OddsMatrix Achieves Record Growth and Profitability in the Sports Betting Market

This success story underscores the division’s formidable ascent in the competitive sports betting landscape.

Unprecedented Year-on-Year Growth

The past 12 months have been transformative for OddsMatrix, showcasing a remarkable 75% Year-on-Year (YoY) surge in total bets. This leap, from 109 million to 183 million bets from 2022 to 2023, illustrates the division’s robust market presence. Additionally, a 95% quarter-on-quarter (QoQ) increase in bets in Q4 2023 compared to the same period a year ago reflects the platform’s escalating popularity and market penetration.

OddsMatrix’s profitability has seen a dramatic increase of 90% over the last year, soaring from €100.2 million to €191.1 million. This staggering growth in profits, coupled with a more than 200% rise in quarterly profits (from €23.9 million in Q4 2022 to €74.5 million in Q4 2023), highlights the division’s efficient and lucrative operations.

Gross Gaming Revenue Milestones

December 2023 marked a significant achievement for OddsMatrix, recording its second-highest ever month in Gross Gaming Revenue (GGR) for customers at €44.4 million. This followed a record-setting November 2023, where GGR peaked at €48.5 million, demonstrating the division’s steady and impressive financial performance.

OddsMatrix also reported a 31% increase YoY in live events in 2023, totaling more than 1.8 million. The QoQ growth in Q4 2023 was 6.2%, with 500,000 live events during this period. This expansion reflects the division’s commitment to providing diverse and dynamic betting options to its users.

Major Turnkey Deliveries

EveryMatrix, with OddsMatrix at its core, has successfully delivered complex turnkey solutions in the past year. Notable projects include bet-at-Home and the Hungarian national lottery company’s (SZRT) online brand TippmixPro. The launch of TippmixPro’s OddsMatrix-powered sportsbook in November 2023 has significantly enhanced customer experience with features like Cash Out and Bet Builder.

Tor Skeie, CEO of OddsMatrix, reflects on the division’s achievements: “The last 12 months have involved a huge amount of work across not just OddsMatrix, but also the Group. This is now paying off with a record set of numbers that we fully intend to continue to build on in 2024 and beyond. Our sportsbook, both standalone, and as part of wider turnkey agreements, has become an essential technology product for the world’s largest brands. We’re delighted with its progress and the results it is having for our customers.”

Our Comment on the Article

OddsMatrix’s record-breaking year is a testament to the company’s innovative approach and strategic foresight in the sports betting industry. The division’s exceptional growth in bets, revenue, and profitability marks it as a key player in the B2B sportsbook sector.

Its success reflects not only on its robust technology and service offerings but also on the growing global interest and engagement in sports betting. As the industry continues to evolve, OddsMatrix’s achievements set a high benchmark for innovation and excellence, paving the way for future advancements in the sports betting technology landscape.