As a result of the acquisition, EveryMatrix is working to migrate FSB’s clients onto its proprietary turnkey technology. This includes Player Account Management, OddsMatrix sportsbook, casino aggregation and its CasinoEngine productivity platform.

An EveryMatrix spokesperson said the acquisition would “further bolster OddsMatrix and build on its best ever financial year”, generating immediate additional revenues, cross-company synergies and establishing a presence in the UK, Ireland and Africa where FSB has developed strong market share.

Oakvale Capital has been driving the FSB sales push for the past few months and is understood to have reached an agreement with EveryMatrix.

The agreement marks the completion of a project to sell FSB, in which stakeholders originally sought a £20m valuation for the provider. 

OddsMatrix achieved its best year in 2023, setting record growth, profitability and a record number of bets for tier-1 customers. This included a 75 per cent year-on-year rise in total bets, profitability up 90 per cent, while live events rose 31 per cent to more than 1.8 million for the year.

Ebbe Groes, CEO of EveryMatrix, has previously underscored the importance of accelerating the sportsbook capacity of OddsMatrix, helping the company achieve its objective to become igaming’s most comprehensive technology supplier and fastest-growing company.

Groes said: “This is our most ambitious acquisition to date, by value, size and complexity. 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, diversifying our customer and revenue profiles, while simultaneously migrating customers to a stronger, high-performing product proven to deliver exceptional results.”

FSB is a longstanding provider of wagering solutions that was founded in 2007 by David McDowell. In 2019, the Canadian private equity fund Clairvest gained a majority stake in the tech group for £23m. 

McDowell left the company last year, while FSB’s most recent accounts show that annual revenues were up 19 per cent to £11m, but pre-tax losses had increased 60 per cent to £22m.

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Publishing its interim 2021 third quarter trading report – covering the nine months ending 29 november 2021 – EveryMatrix noted that Germany accounted for 24 per cent of its gross gaming revenue for Q3 2021, in comparison to 50 per cent in Q3 2020.

Despite its German decline, EveryMatrix affirmed that ‘overall strong positive earnings’ have provided ‘further scope for investment’ in its casino product. 

Moreover, a total of 70 proprietary exclusive games were launched, with 22 released via EveryMatrix RGS in Q3 2021, with investment in vendor integrations and content for clients occurring throughout the year.

“The strong financial performance this quarter confirms our ability to deliver on the growth strategy we have set out,” said Ebbe Groes, group CEO of EveryMatrix.

“In the casino segment, we saw a significant impact of the regulatory changes in Germany, where EveryMatrix is particularly strong. But the diversity of our client base as well as our well-balanced product portfolio means that this nine-month period is still strongly up on the year before.”

Alongside its casino performance, EveryMatrix lauded its strong performance across its three main business verticals during the first nine months of 2021, outlining plans for further investments to support its US expansion. 

The B2B gaming technology provider reported year-on-year gross profits of €37.6m, an increase of 35 per cent, as Q3 registered a profit increase of 46 per cent on 2020 comparatives to €12.6m. 

In addition to the above, the period EBITDA increased by 77 per cent year-on-year to €14.8m. During Q3, EveryMatrix registered a 12 per cent EBITDA increase to €4.4m, reflecting an EBITDA margin of 34 per cent, whilst net cash stood at €7.7m. 

Key events during Q3 included an expansion of EveryMatrix’s US operations via agreements with Resorts Digital Gaming and Kindred Group, as well as the launch of tier-one client winnmasters into regulated markets such as Greece, utilising its full sports, casino and platform suite.

Lastly, EveryMatrix’s platform operations recorded gross profit of close to €3m by the conclusion of the third quarter – in comparison to ‘close to zero’ in Q3 2020 – bolstered by reduced operating costs and ‘increased effectiveness’ as a result of a restructuring. 

This reorganisation saw the integration of MoneyMatrix into the GamMatrix product offering, as well as the launch of 16 payment integrations covering 42 payment methods into the wider platform service. 

