EveryMatrix has kicked off 2025 with remarkable momentum, delivering exceptional first-quarter results that position the iGaming technology provider for yet another standout year. The company has reported an impressive 39% year-on-year increase in net revenue, reaching €54 million, while maintaining strong profitability and expanding its market presence through strategic initiatives.
Record-Breaking Financial Performance
The tier-1 iGaming technology platform supplier’s Q1 2025 financials paint a picture of robust growth and operational efficiency. With net revenue climbing to €54 million, EveryMatrix has demonstrated its continued upward trajectory in the competitive gaming technology space. This impressive growth was accompanied by an EBITDA of €28 million, representing a 27% increase compared to the same period last year.
What’s particularly noteworthy is the company’s ability to maintain high profitability while pursuing aggressive growth. The Q1 EBITDA margin stood at 52%, marking the eighth consecutive quarter where EveryMatrix has maintained margins above the 50% threshold. This achievement speaks volumes about the company’s financial discipline and operational efficiency in scaling its platform and casino content offerings.
Looking at the longer-term performance metrics, the last twelve months have seen EveryMatrix’s EBITDA reach €107 million, a remarkable 50% year-on-year increase. This strong financial performance builds upon the company’s breakthrough in 2024, when it crossed the €100 million EBITDA barrier for the first time in its history.
Sports Division Smashes Records
The sports segment has emerged as a standout performer in EveryMatrix’s portfolio, delivering what the company describes as “exceptional growth” during the first quarter of 2025. Sports turnover increased by 30% year-on-year to reach €1.7 billion, while Gross Gaming Revenue (GGR) climbed an impressive 60% to €154 million. This substantial growth can be attributed to consistently strong trading margins and expanded market coverage.
One of the key drivers behind this performance has been EveryMatrix’s ability to significantly increase its event coverage. The company reached a record-breaking milestone of nearly 600,000 live events during Q1, representing a 24% increase compared to the same period last year. This expanded coverage gives operators using EveryMatrix’s platform more betting options to offer their customers, directly contributing to increased turnover and revenue.
The longer-term performance of the sports division is equally impressive. The last twelve months have seen sports turnover hit €6.3 billion, reflecting a 48% year-on-year increase, with GGR rising by a staggering 92% to reach €505 million. This growth trajectory positions EveryMatrix as an increasingly dominant player in the sports betting technology space.
Casino Segment Delivers Best Quarter Ever
While the sports division has been breaking records, EveryMatrix’s casino segment has not been left behind. In fact, Q1 2025 represented the strongest quarterly financial performance for the casino division to date. Net revenue for this segment climbed to €28.6 million, marking a 44% year-on-year increase, while EBITDA reached €16.8 million, up 29% compared to the same period last year.
In terms of Gross Gaming Revenue, the casino segment generated €753 million during Q1, representing a 22% increase year-on-year. Looking at the last twelve months, casino GGR reached €2.9 billion, a 38% increase compared to the previous period. These figures highlight the growing adoption of EveryMatrix’s casino platform and content by operators and players alike.
The casino segment’s strong performance can be partially attributed to EveryMatrix’s strategic acquisition of Fantasma Games in October 2024, which has expanded the company’s game portfolio and market reach. The acquisition added 45 well-known titles that are already live with more than 250 operators, including major names like Paddy Power, Betsson, LeoVegas, DraftKings, and BetMGM.
Platform Business Evolution
EveryMatrix’s GamMatrix gaming and PAM (Player Account Management) platform also showed growth during Q1 2025, with net revenue rising by €8.6 million, an 18% increase year-on-year. However, EBITDA for this segment landed at €2.4 million, which represents a 23% decrease compared to the same period last year. The company attributed this decline to a change in internal revenue allocation rather than any operational issues.
The platform business has been evolving through strategic initiatives, including the successful migration of Bet600, EveryMatrix’s first full turnkey FSB Technologies client in the UK, to the EveryMatrix platform. This migration is significant as it represents the company’s first such client transition following the acquisition of FSB Technology in July 2024.
Strategic Acquisitions Driving Growth
A key factor in EveryMatrix’s continued success has been its strategic acquisition strategy. In 2024, the company completed two significant acquisitions that are already contributing to its growth trajectory.
In July 2024, EveryMatrix acquired FSB Technology in an all-cash deal that was fully funded from the company’s cash flow. This acquisition has bolstered EveryMatrix’s OddsMatrix sportsbook platform and odds feeds division, generating immediate additional revenues and establishing a stronger presence in the UK, Ireland, and African markets where FSB had developed substantial market share.
