EveryMatrix hailed its twin acquisitions as the technology group achieved a sixth consecutive quarter with a profit margin above 50%.

During the trading period, the company incorporated the strategic acquisition of FSB Technology, responsible for approximately 15% growth in Gross Gaming Revenue (GGR), and boosted its casino products with the integration of Fantasma Games.

Unveiling its Q3 2024 results, EveryMatrix reported record-high quarterly net revenue of €45m across core products, up 66% year-on-year, as well as recording an EBITDA margin of 52% as Q3 EBITDA stood at €23m, up 71% YoY.

You can hear EveryMatrix’s Group CEO, Ebbe Groes, discuss the Q3 results in more detail on the latest episode of iGaming Daily, with SBC’s Multimedia Editor James Ross.

Seeding for success

Upon announcing the results, EveryMatrix released a video on its social media channels featuring Groes who spoke about the company’s focus on “seeding for success” and using profits to “grow our company”.

“We have been working really quite hard to find possible acquisitions we could make to make our company better [and] also better for our clients,” said Groes.

As mentioned previously, this strategy included the acquisitions of FSB Technology and Fantasma Games.

Speaking first on FSB Technology, Groes explained that he believes it would not have been possible for EveryMatrix to secure its largest turnkey platform partnership in Africa with MBet without the assistance of FSB Technology – which has a large client base in Africa.

At the time of the announcement, Groes described the deal as signalling that EveryMatrix is “rapidly becoming the ‘go-to’ platform provider for ambitious operators in the exciting Africa region”.

Switching focus to Fantasma Games, Groes said: “[They are] a very strong team, profitable and growing and this is being added to our existing team, one plus one is three in this case.

“We will see a larger output of games, better quality games and this is, of course, again to the pleasure of our clients, and expanding for us into new directions and allowing us to grow further on, delivering great results in [future quarters].”

Upon completion of the deal to take over the Stockholm-based studio, EveryMatrix strengthened its SlotMatrix aggregation platform with the immediate addition of a range of titles integrated with more than 250 operators, including Betsson, Paddy Power, DraftKings and BetMGM.

Additionally, according to the company, the acquisition will enhance its presence in the North American market. 

Delving into the numbers

EveryMatrix’s casino unit generated a twelfth consecutive record quarterly performance, with GGR hitting €709m, a 53% YoY increase. Net revenues grew to €23.8m, an increase of 78% compared to the same period last year, while EBITDA reached €14.9m, representing a 95% YoY uptick. 

The company’s casino results were boosted by SlotMatrix, which introduced a total of 970 unique game titles and integrated 10 new vendors. This latest update brings the total of vendors on the platform to more than 170.

EveryMatrix’s sportsbook unit, OddsMatrix, reported a quarterly turnover increase of 87% YoY, reaching €1.5bn. Quarterly net revenue rose to €11.7m, up 85% YoY, while EBITDA reached €6m, representing 117% YoY growth.