“We continue to expand footprint by attracting tier-one clients through our compelling product offering consisting of highly scalable and modular software platforms and solutions,” Groes continued.

“A key part of our growth strategy is to have a well-balanced portfolio comprising our three business segments, casino, sports, and platform. This mix enables us to have a healthy split of revenues. The importance of this strategy is clearly demonstrated by this quarter’s results.”

Moving forward, EveryMatrix stated its intent to expand within the US sports betting and gaming market. Commenting on the firm’s North American plans, Groes remarked: “Our expansion plan for the highly attractive US market is progressing very well. We now have an office, an experienced team, a pipeline that is delivering sales, and we continue to advance with the licensing process.”

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Following the signing of a new multi-year turnkey agreement earlier this year, winmasters Greek launch will see EveryMatrix prove the operator with its full product suite which will include player account management, sportsbook, casino management and affiliate platforms. 

Ebbe Groes, group CEO of EveryMatrix, commented: “The launch of winmasters in Greece is a huge milestone worth celebrating. I’m beyond proud of how our teams handled this complex project. winmasters is a top operator in regulated markets and it has been steadily growing over the years. 

“Their experienced team paired with our technology proved to be a winning match and we’re looking forward to being their partner for many years to come.”

The launch into Greece – which EveryMatric holds a supplier licence in, among other licences and certifications across Europe – sees winmasters add to the list of counties it currently operates in, such as Romania, Cyprus and Malta, whilst looking to expand in other EU regulated markets within the next year. 

The launch of winmaster into the Greek market follows EveryMatrix’s recent US igaming expansion earlier this month which saw the tech supplier secure an agreement with Kindred Group, resulting in the integration of its casino portfolio with the online gambling operator. 

The deal saw the latter expand its casino catalogue through the integration of EveryMatrix’s own proprietary games from Spearhead Studios and Armadillo Studios. 

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Through the agreement, Lady Luck Games will also partner up with RGS Matrix, EveryMatrix’s remote gaming server, providing the necessary means for the studio to develop and distribute its games.

Furthermore, RGS Matrix will manage compliance efforts and provide fast entry on regulated markets, having already received licences across 13 jurisdictions.

Mads Jørgensen, CEO and co-founder of Lady Luck Games, explained: “EveryMatrix is the perfect partner for us to grow our development and distribution. 

“We are happy to receive their endorsement and support while we prepare to list on NASDAQ First North Growth Market. I’m positive that this collaboration will bring many wins for all involved parties and I’m extra pleased to welcome Ebbe Groes to our board of directors.”

Founded in 2019, Lady Luck Games develops casino games with a strong focus on ‘gameplay experience and high-quality sticky designs’, serving end users with a ‘superior entertainment value’, with roots in established top-tier gaming providers.

The Swedish game studio joins Spearhead Studios, Wild Boars, FunFair, FlipLuck, and JVL as RGS Matrix’s sixth client.

“In Lady Luck Games, we see the next generation of casino games being launched today,” added Ebbe Groes, group CEO of EveryMatrix. 

“The studio has all the prerequisites of becoming a leading player in the casino space. Their highly experienced team paired with our RGS Matrix stellar technology is a lucky combination that I am sure will prove to be highly successful and lead a rapid expansion.

“The boost of games coming from porting the entire Lady Luck Games portfolio to our RGS Matrix is extra welcomed as we get it certified for the growing US market where we already see a great interest from operators in novel content.”

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The decision is said to have been taken “at company level” to forgo operating licenses for remote betting and casino, and comes after “many years of successful and unproblematic B2C operations in the UK”.

EveryMatrix stresses that it has been forced to consider the white label business “to be irreparably damaged,” despite striving to swiftly demonstrate the ability to operate in a safe, responsible and compliant manner.

The firm’s B2B software provision license for remote gambling software remains active, with the company continuing to offer gambling software to UK licensed operators.

Ebbe Groes, CEO of EveryMatrix, explained: “We fully respect UKGC’s decision of suspending our license and we acknowledge their wish for a substantially changed way of operating white label businesses in the future. 

