Better Collective has become the majority stakeholder in Mindway AI after increasing its shares in the responsible gambling solution to 90%.
The affiliate exercised its option to acquire a further 70% of shares in Mindway AI for DKK17m ($2.8m) after purchasing an initial 20% for DKK4m in September 2019.
Mindway AI founder Kim Mouridsen holds the remaining 10% of shares in the company which develops and uses artificial intelligence and neuroscience to identify, prevent and intervene in problem gambling, by analysing player data.
Following the acquisition, Mindway AI CEO Rasmus Kjærgaard will continue in his position, while Mouridsen will stay on the board in his role as chief scientific officer. The company will operate separately within the Better Collective Group.
Better Collective CEO Jesper Søgaard said: “Responsible gambling remains a strategic focus area for Better Collective where we continue to increase our efforts. 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 online gaming ecosystem, as responsible gambling continues to be at the very top of the industry agenda and in society as a whole.”
Kjærgaard added: “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.”
In November, Better Collective posted a 7% year-on-year growth in Q3 revenue, up to €18.3m ($22.5m).