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FSB names Adam Smith as interim CEO

16th December 2022 9:39 am GMT
FSB

Sports betting and gaming technology supplier FSB has named Adam Smith as interim CEO to replace David McDowell, who steps up to the company’s board.

Smith recently joined FSB as head of delivery and will lead the company in place of co-founder McDowell, who has served as CEO for fifteen years and will support the supplier’s new management team during the next phase of FSB’s growth.

Following a strategic review, FSB confirmed that it will de-prioritise its operations in the United States and concentrate on core regional markets such as the United Kingdom and Ireland, as well as Africa.

In March, FSB received regulatory approval in Ontario, Canada and that market remains a committed focus for the company, with two significant launches lined up for Q1 2023.

“Leading FSB into 2023 is a great honour for me,” said Smith. “The strength of our world class technology and the talent of our people means there is a huge opportunity ahead for the organisation. I look forward to working closely with this driven, determined leadership team who I have no doubt will secure us further success in our core markets.

“Our end of year strategic review has allowed us to further sharpen our laser focus when it comes to delivering for existing and new partners across our core markets in 2023 and we continue to work closely with our private equity partners Clairvest and share with them a huge sense of positivity for the year ahead.”

FSB chief revenue officer Ian Freeman said: “2022 has been a successful year for FSB across our core markets with new partnerships forged and existing customers enjoying strong growth and new market expansion.

“We feel privileged to work with exceptional operational teams within our customer base, and our primary goal is to ensure that FSB resources are aligned to support the best market conditions and the revenue opportunities for them. Within this context, we’re now de-prioritising investment in the cost prohibitive US market in the short to medium term.”

Commenting on his move to the company’s board, McDowell said: “As a co-founder, I will always have a place in my heart for FSB and I am extremely proud of what we have achieved together. Starting with an initial vision that live data could be used to revolutionise sports betting software, we have gone on to build a global B2B business that has pioneered the SaaS business model for sports betting services - attracting Tier 1 customers, and now managing clients and operations across five continents.

“We have built a business with double digit revenue growth, which handles multiple billions in turnover for our customers annually. I am very much looking forward to supporting the new team from my board position.”

FSB chairman Michael Wagman added: “David has been instrumental in building what we believe to be the strongest sports betting and iGaming platform in the industry. There are few people that have his deep sector knowledge across sports betting, platform and iGaming products and we look forward to continuing our strategic collaboration as David joins the board of directors.”

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