EveryMatrix has activated its brand new bespoke horse racing product following its acquisition of FSB Technology.
Now, just nine months after the takeover, the system is live, but the company has acknowledged the arduous task of delivering it.
EveryMatrix UK commercial director Russell Colvin described how his team was “shocked” at the extent of the challenge, but ultimately satisfied with the end product.
“They probably underestimated the complexity of it,” Colvin told NEXT.io during the opening of the firm’s new London site.
“They leaned heavily on the racing knowledge of the FSB team, and rightly so. But ultimately, we’re all really happy with what’s been delivered, and with the timeframe it was achieved in.”
The genesis of the project goes back to EveryMatrix’s desire to expand into regulated markets, particularly a renowned, thriving one like the United Kingdom.
Providers often go to a third-party for racing content, while there was the safe option of effectively rebranding the existing FSB offering, but the Malta-based iGaming software firm had other ideas.
“One of the biggest regulated markets is the UK, and in order to get into the UK market, you have to have a horse racing product,” detailed Colvin.
He went on to say that FSB’s product was a reputable and attractive one, as well as a contributor to the takeover, but EveryMatrix wanted to make a statement with ambition and innovation.
Taking this approach meant going back to the start for a full rebuild, if it meant doing things their way.
“It was the only way to give the end user the best experience,” added Colvin.
“Using our own technology stack means we can integrate tools like BonusEngine and other trading tools within the EveryMatrix platform.”
EveryMatrix cuts the ribbon on new London office
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That’s why we’ve had to build something adaptable
EveryMatrix’s head of trading, Mark Wilson, believes what makes the company’s first-ever horse racing product stand out is control and expertise.
“A lot of B2B providers use third-party suppliers for racing,” he said.
“That means the knowledge isn’t really in-house. With us, we’ve got the knowledge, we’ve got the tech resource, and we’ve already built what I believe is a great product.”
Wilson said the team took time to get the market structures and technical details right. “It’s a sport unlike any other,” he noted. “The complexity of the markets and pricing is huge. But we’ve got to a good endpoint.”
On further growth and expansion, there is scope for the product to reach different international markets.
“We want to bring more UK and Irish partners onto the platform, but we’re also looking at how this product can resonate abroad. There’s interest from Argentina, Latin America, Australia, the US, South Africa,” continued Wilson.
“Different territories bet differently. A good racing product in the UK might not work in Asia or Australia. That’s why we’ve had to build something adaptable,” pointing to the agility of the EveryMatrix offering.
Image credit: EveryMatrix
