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EveryMatrix buys FSB in all-cash acquisition

| By nicolemacedo
EveryMatrix chief executive Ebbe Groes described the supplier’s acquisition of betting and igaming platform provider FSB Technology as its “most ambitious acquisition to date”, giving its OddsMatrix sportsbook division a foothold in the African, Irish and UK markets.

FSB’s full end-to-end turnkey solutions, including its player account management software and horse racing products, will strengthen the OddsMatrix platform and generate “immediate additional revenues and cross-company synergies”, EveryMatrix said.

“This is our most ambitious acquisition to date, by value, size and complexity,” EveryMatrix chief executive Ebbe Groes commented.

Ebbe Groes, EveryMatrix CEO
FSB Deal ACCELERATES EVERYMATRIx’S regulated market rollout for sports betting, says CEO Ebbe Groes

“This transaction facilitates our long-term growth strategy of entering and growing within a greater number of regulated markets, including the UK, Ireland and Africa, where many FSB clients operate.

“It also allows us to accelerate this process, diversify our customer and revenue profiles, while simultaneously migrating customers to a stronger, high performing product proven to deliver exceptional results.”

EveryMatrix will deploy OddsMatrix products to enhance FSB offering

As well as incorporating key FSB features into OddsMatrix including what it describes as “one of the strongest horse racing products among sportsbook providers” it will also roll out existing OddsMatrix products to FSB customers.

The OddsMatrix sportsbook and odds feeds will be available to these clients, while they will also be able to take advantage of EveryMatrix’s suite of modular products including casino games, an aggregation platform and payments soutions, among others.

OddsMatrix delivered a number of complex turnkey solutions to leading operators in 2023, including Bet-at-home and the Hungarian national lottery company’s (SZRT) online brand TippmixPro.

Tier 1 operator Bet-at-home went live with the full EveryMatrix tech stack in Germany in October 2023 following the earlier migration in February of millions of players within its MGA-licensed business.

FSB was founded in 2007 by Sam Lawrence and David McDowell. McDowell stepped down from the CEO role in December 2022, while Adam Smith took over as fulltime CEO in March 2023.

On the deal, Smith said: “FSB has achieved a lot over the last 18-20 months including expansion into new markets and launching innovative propositions. 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.”

EveryMatrix hit record earnings in Q1

EveryMatrix hit a record net revenue high of €39m (£33.5m/$42.0m) for Q1, marking a rise of 66% on the previous year.

EBITDA margin also hit a record high at 57% for the quarter, up from 45% in Q1 2023. The company said this was due to client launches, improved sports trading margins and continued growth in its casino segment.

OddsMatrix saw GGR quadruple year-on-year during the period to €96m, while sports turnover rose 30.9% to €1.29bn. Sports net revenue was up 77.9% to €10.5m.

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