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EveryMatrix continues to grow in the US online casino market and the results are clear with another record-setting earnings report for the second quarter.
The international iGaming technology company reported a record-high quarterly net revenue of €42.4 million during the earnings period. This is up 57% compared to the same period last year.
EBITDA during the quarter rose to €25.1 million from €22.3m in the first quarter. This was up 67% from the previous year.
Profits are how companies stay in business and EveryMatrix is hitting on all cylinders. The company set an all-time high profit margin of 59%.
This is the fifth consecutive quarter with growth and profit margin exceeding 50%. In an EveryMatrix press release CEO Ebbe Groes humbly said: “It’s difficult to know what to say when our results just keep getting better and better!”
Speaking more seriously, Groes said:
“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.”
EveryMatrix is involved in numerous segments on iGaming. While Gross Gaming Revenue (GGR) fluctuates for sports betting, its online casino business revenue is growing steadily.
Key takeaways:
- Overall business for EveryMatrix is growing and becoming more profitable by the quarter.
- The online casino segment is growing more steadily than sports.
- EveryMatrix broke into the US online casino market during the second quarter.
EveryMatrix’s online casino revenue continues to grow
The second quarter performance of online casino GGR was another record quarter.
- GGR increased a whopping 53% to €658 million compared to last year.
This was the 11th consecutive quarterly increase for the casino division at EveryMatrix.
Like the company overall, profits from the casino segment continue to grow at a rapid pace.
- Net revenue was €21.9 million, up 73% from the second quarter last year.
- EBITDA for the casino segment for the quarter was €14.7 million. This was a 93% increase over the second quarter of 2023.
During this quarter, the casino segment represented 29% of the net revenue for EveryMatrix.
EveryMatrix added more than 1,000 unique new online casino games. The company now has a world-leading total of 29,402 on its SlotMatrix aggregation product.
During the quarter, EveryMatrix added nine new casino vendors. The company now has more than 160 total casino vendors.
EveryMatrix is making a big push into the US online casino market
EveryMatrix entered the Pennsylvania market during the first quarter of the year. During the second quarter, the company signed its first exclusive US online casino content aggregation deal.
Then, a content partnership is with Supremeland Gaming on DraftKings by way of SlotMatrix. New Jersey online casinos were the first to offer this content in early May.
The way this partnership works is that Supremeland Gaming will create unique online casino content using EveryMatrix’s tech. The company is using the talent of its American game studio, Powderkeg.
Shortly after offering games in New Jersey, EveryMatrix entered the Michigan online casino market. Online casino players can now play content created by EveryMatrix on the Golden Nugget Online Gaming app.
Lastly, EveryMatrix has online casino licenses in Connecticut and West Virginia.
