EveryMatrix has reported a 39% year-over-year uptick in net revenue in the first quarter of 2025, with Group CEO Ebbe Groes adding that the rest of the year “looks just as promising”.
The iGaming technology platform supplier’s Q1 net revenue stood at €54.3m (Q1 2024: €39m), while EBITDA rose by 27% YoY to €28.2m (2024: €22.3m) following strong performances from existing clients and product launches.
For the eighth consecutive quarter, EveryMatrix’s EBITDA margin surpassed 50%, reaching 52%, but this is slightly down on the same period the previous year (2024: 57%) due to continued casino content investment in live dealer and own games production. EBITDA over the past 12 months stands at €107m, up 50% YoY.
Groes commented: “I’m very excited for 2025. Q1 was a solid quarter, a great start, and the rest of the year looks just as promising.
“We had a phenomenal year in 2024, which will be hard to beat, but thanks to the momentum we’ve set in motion during the last few years, I’m sure we’ll be able to do it.”
SkyCity iGaming deal
Per product, EveryMatrix noted that its Q1 casino net revenue increased by 44% YoY to €28.6m, while EBITDA rose by 29% to €16.8m. Casino gross gaming revenue increased by 22% YoY to €753m (2024: €618m). In the last 12 months, GGR has increased by 38% to €2.9bn.
During the quarter, the supplier signed a full casino turnkey platform solution deal with SkyCity Entertainment Group, with a migration to its tech stack to be completed later this year. The deal includes GamMatrix, CasinoEngine, BonusEngine, MoneyMatrix and PartnerMatrix product suite, which the company says will help the operator prepare for New Zealand’s regulated iGaming market.
In addition, the supplier went live with three dedicated blackjack tables, with another ready for the PlayMatrix live dealer product, SlotMatrix sealed its largest-ever deal with Norsk Tipping for aggregation, in-house and bespoke content, while casino content went live with Caesars Entertainment across five US states, and 14 new casino vendors were integrated.
For EveryMatrix’s sports division, quarterly sports turnover rose by 30% YoY to €1.7bn (2024: €1.3bn), GGR increased by 60% to €154m (2024: €96m) following strong trading margins. In the last 12 months, turnover rose by 48% to €6.3bn while GGR increased by 92% to €505m after a 24% increase in live events.
Sports net revenue rose by 50% YoY to €15.8m (2024: €10.5m), while EBITDA increased by 51% to €9.7m, and the total number of bets reached 160 million, up 35%. Growth was driven by expanding coverage, including an additional 10,000 events across football, basketball and tennis.
Groes noted: “Our sports division never ceases to amaze me, breaking record after record. This quarter, we managed to reach 600,000 live events, all thanks to our ability to expand our coverage and add new products and features even while experiencing this much continuous growth.”
During the quarter, EveryMatrix migrated Bet600 from FSB onto its platform, its first such migration, while OddsMatrix combined its development teams with FSB’s expertise to launch a new horse racing product, feeds for LeoVegas Group’s global sportsbook offering, new football and handball odds models and enhanced retail self-service betting terminals.
The company’s gaming and player account management platform, GamMatrix, reported an 18% YoY increase in net revenue to €8.6m (2024: €7.3m), while EBITDA fell by 23% to €2.4m. The decrease in EBITDA margin was due to an internal revenue allocation change.
PartnerMatrix signed 20 new clients during the quarter, but its net revenue decreased by 4% YoY to €1.3m (2024: €1.4m). EBITDA fell as well to minus €0.7m. During the quarter, PartnerMatrix intelligence launched with FanDuel in the US market.
Through LoyaltyEngine, the company also launched real-time Rakeback, its cross-vertical loyalty program.
London home
EveryMatrix has also opened a new central London office on the 25th floor of the HYLO building in Old Street.
The office will be home to several of the company’s teams, including members of its OddsMatrix sports division and ex-FSB Technology employees to provide its horse racing product.
It is the third office opening for EveryMatrix this year, following openings in Chiang Mai in Thailand and Cebu in the Philippines.
Groes stated: “We’re back where it all began when Stian [Hornsletten] and I co-founded the business in 2008. This new opening brings back so many fond memories and I’m personally delighted to see the business come back full circle.
“The space is magnificent and one of the best I’ve ever seen, offering our teams here superb working conditions, multiple benefits and the ideal central London location.
“Our growth is showing no bounds and this new UK location highlights just how ambitious we are to continue growing and working with premium, tier-1 customers who we can now host in one of Europe’s best cities.”
