Better Collective takes 20% stake in AI-powered RG firm
Copenhagen-based affiliate makes £470k investment in Mindway AI
Better Collective has agreed to acquire a 20% share in artificial intelligence company Mindway AI at a total cost of DKK4m (£471,000).
Under the terms of the deal, Better Collective can acquire the remaining 80% share in the business for DKK20m (£2.3m), providing certain performance targets are met.
In addition, Better Collective has provided a loan of an additional DKK4m to the company, which specialises in psychology-led technological solutions aimed at identifying problem gamblers and problem gambling behaviour.
Better Collective Jesper Søgaard, CEO of Better Collective said: “The great team at Mindway AI has impressed us with their deep and specialised knowledge in combining artificial intelligence with true neuroscience into what we believe is the most promising product offering for the management of problem gambling, which currently is on the top of the agenda in our industry.”
Mindway AI, which is a spin-off company created by scientists at the Institute for clinical medicine at Sweden’s Aarhus University, is the brainchild of Professor Kim Mouridsen.
After successfully completing its start-up phase, the company has launched several products including a self-assessment card game for gamblers and most recently the Gamechanger treatment solution, which targets impulsivity amongst gamblers.
Svend Aage Kirk, CEO of Mindway AI, added: “In Better Collective, we have found a strong partner that shares our core values and vision to create a transparent and safe online betting experience. Partnering with the leading sports betting affiliate in the World, we can scale our technology globally.
We see this as a win-win opportunity where both parties can enhance the protection for online bettors, while also strengthening our position in the market.”
This deal is the latest in a busy period of investments and acquisitions for Better Collective, including the firm‘s recent acquisition of two US-based betting brands for $20m.
Earlier this month, Better Collective acquired UK focused affiliate portfolio My Betting Sites, at a cost of £2.2m.
The company itself has also been taking on investment, including a €1m injection from the owners of Polish bookmaker STS.