FSB has announced that Adam Smith will assume full-time charge of the organisation following a successful three-month interim period as CEO.
Smith, who took interim control in December 2022, has overseen FSB’s recent entry into the North American region via an enhanced relationship with long-term bookmaker partner Fitzdares in the regulated Canadian province of Ontario.
Smith was previously UK MD and group board member at Valcon, a Northern European technology and consultancy business focused on digital transformation and big data.
His experience also includes running a number of large scale, complex, multi-jurisdictional regulated market delivery programmes, as well as leading scale and transformation initiatives across the Telcom, Travel, Market Data, Manufacturing and IT sectors.
Confirmation of Smith’s permanent appointment comes as the global B2B sports betting supplier enters a fourth continent.
FSB’s core product strategy is now centred on the UK, Africa, Mainland Europe and Canada.
Smith said: “Taking full-time charge of FSB is a great thrill for me. What became clear during my three-month period as interim CEO was the opportunity that lies ahead for our organisation.
“The combination of our dynamic proprietary platform technology, alongside our driven, determined people and tier-one partnership portfolio gives us every reason to look forward with confidence.
“Having taken our first assured steps in North America last month, we are now well positioned to move forward boldly in 2023 with our core markets and products strategy,” he added.
Smith’s appointment as interim CEO followed a shift in strategy after a review that saw FSB de-prioritise operations in the US.
The supplier had previously obtained a Nevada licence in 2022 as part of a long-term strategic plan for the North American region.
Despite the switch in strategy, Smith said he was eager to work closely with private equity partner Clairvest to accelerate future growth at the company.
Mohit Kansal, MD at Clairvest, commented: “We are delighted that Adam has agreed to come onboard as full-time CEO effective immediately.
“Adam’s commitment and impact at FSB in a short few months with the support of the senior management team has been exemplary.”
Sports betting and gaming technology supplier FSB has a new interim CEO in Adam Smith.
Smith, who recently joined FSB as head of delivery, will take over from co-founder David McDowell, who was CEO for 15 years.
McDowell has stepped up to the company’s board and will continue to support the supplier’s new management team as they focus on key regional markets including the UK, Ireland, Europe, and Africa.
This shift in strategy follows a review that resulted in the decision to de-prioritise operations in the US market.
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,” he added.
Smith, a technology and telecommunications expert, has experience in running large scale and multi-jurisdictional regulated market delivery programmes and has previously led business scaling and transformation initiatives in the telco, manufacturing and IT services sectors.
FSB chief revenue officer Ian Freeman said 2022 had been a successful year for the company but that FSB’s primary goal was to ensure that the company’s resources are aligned to support the best market conditions and the revenue opportunities.
“Within this context, we’re now de-prioritising investment in the cost prohibitive US market in the short to medium term,” said Freeman.
Sharing his thoughts on the 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.”
B2B sports betting service supplier FSB has been awarded a manufacturers and information service provider licence from the Nevada Gaming Control Board (NGCB).
The licence was awarded following a unanimous recommendation from the regulator, FSB said, helping cement its strategy for expansion across North American markets.
The firm’s sports betting services will allow it to carefully curate the exact sports betting experience required for Nevada’s player base, it added.
“Receiving our licence in this crucial, critical jurisdiction clearly captures the momentum we’re experiencing as a business at this moment,” said Dave McDowell, CEO of FSB.
FSB chief revenue officer Ian Freeman: “This is a hugely satisfying moment for us all at FSB. Securing a licence in Nevada was a central pillar of our long-term strategic plan for the North American region.
“We aspire to be part of the long-term sports betting story in Nevada and look forward to embracing this market opportunity and, in the long term, aspiring to disrupt the North America region generally with our tier 1 tech stack. We are very thankful to the NGCB for their time and attention over this thorough, detailed process.”
Ian Freeman, chief revenue officer at FSB, added: “This is a hugely satisfying moment for us all at FSB. Securing a licence in Nevada was a central pillar of our long-term strategic plan for the North American region.
“This milestone moment represents a significant step forward towards realising our commercial goals and communicates a clear message that FSB is stepping into the No.1 global challenger brand slot in B2B sports betting. We now look forward, with confidence, to going live in this critical market with key segments of our client base.”
FSB can now add Nevada to the list of regions it covers. Currently, that includes regulated markets across Europe, Africa and North America.
In addition to its sportsbook services, the supplier offers casino, retail and PAM solutions to its operator partners.