EveryMatrix has launched its first-ever in-house horse racing product following the acquisition of FSB Technology — and according to commercial director UK Russell Colvin, the company was “shocked” by just how complex it was to build.
“They probably underestimated the complexity of it,” Colvin told NEXT.io during the opening of EveryMatrix’s new London office.
“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.”
Rapid delivery
Despite the complexity, the product was delivered in record time. From acquisition to launch took just nine months, with the new racing product going live after little more than six months of development.
The roots of the project go back to EveryMatrix’s ambition to expand into more regulated markets — particularly the UK, where any serious sportsbook needs a credible racing product.
“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,” Colvin explained.
“FSB’s product was well regarded, built by traders and developers who understood racing. That’s ultimately what led to the acquisition.”
But instead of simply rebranding FSB’s racing product, EveryMatrix took a more ambitious path: building a completely new one using its own OddsMatrix technology. That meant recreating — and in some areas, reimagining — everything from the ground up.
“It was the only way to give the end user the best experience,” says Colvin. “Using our own technology stack means we can integrate tools like BonusEngine and other trading tools within the EveryMatrix platform.”
For head of trading Mark Wilson, what makes the new 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.”
Declining interest?
The importance of getting it right cannot be overstated. “In the UK and Ireland, for many operators, horse racing will be the number two sport after football,” Wilson said.
“In some cases, like some of our partners, it’s the number one sport. So delivering a top-tier racing product was non-negotiable.”
There has been talk in the industry about declining interest in racing, but both Colvin and Wilson believe it’s still a massive part of the betting landscape.
“You can’t doubt there’s been a decline in popularity,” said Wilson.
“But racing still represents 20–25% of turnover in the UK — that’s huge,” he said, while Colvin added that for a lot of land-based customers, it’s still their go-to product.
Part of the opportunity — and challenge — is modernising the product to appeal to younger demographics.
“There’s a perception racing is for older punters,” said Wilson. “We’ve got to build a product that resonates with younger audiences — things like interactive form guides or bet-builder-style features. That’s how you connect with the next generation.”
He also points to the social side of racing as a strength: “People go racing with friends, they go for a good time. That communal betting experience — everyone backing the same horse — is part of the fun.”
International ambitions
Internationally, the product has broad ambitions.
“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,” said Wilson.
He added that flexibility is key. “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.”
While EveryMatrix has not disclosed the development costs, the question remains whether the company risks over-innovating in an area where public attitudes are evolving.
A key concern is animal welfare. While races such as the Grand National continue to attract criticism from animal rights groups, Wilson — who has owned horses himself — said the issue is taken seriously by everyone in racing.
“There is risk, of course,” he said. “But we want everything done for the animals that can be. I think flat racing will grow more over time — it carries less risk than jump racing.”
Looking ahead, both men have clear markers for success. “Migrating all our FSB partners to the new EveryMatrix platform is the next step,” said Colvin. “And we’d love to sell the product as a standalone offering.”
Wilson agreed. “For me, success would be seeing operators that didn’t take horse racing from EveryMatrix now taking it. And seeing it resonate with customers in different markets — that would be a real win.”