“We regret the impact this suspension has had on our loyal players, on our brands, and on our long-standing white label partners in the UK, but this business has by now become unsalvageable. 

“We will use this highly unfortunate event as positive as we can and we are keen on maintaining EveryMatrix’s leading role as a provider in the B2B space, in the UK and globally. This is where our company has enjoyed tremendous growth in the past several years and we will now focus even harder on this.”

Earlier this month EveryMatrix aligned with compliance start-up beBettor, as it strived to lay the foundations of its previous pledge to strengthen its compliance processes and procedures amid hopes of a suspension lift by the regulator.

The company states that it is fully committed and intends to focus on maximising business growth, as well as to continue to be “a trusted and proven software supplier operating globally in regulated jurisdictions”.

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Following last week’s decision, with EveryMatrix stressing that it remains hopeful that the UK Gambling Commission will lift the suspension, the firm has aligned with compliance start-up beBettor.

The newly inked agreement is part of “continued efforts to radically improve operational compliance,” with the UKGC stating that the suspension will remain in place until it can demonstrate that it has taken steps to be fully compliant with its social responsibility obligations.

Ebbe Groes, EveryMatrix CEO, explained: “We’re excited to work with beBettor on this novel idea. We believe it will help not only players on EveryMatrix brands but that this can help drive an industry-wide push for better affordability checks for the UK players. 

“Problem players will often have many accounts, and the only way to spot and take action will be for us all to work together for a safer gambling experience.”

beBettor is a tech firm that helps organisations gain a deeper understanding of player spending, with its services specifically tailored for the UK market.

The company not only checks player affordability based on information provided by players and their actions on a single website, but can also cross-reference player actions on other sites that are connected to their network.

Harry Cott, beBettor CEO, commented: “Affordability and operators’ social responsibility towards customers is an industry-wide challenge which we are delighted to start solving with EveryMatrix in a collaborative way. 

“Given the average online gambler in the UK now has 4 accounts, isolated operator action will not sufficiently reduce gambling-related harm long-term. That’s why we’re building a networked approach to understanding customers affordability, which will help beBettor operators power the next generation of their social responsibility policies and procedures for customer interaction.

“We’re very happy EveryMatrix has decided to join the network and shape the future of sustainable gambling.”

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Agreeing the deal with Amgo Igaming, which counts five fully owned gaming brands as part of its stable, the deal consists of €1m in cash a further €1m in newly issued shares.

Ebbe Groes, founder and CEO of EveryMatrix, said of the transaction: ”Some B2B companies have their own B2C brands competing with their B2B clients. This has always been against our strategy, and with this transaction, we now completely shut down own brands and we can focus exclusively on our role as a software service supplier for casino, sports, payments and platform.

“To sell our own brand Jetbull to Amgo is an important step for us to continue developing the market’s most competitive online gaming platform, and no longer focus on being an operator.

“Amgo has the right setup for operating multi-brands in different jurisdictions, and we are sure that we will see a huge increase in Jetbull’s reputation as a strong brand in regulated markets.”

Beginning on July 1, 2019, Amgo is to receive the full ownership of Jetbull, with it said that the transition phase to operate and manage the brand has already begun.

Viorel Stan, CEO of Jetbull, commented: “There is great chemistry between Amgo and the Jetbull organisation and we will do our best to secure a successful transition. This transition will ease Jetbull’s goal of becoming a top player in all regulated markets targeted, and continue the consistent YoY growth.

“EveryMatrix will continue as the main technology provider, and we will make sure that Jetbull is supported with the newest innovations to keep the brand at the forefront of the industry.”

Operating on the EveryMatrix white label platform, Jetbull is a brand that offers casino and sportsbook and boasts in excess of 600,000 registered customers.

Enjoying “substantial growth over the last 24 months,” the brand is to continue to be operated under EveryMatrix’s Maltese, UK and Danish licenses.

Mads Jørgensen, board member and director of Amgo, added: “We have enjoyed an excellent working relationship with EveryMatrix, and this agreement will take our partnership to the next level. We are very satisfied with this agreement, and have set the strategy and performance targets to generate shareholder value.”

