EveryMatrix 2021 Interim Report: US market expansion is ‘progressing very well’

In its 2021 Interim Financial Report, B2B igaming technology provider EveryMatrix has stated that its US market expansion is ‘progressing very well’.
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In its 2021 Interim Financial Report, igaming technology provider EveryMatrix has stated that its US market expansion is ‘progressing very well’.

Covering its performance in the first nine months of 2021, the group noted it has continued its top-line growth while also earning several key new customers in regulated markets and further developing its product portfolio.

EveryMatrix declared a gross profit at $14.2m in Q3 2021, an increase of 46% compared to the same period last year. For the first nine months of 2021, its gross profit improved by 35% YoY to $42.4m.

The provider also said that its EBITDA showed good development coming in at $4.9m, growing by 12% YoY. In 2021’s first nine months, its EBITDA rose by 77% YoY to $16.7m.

Group CEO Ebbe Groes commented: “The strong financial performance this quarter confirms our ability to deliver on the growth strategy we have set out.

“In the Casino segment, we saw a significant impact of the regulatory changes in Germany, where EveryMatrix is particularly strong. But the diversity of our client base as well as our well-balanced product portfolio means that this nine-month period is still strongly up on the year before.”

In the US, EveryMatrix continued to expand its presence through multi-state casino content agreements with Resorts Digital Gaming and Kindred Group. It has also increased its payments capabilities via partnerships with PXP Financial and Nuvei.

Groes added: “Our expansion plan for the highly attractive US market is progressing very well. We now have an office, an experienced team, a pipeline that is delivering sales, and we continue to advance with the licensing process.”

In terms of ongoing product enhancement and new key signings, EveryMatrix launched several new product initiatives including an upgrade to its OddsMatrix Sports Betting Data Solution, authorizing its clients to fully control odds and payout levels.

Managed Services was also launched by the company to further support its customers via 360° marketing and operational support, allowing operators to capitalize on opportunities, improve brand performance and win market share.

EveryMatrix also reduced operating costs and increased the effectiveness of its platform division, and on the commercial side, a new Tier-1 client in the regulated Greek market, winmasters, was migrated to its full product suite.

Groes concluded: “We continue to expand footprint by attracting Tier-1 clients through our compelling product offering consisting of highly scalable and modular software platforms and solutions.

“A key part of our growth strategy is to have a well-balanced portfolio comprising our three business segments, Casino, Sports, and Platform. This mix enables us to have a healthy split of revenues. The importance of this strategy is clearly demonstrated by this quarter’s results.”