Mindway AI A/S, a Danish company that provides software solutions for the identification of at-risk gambling and problem gambling behaviour, received a DKK4m (approx. US$647k) investment from Nasdaq Stockholm (BETCO) listed Better Collective.
With the deal, Better Collective, a Copenhagen, Denmark-based developer of digital platforms for bookmaker information, tipster communities, and betting tips, acquired a 19,99% stake in the company. Under certain performance-based conditions, the company will also acquire the remaining shares at a price of DKK20m (approx. US$2.94m).
Furthermore, Better Collective has provided a loan of 4m DKK (approx. US$535m) to the company.
Led by Svend Aage Kirk, CEO, Mindway AI creates and provides software solutions to identify at-risk gambling and problem gambling behaviour among online bettors, based on neuroscience and artificial intelligence.
A university spin-off from the Institute for clinical medicine at Aarhus University, the company currently works with betting operators, platform providers, regulators, and governments to provide early detection and intervention solutions for safer gambling.
Mindway AI is now entering the commercial stage, and the first solutions are already installed and in operation with customers.
Led by Jesper Søgaard, CEO, Better Collective is a developer of digital platforms for betting tips, bookmaker information and iGaming communities which owns a portfolio of more than 2,000+ websites and products, including Lucky Street, which is built around teaching users how to get the most value when playing the best online casino games through utilizing different bonuses and promotions, bettingexpert.com, a social network of sports betting tipsters, and SmartBets, an iGaming industry’s customizable odds comparison site, among others.
Following the same strategy, in September 2019, the company has also entered into a strategic commercial partnership with The Daily Telegraph to deliver its technology and commercial content for sports betting and casino across non-editorial products including iGaming to educate and empower the UK audience of online bettors and help them navigate in the market.
Earlier in the month, the company acquired the shares of the company owning and operating the site mybettingsites.co.uk for up to GBP£2.2m (€2.4m) to expand its presence in the UK, which remains one of the key strategic markets in the industry.
Following the deal, Mindway AI will operate as a stand-alone business within the Better Collective Group as its solutions are not directly related to its core business. Better Collective will join Mindway AI’s Board of Directors.