EveryMatrix has acquired sports betting solutions provider FSB Technology (FSB) in an all-cash transaction managed by Oakvale Capital. Although the exact amount was not disclosed, the deal was previously valued at £20 million.
EveryMatrix officially took over FSB in early July and is now migrating FSB’s customers to its proprietary turnkey technology, which includes player account management, OddsMatrix sports betting, and the CasinoEngine performance platform.
A spokesperson for EveryMatrix stated that the acquisition “will further strengthen OddsMatrix and build on its best financial year ever,” enhancing revenue and expanding its presence in the UK, Ireland, and Africa, where FSB holds a significant market share.
FSB’s clients include Baltic-focused bookmaker OlyBet, UK-based horse racing specialist Fitzdares, and African brands such as Paribet and Nairabet.
Over the past two years, OddsMatrix has added several tier-one brands to its portfolio, including the Hungarian National Lottery (SZRT) online brand TippmixPro and the German and European-focused bookmaker Bet-at-Home.
In 2023, OddsMatrix experienced record revenue growth and betting volume for tier-one clients. This included a 75% year-on-year increase in total bets, a 90% rise in profitability, and a 31% increase in live events, totaling over 1.8 million for the year.
Ebbe Grous, CEO of EveryMatrix, has emphasized the importance of accelerating OddsMatrix’s betting capabilities to help EveryMatrix achieve its goal of becoming the most comprehensive iGaming technology provider and the fastest-growing company.
FSB Technology, founded in 2007 by David McDowell, was acquired in 2019 by Canadian private equity fund Clairvest for £23 million. McDowell left the company last year, and FSB’s latest accounts showed a 19% increase in annual revenues to £11 million, although pre-tax losses also rose by 60% to £22 million.
Don’t forget to subscribe to our Telegram channel!
