The business now advertises itself as a B2B only technology services provider, with an end-to-end software supplier operating model. JenningsBet, the UK bookmaker, became the final client to exit FSB’s licensed white label business.
FSB had triggered a three-year plan to evolve its business after securing a multi-million growth investment from private equity group Clairvest in 2019.
Dave McDowell, chief executive officer at FSB, said that “over the last couple of years we’ve collaborated closely with our white label partners while they secured independent banking facilities, successfully obtained their own remote operating licences and ultimately transitioned to assume their own regulatory responsibilities.”
“Our platform technology products, headlined by our award-winning omnichannel sportsbook, have been the bedrock for our growth over the last 18 months and we now look forward to expanding these trusted services further across regulated markets in multiple global regions in the months and years ahead.”
The FSB white label arm had previously faced regulatory difficulties in Great Britain. The GB Gambling Commission had in 2019 reviewed FSB technology’s licence – finding problems with businesses operating white label sites under FSB’s licence including issues with anti-money laundering processes, marketing and social responsibility failings.
The business eventually agreed a £634,300 settlement with the regulator.
Original article: https://igamingbusiness.com/unwinding-white-label-business/
