EveryMatrix's appetite for M&A, although Barker stresses that acquisitions cannot be planned in the same way as organic market entry.
"You can't plan to buy something. You can go and kick the tyres and you can look. Te moment word gets out that you're desperate to buy something in Q2 2027, invariably you lose the value piece because the price goes up." Instead, EveryMatrix is pursuing both routes simultaneously: conventional business development alongside potential acquisitions capable of accelerating its entry into specific markets.
At the time of the interview, Barker says EveryMatrix was looking at around 12 potential transactions and was active with two or three. "In each of those instances where we're close, there's a geographic distribution advantage to that deal that also underpins the value proposition of the transaction."
MOVING UP THE RFP LIST
Te company's changing position can also be seen in the number of tier-one RFP processes it is entering. EveryMatrix has created a dedicated RFP team within Barker's commercial function, bringing in specialists to manage increasingly complex procurement processes from state lotteries and large listed operators.
Existing relationships with organisations including OPAP, the Hungarian state lottery, Norsk Tipping and Danske Spil are helping build that track record. "Once you have this reputation, some of this lands at your door," says Barker. While many of the questions contained within RFPs remain familiar, he has noticed one change: operators are increasingly interested in acquiring source code. "We're getting asked quite often: is there a source code acquisition? Do we have an option?"
EveryMatrix has responded by developing a model that can begin as a conventional B2B supplier relationship while providing an option to acquire the underlying source code. Tis potentially gives operators a route towards ownership of their technology and greater control over their roadmap, while still beginning with the support of an established supplier. USING AI TO PICK MARKETS
EveryMatrix has also changed how it decides which markets warrant investment. Barker's commercial function now includes a dedicated commercial operations team headed by Carmen Raicu. AI-assisted analysis is increasingly being used to accelerate work that previously required significantly more people and time.
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Te team can examine the size of a market, determine how much activity is onshore or offshore, split the opportunity between sportsbook and casino, identify operators and their technology providers, and estimate the amount of GGR that could realistically be addressable by EveryMatrix. "We can make a qualitative score on a single given market and say: that's interesting for us. We believe there's ‘X’ million of addressable GGR which we can service, and we believe we have the product that can service this market." Tis analysis then informs whether EveryMatrix enters at all and, if it does, how much it is prepared to invest.
New Zealand provides one example. EveryMatrix identified the regulatory changes taking place in the market, assessed where it saw product gaps and moved early, signing SkyCity ahead of the introduction of the new regime. Te same process is being applied to Finland, while Barker says the company is also monitoring potential developments in Austria. "Te playbook for market analysis and our appetite to invest is still the same. It's the value proposition to us - how much we're prepared to put in against what we believe we can get out."
IS THERE STILL A EUROPEAN PRODUCT?
As EveryMatrix expands, Barker rejects the idea that there is a single European product that can simply be transported elsewhere. "I don't believe there's a standard European product anymore," he says. Geography continues to shape betting preferences even within Europe, while globally recognised sports can cross those boundaries. Te Premier League, for example, remains an important betting product across African markets as well as Europe.
Rather than selling a fixed product, EveryMatrix therefore pitches the configurability of its technology. Its platform is live and licensed across 27 regulated jurisdictions, while its casino operation can adjust content and presentation for individual customers. Front-end technology and third-party integrations provide further differentiation.
"We pitch the flexibility of the platform. It's highly configurable and highly malleable." Barker believes that gives EveryMatrix the foundations it needs for Latin America without rebuilding its entire technology stack for every country. "We think we've proven this in Africa - there's work to do, but we've proven it - and we will prove this in Latin America. We can take the products we have and, with relatively minimal adjustments and effort, make a compelling consumer proposition for our operators."
Asia is the exception. Barker says the region is not currently on the immediate roadmap because the differences between EveryMatrix's existing products and what operators there require remain considerably greater. For now, the focus is on consolidating Europe,
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