BLS Capital Lowers Better Collective Voting Stake to 8.3% Amid Shareholder Shift

BLS Capital Fondsmæglerselskab, a core investor in Better Collective, has reduced its voting stake in the group to 8.31%, moving below the 10% disclosure threshold. The shift comes as BLS Capital adjusts its investment portfolio, a year after previously holding 15.1% of the affiliate’s voting rights. This realignment reorders Better Collective’s shareholder structure and reflects the company’s ongoing institutional engagement, especially following recent performance milestones.

BLS Capital's Shareholding Trajectory in Better Collective

BLS Capital, a Danish asset management company, revised its voting stake in Better Collective from a previous 15.1% (9,531,811 votes) to 8.31%. In March 2024, BLS Capital was identified as the leading external shareholder in the company—outside of the co-founders—controlling 11.7% of total voting rights at that time. The latest reduction in voting stake places BLS Capital below the 10% reporting threshold, which requires public notification according to applicable market rules.

The asset manager’s global portfolio includes major listed companies like Budweiser, Mastercard, ADP, and Experian, indicating a diversified approach extending well beyond the iGaming sector. BLS Capital’s movements are closely watched, especially after it became a reference shareholder following the co-founders, Jesper Søgaard and Christian Kirk Rasmussen, who each maintain large personal positions.

Overview of Better Collective’s Shareholding Structure

Better Collective, headquartered in Copenhagen and dual-listed in Stockholm and Copenhagen, has a fragmented but concentrated shareholder base:

• BLS Capital Fondsmæglerselskab: 8.3% of voting rights post-reduction
• Lind Ivest ApS: approximately 6.6% of share capital and voting rights
• Triton/Bolero Holdings Sàrl: roughly a 5.3% position
• Andra AP-fonden: about 3.9% of share capital
• Jesper Søgaard: around 18% ownership
• Christian Kirk Rasmussen: around 18% ownership

Søgaard and Rasmussen jointly founded Better Collective in 2004 and continue to exert significant control through their combined stakes.

Recent Performance and Guidance from Better Collective

Better Collective’s Q2 2026 financial results showed solid growth, with revenue up 9% year-on-year to €89.1 million. EBITDA before special items rose by 20% to reach €27 million. According to co-CEO Jesper Søgaard, management intends to maintain full-year 2026 guidance, anticipating organic growth between 7% and 12% and an EBITDA increase in the range of 8% to 18%. The firm’s shares have decreased by about 12% over the past year despite its operational advances.

“I’m pleased with the quarterly performance, but sad on behalf of the UK industry following the rise in remote gaming duty from 21% to 40%,” — Jesper Søgaard, co-CEO, in comments to EGR

Recent recognition has strengthened Better Collective’s industry standing, as it once again claimed the top position in the EGR Power Affiliates ranking for 2026. Core assets within its portfolio include Playmaker HQ, Action Network, HLTV, and VegasInsider, all influential properties in the sports media and affiliate segments.

BLS Capital Move and Better Collective Shareholder Dynamics

The reduction of BLS Capital’s stake forms part of a wider reshuffling in the shareholder landscape. The combined ownership of Søgaard and Rasmussen keeps the founders in primary control, with institutional players like Lind Ivest ApS and Triton/Bolero Holdings Sàrl holding sizable but clearly secondary positions. Institutional interest in the affiliate’s prospects remains strong, but volatility is evident in share performance, and investor rebalancing such as BLS Capital’s reflects shifting priorities partly in response to regulatory and market changes.

Dreamcraft Ventures Updates and Co-Founders' Broader Ventures

This week brought additional developments connected to Better Collective's founders. Søgaard and Rasmussen’s investment vehicle, Dreamcraft Ventures—established in 2012—welcomed tech entrepreneur Nikolaj Nyholm as a general partner, alongside Moonbug Entertainment CEO Rene Rechtman. Announcing his appointment, Nyholm stated:

“Specialisation isn’t just a thesis for us; it’s how we deliver actual unfair advantages to the founders we back.” — Nikolaj Nyholm, general partner, Dreamcraft Ventures

Dreamcraft continues to focus on early-stage technology investments, extending the co-founders’ impact beyond the core affiliate operations in Copenhagen and London.

Regulatory and Market Forces Impacting Better Collective

Co-CEO Søgaard pointed to the increased UK remote gaming duty as a pressure factor, following its jump from 21% to 40% in April. The company’s diversified operations and broad portfolio aim to buffer such regulatory headwinds, but management maintains a cautious outlook as financial and legal environments remain unsettled. Full-year guidance for 2026 remains unchanged, indicating confidence in topline and EBITDA growth despite regulatory uncertainties.

Outlook for Better Collective and Institutional Shareholders

While BLS Capital’s reduced stake represents a significant change in voting control among external shareholders, Better Collective’s principal founders remain firmly in charge. The shareholder structure continues to balance founder ownership with notable institutional and corporate investors. As the firm holds on to its leading position in affiliate rankings and delivers steady financial results, the evolving dynamics among core shareholders will remain central to future governance and strategy.