Better Collective snaps up stake in Mindway AI
Published 23rd September 2019
The deal sets out that Better Collective will have the option to buy the remaining shares in Mindway AI at a price of DKK20m, based on certain performance-based conditions. Better Collective has also provided a loan of DKK4m to Mindway AI.
Mindway AI will operate as a stand-alone business within the Better Collective Group. Better Collective will also be represented on the board of directors in Mindway AI.
Mindway AI specialises in software that can help to identify at-risk gambling and problem gambling behaviour among online bettors, providing a platform based on neuroscience and artificial intelligence to various betting operators, platform providers, regulators and governments.
“We take our social responsibility very seriously and see this innovative technology as a perfect way to help protect online sports bettors, while at the same time engaging in a business where we foresee a sound future growth and profitability,” Better Collective chief executive Jesper Søgaard 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.”
Svend Aage Kirk, chief executive 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.”