EveryMatrix’s chief executive Ebbegroes called the acquisition of betting platform and igaming provider FSB Technology its “most ambitious purchase to date”. This acquisition gives its OddsMatrix division a foothold on the African, Irish, and UK sportsbook markets.
EveryMatrix stated that FSB’s complete end-to-end solutions, such as its horse racing and player account management products, would strengthen OddsMatrix and create “immediate added revenues” and synergies between companies.
Ebbegroes, the chief executive of EveryMatrix, said: “This acquisition is by far our most complex and ambitious to date in terms of size, value, and complexity.”
This transaction supports our growth strategy to enter and grow in a larger number of regulated market, such as the UK, Ireland, and Africa where many FSB customers operate.
It also allows us the opportunity to speed up this process and diversify both our revenue and customer profiles while migrating to a high-performing product that has been proven to produce exceptional results.
EveryMatrix to deploy OddsMatrix product suites to improve FSB offerings
OddsMatrix will not only incorporate key FSB-specific features, but also offer existing OddsMatrix services to FSB clients. This includes what is described as “one the most powerful horse racing products available among sportsbook providers”.
These clients will have access to the OddsMatrix Sportsbook, odds feeds and EveryMatrix suite of products, including casino games and payment solutions.
OddsMatrix has delivered complex turnkey solutions in 2023 to a range of leading operators, such as Bet-at home and TippmixPro (the online brand owned by the Hungarian National Lottery Company SZRT).
Bet-at home, a Tier 1 Operator in Germany, went live in October 2023 with its entire EveryMatrix technology stack after migrating millions of customers in February.
Sam Lawrence and David McDowell founded FSB in 2007. McDowell left the role of CEO in December 2022. Adam Smith became full-time CEO in march 2023.
Smith commented on the agreement: “FSB achieved a great deal over the past 18-20 months, including expanding into new markets as well as launching innovative proposals. The joining of FSB with EveryMatrix is another important milestone.
We are excited and delighted by the potential new opportunities that this agreement could bring, both through sharing our unique abilities as well as accelerating FSB’s current partners’ growth.
EveryMatrix records record revenue in Q1
EveryMatrix has achieved a net revenue record of EUR39m ($42.0m/PS33.5m) in Q1, a 66% increase over the prior year.
EBITDA also reached a new record of 57% in the first quarter 2023, up from just 45%. This was attributed to the company’s client launches, increased sports trading margins, and growth of its casino division.
OddsMatrix’s GGR increased quadruply year-on-year to EUR96m during this period, while the sports turnover increased 30.9% to EUR1.29bn. The sports net revenue increased by 77.9%, to EUR10.5m.
