company also manages KYC and payments through its platform solution. In addition, it supports MDJS’ marketing and operational activity through its Managed Services division.
In July, EveryMatrix partnered with gaming operator Bet-At-Home. This arrangement includes the delivery of a complete turnkey gaming solution, replacing Bet-At-Home’s in-house platform.
The deal covers all markets where the company has a presence. However, the success of the relationship depends on a few factors. Bet-At-Home has run into some issues this year that could significantly reduce its operational strength.
Just a few days ago, EveryMatrix announced its latest deal. It received a tender to supply Finland’s Veikkaus with new casino content. The agreement will run for six years, although it’s possible that Veikkaus may not have a monopoly by then.