In this episode of the iGaming Leader Podcast, Leo sits down with veteran executive David McDowell, co-founder of FSB Technology and an early pioneer in the B2B platform space, to unpack the brutal reality of the 30-year entrepreneurial journey.

David shares the truth about leadership burnout (it's the weight of the decisions, not the hours), the biggest mistake CEOs make when scaling (waiting too long to remove a talented but toxic employee), and the devastating cost of losing your vision.

He offers a raw, cathartic reflection on the final chapters of FSB: being named Platform of the Year, only to have the momentum killed by a lack of capital investment demanded by a board focused on short-term liquidity. This is a crucial lesson in battling the "noise to the vision" and the indispensable wisdom only gained by staying in the game long enough to get the wins.

About David McDowell

David started his career as an engineer in Michigan and moved to London to do an MBA in 1993. He launched his first business, a two-sided marketplace using college students to teach adults how to use the internet, in 1995. He has since spent 25 years in the gambling industry.

He co-founded GameAccount (now GAN), an early skill games provider that pivoted to B2B casino games and platform provider before its IPO in 2013.
He co-founded and was CEO for 15 years of FSB Technology, a B2B sports betting platform that was sold to PE in 2019 and on to EveryMatrix in 2024.

He currently works as an independent consultant with various gambling-related businesses and serves as an Entrepreneur Mentor in Residence at London Business School.

Key Topics Discussed

00:00 - The entrepreneurial philosophy
04:00 - Building the first venture (SOS) in 1995
06:15 - Transitioning to CEO: becoming the external face of the organisation
07:45 - It often feels like everything that you do is a mistake
10:00 - Managing burnout: the importance of compartmentalising and health
16:30 - Careful who your investors are
19:20 - The fundraising Goldilocks problem: minimising dilution while maximising runway
24:30 - Why customer-led features are often an absolute waste of time
31:00 - Knowing in your gut someone is wrong for the organisation
37:00 - Communicating your vision clearly
39:00 - Isolation in leadership
47:00 - What would I do differently going back

Memorable Quotes

"The entrepreneurial journey is just staying in the game long enough so that you can get the wins."
"All of those are almost noise to the vision. You still have to kind of make sure that you're building your own vision..."
"My biggest mistake is waiting too long [to remove a cultural mismatch] because I thought we need... we can't afford the disruption right now."

Connect with David McDowell

LinkedIn: https://www.linkedin.com/in/david-mcdowell-547209?lipi=urn%3Ali%3Apage%3Ad_flagship3_profile_view_base_contact_details%3BomU134VSR%2B2eskLlRqTFHQ%3D%3D

Follow Leo Judkins & iGaming Leader

LinkedIn: https://www.linkedin.com/in/leo-judkins/
Newsletter: https://www.igamingleader.com/subscribe
Join the Mastermind: https://www.igamingleader.com/apply

The Entrepreneurial Journey: 30 Years of Leadership Lessons from David McDowell