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With more than 20 years of experience in the field of financial management, Schjelde will focus on “optimising the financial performance of the company’s rapidly evolving business units,” including flagship product CasinoEngine.

Schjelde first joined BetBrain in 2007, during Everymatrix’s early years. As EveryMatrix CFO, he will work closely with teams from the office in Bucharest, Romania.

Ebbe Groes, EveryMatrix CEO, said: “Further expanding our top management team is key for us since the business continues to grow year after year.

“Bringing David on board is an important step as he is a highly knowledgeable and appreciated expert. His practical and resourceful approach proved to be invaluable in the past and I am certain his vast expertise in both financial management and law will help us improve our operations and better identify potential opportunities in the igaming sector.

“With the massive volumes of casino transactions from the largest operators in Norway and Germany, financial accuracy is more important than ever.”

Schjelde added: “I was delighted to see how the company expanded over the years and it gives me great satisfaction to be here.

“Leading the financial operations will be challenging for sure, especially since the casino business more than doubled in the last year,” he continued.

“I have no doubts working with Ebbe and the team will be a fruitful and excellent experience as I already know from our past encounters.”

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Marking a further instalment of its Unified Bonus System (UBS), EveryMatrix details that this latest instalment ‘is a modular bonus system to create, manage and report on bonusing for casino and sports products, that help operators to combine bonus programs and promotional packages that are activated by various triggers.’

PlayFrank has also introduced a unique levelling system designed to aid customer retention, with experience able to be acquired to level up, with players deciding when and how they get their rewards courtesy of ‘Reward Tracks.’

Sam Smit, PlayFrank Head of Marketing, said: “We recently launched our new gamification features based on UBS. UBS provides us with innovative tools which we use to reward players based on their gameplay.

“The innovative technology and flexibility contribute to tremendous bonus possibilities.  With easy API triggers, we can instantly reward our players while playing their favourite games and extend their gameplay.”

UBS gives operators the ability to ‘stay in control’ by managing campaign costs, grant counts, maximum bonus release amount, define a permitted bet amount range for each bonus program and configuring how breached bets should be handled.

Ebbe Groes, EveryMatrix CEO, added: “At EveryMatrix clients are always at the centre of everything we do. Seeing our latest developments through their experience, offers us a new perspective of the services that we offer.

“The launching of the Unified Bonus System solidifies and enhances our position in the industry, by providing our clients, like PlayFrank, a very comfortable service encounter in order to serve it further to their audience.”

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This license gives the company the opportunity to handle the distribution of Greentube games to its business partners operating under Maltese jurisdiction.

Greentube, the global interactive unit of NOVOMATIC, is a leading developer and supplier of RNG content. Besides NOVOMATIC blue chip slots such as Book of Ra deluxe, Lucky Lady’s Charm deluxe, Sizzling Hot deluxe, a wide spectrum of the Greentube’s casino games portfolio is available via EveryMatrix casino platform as per the agreement announced earlier this year.

Ebbe Groes, EveryMatrix CEO commented: “Being now licensed in Malta, our company will be able to fulfil the requests it has received for Greentube’s products in the best possible manner. The recent addition enables EveryMatrix to fully support the continuously growing demand for premium casino content.”

The Greentube game portfolio is part of Everymatrix’s CasinoEngine platform, which is the largest casino aggregator in the world, integrating more than 60 gaming vendors delivering over 5,000 games that can be plugged remotely in external wallets via a single API, or as part of an EveryMatrix turnkey solution.

“CasinoEngine brings along a wealth of content which permits operators to choose the best for their online casinos. It can be directly integrated into client platforms and includes a 2nd generation bonusing tool with unprecedented flexibility among many other value-added services. By offering such a rich platform, EveryMatrix managed to secure as clients established Maltese based companies like Tipico or Dragonara Casino, along with other important operators such as Norsk Tipping, 188Bet UK, and K8.” added Ebbe Groes.

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