Regulatory release 29/2019
Better Collective has acquired 19,99% of the shares in Mindway AI, who specialises in innovative and advanced software solutions for the identification of at-risk gambling and problem gambling behaviour. The investment aligns Better Collective's vision to empower iGamers and help establishing an entertaining and safe betting environment.
The world's leading developer of digital platforms for bookmaker information, tipster communities, and betting tips, Better Collective, has acquired 19,99% of the Danish software company, Mindway AI A/S, for a total price of 4 million DKK. Better Collective will under certain performance-based conditions acquire the remaining shares at a price of 20 million DKK. Furthermore, Better Collective has provided a loan of 4 million DKK to the company.
Provider of early detection and intervention solutions for safer gambling
Mindway AI is an award-winning company that specialises in software solutions that can identify at-risk gambling and problem gambling behaviour among online bettors. Mindway AI's technology platform is based on neuroscience and artificial intelligence, and the company works with betting operators, platform providers, regulators, and governments to supply state-of-the-art early detection and intervention solutions for safer gambling. The company is a university spin-off by scientists from the Institute for clinical medicine at Aarhus University, among others, Professor Kim Mouridsen who has been instrumental in designing the technological solutions. Mindway AI has been through a start-up phase, it is now entering the commercial phase, and the first products and solutions are already installed and in operation with customers.
With almost 20 years of experience in iGaming, Better Collective is strongly positioned to help push Mindway AI's technology to key stakeholders of the global betting industry. Joining forces with Mindway AI is well-aligned with Better Collective's vision to empower online sports bettors and balances its strong dedication towards social responsibility.
Mindway AI will operate as a stand-alone business within the Better Collective Group as the business and products are not directly related to the core business. Better Collective will be represented at the Board of Directors in Mindway AI.
The investment in Mindway AI will not have any effect on Better Collective's financial targets, and with the current minority interest, it will not be included in the Group Accounts other than the investment and loan itself.
Jesper Søgaard, CEO of Better Collective:
"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. 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, CEO of Mindway AI:
"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."
Contacts
CEO: Jesper Søgaard
Investor Relations: Christina Bastius Thomsen +45 2363 8844, investor@bettercollective.com
Press: Morten Kalum +45 23 49 10 09, mkalum@bettercollective.com
This information is such information as Better Collective A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 8:45 am CET on September 20, 2019.
About Better Collective
Better Collective'svision is to empower iGamers through transparency and technology - this is what has made them the world's leading developer of digital platforms for betting tips, bookmaker information and iGaming communities. Better Collective's portfolio includes more than 2,000+ websites and products, among other bettingexpert.com, the trusted home of tips from expert tipsters and in depth betting theory. Better Collective is headquartered in Copenhagen, Denmark, and listed on Nasdaq Stockholm (BETCO).
About Mindway AI:
Mindway AIis an award-winning software company that creates innovative and advanced tech solutions for the identification of at-risk gambling and problem gambling. Based on neuroscience and artificial intelligence, Mindway AI works with betting operators, platform providers, regulators and governments to supply state-of-the-art early detection and intervention solutions for safer gambling.
Attachment
- BC regulatory release no. 29_2019_Mindway investment_2019.09.20_ (https://ml-eu.globenewswire.com/Resource/Download/3fa3d9c4-d3df-48b2-bd72-afdc062b5070)
