In a move set to reshape the iGaming landscape, EveryMatrix has acquired FSB in an all-cash transaction, positioning itself for substantial growth and enhanced market presence. The acquisition promises to fortify EveryMatrix’s OddsMatrix platform by incorporating FSB’s comprehensive end-to-end turnkey solutions. Notably, FSB’s player account management software and horse racing products will be added to the mix, creating immediate additional revenues and synergistic opportunities across the company, according to statements from EveryMatrix.
EveryMatrix CEO Ebbe Groes emphasized the significance of the acquisition, describing it as the company’s most ambitious endeavor to date in terms of value, size, and complexity. This transaction is expected to facilitate the company’s long-term growth ambitions, particularly in expanding its foothold in regulated markets such as the UK, Ireland, and Africa, where FSB already has a notable presence.
“This acquisition essentially accelerates our growth trajectory,” Groes stated. “It not only diversifies our customer and revenue profiles but also migrates customers to a stronger, high-performing product that has proven to deliver exceptional results.”
Several key features from FSB will be integrated into the OddsMatrix platform, including what EveryMatrix describes as one of the most robust horse racing products available among sportsbook providers. In addition, existing OddsMatrix products will now be extended to FSB’s customer base. This strategic move makes the OddsMatrix sportsbook and odds feeds accessible to these new clients, while also offering them a comprehensive suite of modular products from EveryMatrix, including casino games, an aggregation platform, and a range of payment solutions.
The year 2023 was a notable one for OddsMatrix, as it delivered a number of intricate turnkey solutions to leading operators. Among its prominent deals was the collaboration with Bet-at-home and the Hungarian national lottery company’s (SZRT) online brand TippmixPro. Bet-at-home, a Tier 1 operator, went live with the full EveryMatrix tech stack in Germany in October 2023. This followed an earlier migration in February, which saw millions of players transitioned to its MGA-licensed business.
FSB, founded in 2007 by Sam Lawrence and David McDowell, has seen a shift in leadership recently. McDowell stepped down from the CEO role in December 2022, with Adam Smith taking over as full-time CEO in March 2023. Commenting on the acquisition, Smith expressed enthusiasm about the new opportunities the union with EveryMatrix could create.
. “FSB has achieved remarkable milestones over the last 18-20 months, including expansion into new markets and launching innovative propositions. Joining forces with EveryMatrix marks another pivotal moment for our company.”
Smith also highlighted the mutual benefits of the deal, suggesting that sharing each company’s unique capabilities will accelerate the growth of FSB’s existing partners.
EveryMatrix has been on a robust growth trajectory, hitting a record net revenue high of €39 million (£33.5 million/$42.0 million) for Q1. This figure represents a significant 66% increase over the previous year. The company’s EBITDA margin also reached a record 57% for the quarter, up from 45% in Q1 2023. This impressive financial performance is attributed to successful client launches, improved sports trading margins, and ongoing growth in the casino segment.
Moreover, OddsMatrix saw its Gross Gaming Revenue (GGR) quadruple year-on-year during the period, reaching €96 million. Sports turnover rose by 30.9% to €1.29 billion, while sports net revenue grew by an impressive 77.9%, totaling €10.5 million.
The strategic acquisition of FSB is poised to bring further growth and development to EveryMatrix, leveraging synergies and expanding market reach. As the iGaming industry continues to evolve, this deal underscores EveryMatrix’s commitment to remaining at the forefront of innovation and service delivery, enhancing its value proposition to clients and stakeholders alike.
