EveryMatrix Expands Horizons: Acquires FSB Technology to Boost Market Presence and Revenue Streams
EveryMatrix Expands Footprint with Ambitious Acquisition of FSB Technology
EveryMatrix, a prominent supplier in the online gaming industry, has announced its acquisition of the betting and iGaming platform provider FSB Technology. This acquisition is being characterized by EveryMatrix’s chief executive, Ebbe Groes, as the company’s ‘most ambitious acquisition to date,’ enabling its OddsMatrix sportsbook division to cement its presence in key markets including Africa, Ireland, and the UK.
Strategic Acquisition to Enhance OddsMatrix Platform
The acquisition of FSB Technology allows EveryMatrix to integrate FSB’s comprehensive end-to-end turnkey solutions, which encompass a robust player account management system and advanced horse racing products. This strategic move is expected to bolster the OddsMatrix platform significantly, facilitating not only immediate revenue growth but also cross-company synergies that can enhance operational efficiency.
“This is our most ambitious acquisition to date, by value, size, and complexity,” Ebbe Groes stated emphatically. He further elaborated on how this transaction aligns with EveryMatrix’s long-term growth strategy. “This acquisition facilitates our entry and expansion into a greater number of regulated markets, especially in regions like the UK, Ireland, and Africa where many of FSB’s clients operate,” he explained.
Accelerated Market Rollout and Diversification
The acquisition is poised to accelerate EveryMatrix’s rollout in regulated sports betting markets, thereby diversifying its customer and revenue profiles. Groes added that the company would also focus on migrating FSB customers to its high-performing products that have consistently delivered exceptional results.
As part of this integration, EveryMatrix plans to incorporate key features from FSB into its OddsMatrix technology, which includes what has been described by industry insiders as “one of the strongest horse racing products” available among sportsbook providers. Furthermore, clients of FSB will gain access to EveryMatrix’s extensive array of modular products, encompassing casino games, an aggregation platform, and various payment solutions.
Recent Achievements and Future Prospects
EveryMatrix has made significant strides in 2023, delivering a number of complex turnkey solutions to leading operators, such as Bet-at-home and the Hungarian national lottery’s online brand, TippmixPro. Notably, the tier 1 operator Bet-at-home successfully launched the complete EveryMatrix tech stack in Germany in October, following an earlier migration that transferred millions of players in its MGA-licensed business earlier in the year.
Adam Smith, the newly appointed CEO of FSB, expressed enthusiasm about the merger, highlighting the achievements of the company over the past 18-20 months, including market expansions and the introduction of innovative offerings. He stated, “Joining together with EveryMatrix represents another major milestone for FSB. We are delighted and excited by the new opportunities this deal could create through the sharing of our unique capabilities as well as accelerating the growth of FSB’s existing partners.”
Record Earnings Signal Growth Trajectory
In conjunction with this acquisition, EveryMatrix has reported record earnings in the first quarter of 2023, achieving a net revenue high of €39 million (£33.5 million/$42.0 million), marking an impressive 66% increase from the previous year. The company’s EBITDA margin also soared to a record 57%, up from 45% in Q1 2022, attributed to successful client launches, improved sports trading margins, and sustained growth within its casino segment.
For OddsMatrix, the growth trajectory has been remarkable, with gross gaming revenue quadrupling year-on-year to €96 million, while sports turnover rose by 30.9% to €1.29 billion. Sports net revenue also experienced a significant increase, jumping 77.9% to reach €10.5 million.
As EveryMatrix continues to innovate and expand its market offerings through this strategic acquisition, the online gaming and betting landscape is poised for considerable transformation in the coming years.