EveryMatrix’s Bold Acquisition of FSB Technology: A Game-Changer for Sports Betting in Europe and Africa
EveryMatrix Acquires FSB Technology in Ambitious Move to Expand Market Presence
Ebbe Groes, the Chief Executive of EveryMatrix, has labeled the company’s recent acquisition of betting and igaming platform provider FSB Technology as its “most ambitious acquisition to date.” This strategic move aims to bolster EveryMatrix’s OddsMatrix sportsbook division and secure a stronger foothold in the African, Irish, and UK markets.
Strengthening OddsMatrix through Strategic Acquisition
The acquisition of FSB Technology comes as a significant step for EveryMatrix, as the integration of FSB’s comprehensive end-to-end turnkey solutions is expected to enhance the OddsMatrix platform. FSB brings a variety of products, including player account management software and advanced horse racing solutions, which EveryMatrix believes will generate immediate additional revenues and create cross-company synergies.
‘This is our most ambitious acquisition to date, by value, size, and complexity,’ remarked Groes, emphasizing the substantial implications of this deal.
Accelerating Growth in Regulated Markets
The acquisition serves to accelerate EveryMatrix’s long-term growth strategy, specifically targeting regulated markets like the UK, Ireland, and Africa, where many of FSB’s existing clients operate. Groes added that this transaction not only opens doors for entering numerous regulated markets but also diversifies the company’s customer and revenue profiles.
‘Simultaneously, we are migrating customers to a stronger, high-performing product proven to deliver exceptional results,’ he explained, highlighting the forward momentum the acquisition represents.
Enhanced Offerings for FSB Clients
In conjunction with integrating FSB’s features into OddsMatrix, EveryMatrix plans to roll out its existing products to FSB’s customer base. This includes making OddsMatrix sportsbook and odds feeds available to FSB clients, which will now benefit from EveryMatrix’s comprehensive suite of modular products, encompassing casino games, an aggregation platform, and payment solutions.
Recent Successes of OddsMatrix
EveryMatrix’s OddsMatrix platform has already demonstrated its capability in 2023, delivering numerous complex turnkey solutions to prominent operators. One of its partners, Bet-at-home, launched the full EveryMatrix tech stack in Germany in October 2023, following a notable migration earlier in the year. Additionally, the Hungarian national lottery company, SZRT, saw its online brand TippmixPro benefit from OddsMatrix’s offerings.
A New Era for FSB Technology
Founded in 2007 by Sam Lawrence and David McDowell, FSB Technology has evolved significantly. McDowell stepped down as CEO in December 2022, with Adam Smith taking over in March 2023. Smith expressed enthusiasm about the acquisition, stating, ‘FSB has achieved a lot over the last 18-20 months, including expansion into new markets and launching innovative propositions. Joining forces with EveryMatrix represents another major milestone for FSB.’
He further underscored the potential for new growth opportunities that the partnership might unlock, noting the value of shared capabilities between the two companies.
EveryMatrix Celebrates Record Earnings
To add to the momentum, EveryMatrix reported record earnings in the first quarter of the year, achieving a net revenue high of €39 million (£33.5 million/$42.0 million), marking an impressive 66% increase year-on-year. The EBITDA margin also surged to a record high of 57%, up from 45% in Q1 2023. The company credits this achievement to successful client launches, improved sports trading margins, and robust growth in its casino segment.
During the same period, OddsMatrix reported a quadrupling of gross gaming revenue (GGR) year-on-year to €96 million, alongside a 30.9% increase in sports turnover which climbed to €1.29 billion. Sports net revenue also saw significant growth, rising 77.9% to €10.5 million.
Conclusion
The acquisition of FSB Technology marks a pivotal development for EveryMatrix as it seeks to expand its operational footprint in key regulated markets. By leveraging FSB’s robust offerings and integrating them with OddsMatrix products, EveryMatrix aims to enhance its market proposition and set the stage for sustained growth and innovation in the betting and igaming sectors.