Better Collective ups Mindway stake to 90%
Having acquired a 19.99% stake in the business in September 2019, which develops software based on artificial intelligence and neuroscience for identifying, preventing and intervening in at-risk and problem gambling, it now owns approximately 90% of the business.
The remaining 10% stake is held by Kim Mouridsen, Mindway’s founder and a professor at Denmark’s Aarhus University.
The investment, Better Collective explained, supports its ambition to ensure customers gamble safely.
“Responsible gambling remains a strategic focus area for Better Collective where we continue to increase our efforts,” chief executive Jesper Søgaard said. “We see Mindway AI’s technologies and software solutions as best-in-class and foresee the business will play an increasingly important role in the igaming ecosystem, as responsible gambling continues to be at the very top of the industry agenda and in society as a whole.
“It has been impressive to follow the strong development of the company over the last year since our initial investment and I am excited to further build on the promising collaboration we have established and to find new areas where our core competencies can be crossed and utilised for the benefit of the partners and players.”
Following the deal, Mindway CEO Rasmus Kjærgaard will continue in his position, having played a key role in commercialising the business over the past year, according to its new majority owner. This has seen its solutions such as GameScanner, Gamalyze and GameChanger deployed by major gaming businesses such as Entain (formerly GVC Holdings), Flutter Entertainment and Holland Casino.
He joined the business in December 2019 from IT business Signaturgruppen, where he served as vice president of sales. Mouridsen will also remain involved as chief scientific officer, with the business to operate as a stand-alone business within the wider Better Collective business.
“I am excited that Mindway AI now joins the Better Collective Group, an organisation that shares our purpose and values and has a genuine wish to create a safe and sustainable betting and gambling environment for players worldwide,” Kjærgaard said.
“With this investment, we now form closer ties to an organisation that has the industry network and muscles to further accelerate the development of our business,” he continued. “I look forward to continuing the strong growth journey Mindway AI has been on and to further expand our footprint globally.”