Real-time sportsbook platform provider FSB Technology (UK) Ltd. has announced the successful completion a £2.6 million funding round. The investment was led by Mark Blandford, the founder of Sportingbet and one of the gaming industry’s most respected investors.
FSB is co-founded by David McDowell and Sam Lawrence. McDowell was also co-founder of newly listed GameAccount Network, where Lawrence was CTO. This is the third funding round for the company since launching in 2008.
The new capital will allow the company to further invest in its cutting-edge sports-betting platform, as well as operate the platform as a managed service. A total of 15 investors, including Blandford, contributed varying amounts with adviser Committed Capital hired to manage the process. Other high profile FSB shareholders include Andrew Black, co-founder, Betfair; Richard Glynn, chief executive, Ladbrokes; and David O’Reilly, chairman of GameAccount Network.
The first customer for the new managed sports betting service is Genting Alderney that will promote the service in the UK under the GentingBet brand.
The new B2B service was designed to meet the needs of existing casino and poker operators and major media companies that want to offer sports betting products to their existing customer base. The company is also targeting mid-tier sports betting operators that are using legacy systems and are unable to keep pace with technology developments in live betting and mobile. The FSB service includes everything a company needs to launch a competitive sports betting service, including price and liability management, marketing campaign management, customer profiling and user interface development. FSB’s state-of-the-art, proprietary sports betting platform is licensed for remote gambling by the UK Gambling Commission.
David McDowell, co-founder and chief executive of FSB, said: “This funding round is a great endorsement of both our team and our vision. There are a lot of companies stuck trading on legacy platforms and we are seeing a huge demand for modern technology and turnkey solutions.”