The FSB Technology acquisition has added approximately 14% additional Gross Gaming Revenue to the Group’s sportsbook business unit volumes, with customer migration progressing according to plan. It has also strengthened key areas of EveryMatrix’s business, including the OddsMatrix sportsbook, by doubling the trading and quantitative analysis team to enhance personalization within managed odds and risk services.
In October 2024, EveryMatrix further expanded its offering by acquiring Fantasma Games, a Stockholm-based game studio, in a deal worth SEK209.8 million (approximately €18.5 million. The acquisition was overwhelmingly approved by Fantasma shareholders, with 95.2% voting in favor of the deal. This move has strengthened EveryMatrix’s games output by adding high-quality slot titles that are integrated with over 250 operators worldwide.
Major Deals and Product Innovations
The first quarter of 2025 also saw EveryMatrix secure significant new deals and launch innovative products. One of the most notable achievements was signing a landmark deal with SkyCity Entertainment Group, one of New Zealand’s largest entertainment companies that owns five land-based casinos across New Zealand and Australia, as well as the online casino brand SkyCitycasino.com.
Under this agreement, EveryMatrix will deliver a full casino turnkey platform solution to SkyCity, which will migrate from its current provider to EveryMatrix later in 2025. This deal represents a significant win for EveryMatrix in the Asia-Pacific region and demonstrates the company’s ability to attract major land-based operators looking to enhance their online presence.
Another notable Q1 achievement was the launch of EveryMatrix’s cutting-edge proprietary Horse Racing solution, which pairs FSB’s horse racing expertise with OddsMatrix’s development capabilities. This new solution provides comprehensive horse racing coverage with over 10,000 monthly events and includes various cutting-edge features and live-streaming integrations.
Additional Q1 highlights included the launch of the company’s inaugural dedicated blackjack tables, the introduction of SlotMatrix content with Caesars across five states in the US, 14 integrations with new casino vendors, and the onboarding of 20 new PartnerMatrix clients.
Market Context and Industry Trends
EveryMatrix’s strong performance comes amid robust growth in the broader gaming and online sports betting markets, which includes the crypto gaming segment. The global gaming market is expected to grow from $310.97 billion in 2024 to $345.34 billion in 2025, representing a compound annual growth rate (CAGR) of 11.1%. This growth creates a favorable backdrop for technology providers like EveryMatrix that supply the platforms and content that power gaming operations.
In the online sports betting segment specifically, the global market is estimated to be valued at $54.55 billion in 2025 and is projected to reach $98.50 billion by 2032, growing at a CAGR of 8.8%. This rapid expansion is being driven by increased digitization, rising internet penetration, and the growing popularity of various sports leagues worldwide.
Football (soccer) continues to dominate the online sports betting landscape, expected to account for 61.7% of the market in 2025 due to its global following and the heavy engagement with domestic and international leagues. This aligns well with EveryMatrix’s significant investments in its sports division and explains why the company has focused on expanding its live event coverage.
The growth in mobile betting, expected to account for 57.3% of online sports betting in 2025, also plays to EveryMatrix’s strengths as a technology provider that prioritizes mobile-first solutions
Leadership Perspective and Future Outlook
Ebbe Groes, Group CEO of EveryMatrix, expressed excitement about the company’s prospects for 2025 based on the strong start to the year, saying that he is “very excited for 2025” and that “Q1 was a solid quarter, a great start, and the rest of the year looks just as promising”.
He acknowledged the high bar set by the company’s performance in 2024, which he described as “phenomenal” and “hard to beat,” but expressed confidence that the momentum built over the past few years would enable EveryMatrix to surpass its previous achievements.
Groes was particularly impressed with the continued success of the sports division, stating:
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.
With its debt-free status, strong cash flow, and continued organic growth, EveryMatrix appears well-positioned to pursue further strategic acquisitions and investments that align with its growth strategy. The company’s ability to maintain high EBITDA margins while scaling rapidly suggests it can continue to fund expansion from its own operations rather than taking on debt.
As EveryMatrix continues to innovate and expand its product offerings, capture market share in key regions like North America, the UK, and Asia-Pacific, and integrate its recent acquisitions, the company appears set for another standout year in 2025, building on the strong foundation established in the first quarter.
