BLS Capital Reduces Stake in Better Collective to 8.3% Voting Rights
Danish fund BLS Capital lowers its stake in Better Collective below the 10% threshold, after being the largest external shareholder; the firm reiterates 2026 forecasts and expects organic growth of 7–12%.
Key Takeaways
- BLS Capital has reduced its stake in Better Collective to 8.31%, falling below the 10% notification threshold.
- Better Collective maintains its annual forecast for organic growth between 7% and 12% for 2026.
- Better Collective's shares have dropped 12% over the past 12 months on the stock market.
- Jesper Søgaard, co-CEO, expressed concern over the tax environment after the increase in the gambling tax in the UK.
BLS Capital Fondsmæglerselskab, one of the main institutional shareholders of Better Collective, has reduced its stake to 8.31% of the voting rights. This decrease places it below the 10% notification threshold, marking a significant adjustment in the shareholding structure of the Danish affiliate listed in Stockholm and Copenhagen.
Reduction of BLS Capital's Stake in Better Collective
BLS Capital's stake arrives at this level after having increased its position just a year ago to 15.1% of the voting rights, equivalent to 9,531,811 rights. In March 2024, BLS Capital was solidified as the largest external shareholder of Better Collective after co-founders Jesper Søgaard and Christian Kirk Rasmussen, reaching 11.7% of the voting rights. Now, with the announced adjustment, BLS drops to 8.31%.
Other major institutional and corporate shareholders of Better Collective, besides BLS, include Lind Invest ApS (approximately 6.6%), Triton/Bolero Holdings Sàrl (around 5.3%), and Andra AP-fonden (approximately 3.9%). Co-founders Søgaard and Rasmussen each own about 18% since its founding in 2004 in Copenhagen. BLS Capital's global portfolio includes stakes in companies such as Budweiser, Mastercard, ADP, and Experian.
Financial Results and Predictions of Better Collective for 2026
In the second-quarter report published last week, Better Collective reported a year-on-year revenue growth of 9%, reaching €89.1 million. EBITDA before special items increased by 20%, reaching €27 million. Management, led by Jesper Søgaard and Christian Kirk Rasmussen, has maintained its previously indicated annual guidance for 2026 unchanged: projected organic growth for the group will fluctuate between 7% and 12% year-on-year, while adjusted EBITDA will increase between 8% and 18%.
Shares of Better Collective, listed on the Stockholm and Copenhagen stock exchanges, have declined by about 12% in the last 12 months, but the company has sustained its positioning among the top affiliates, as reflected in its leadership in the current EGR Power Affiliates edition. Its key assets include Playmaker HQ, Action Network, HLTV, and VegasInsider.
BLS Capital and Other Movements in Shareholding
BLS Capital's reduction in stake is a response to a strategic realignment, just after the firm briefly positioned itself as the most prominent external shareholder. Better Collective's shareholding structure shows a strong presence of founders and a diversified institutional base, including Lind Invest ApS and Swiss holding Triton/Bolero Sàrl.
BLS Capital, based in Denmark, is known for its international portfolio, with business interests in diverse sectors such as consumer goods, financial services, and technology, represented by Budweiser, Mastercard, ADP, and Experian. No additional details have been revealed regarding the reason for the partial sale of voting rights or the financial terms of the transaction.
Leadership Statements and Evolution of Dreamcraft Ventures
Jesper Søgaard, co-CEO of Better Collective, expressed satisfaction with the quarterly performance but showed concern for the sector following the increase in the remote gambling tax in the UK, which rose from 21% to 40% in April. "I am satisfied with the quarterly performance, but sad for the UK sector after the tax hike," Søgaard stated before EGR.
In parallel, the venture capital firm Dreamcraft Ventures, founded by Søgaard and Rasmussen in 2012, recently welcomed Nikolaj Nyholm as a general partner. Moonbug Entertainment, co-founded and led by Rene Rechtman, will also participate in this new strategic stage of Dreamcraft. Nyholm emphasized on LinkedIn:
"Specialization is not only our thesis; it’s how we create real advantages for the founders we support."
Dreamcraft focuses on supporting emerging ventures and extends its activities from London to Copenhagen.
Industry Outlook for Affiliates and Institutional Shareholders
The latest figures and movements in Better Collective confirm the firm’s consolidation as a key player in the sports betting and online gaming affiliate segment. Forecasts for organic growth and EBITDA maintain institutional shareholders’ interest, despite the recent drop in stock prices and adjustments in shareholding. Specialists anticipate renewed attention on key metrics and the ability to adapt to regulatory changes in markets like the UK.
In this context, both the affiliate sector and asset managers are analyzing moves such as BLS Capital's to anticipate trends in the corporate structure of listed companies in the main European markets.
Frequently Asked Questions
What is the new stake of BLS Capital in Better Collective?
BLS Capital now holds 8.31% of the voting rights in Better Collective, down from 11.7% that it maintained in March 2024 and a historical high of 15.1% a year ago.
Who are the main shareholders of Better Collective currently?
Co-founders Jesper Søgaard and Christian Kirk Rasmussen own around 18% each, followed by institutional investors such as Lind Invest ApS, Triton/Bolero Holdings Sàrl, Andra AP-fonden, and BLS Capital.
What financial results did Better Collective report for the last quarter?
Better Collective reported a year-on-year revenue growth of 9%, reaching €89.1 million, and an EBITDA before special items that increased by 20% to €27 million.
What impact has the new tax policy in the UK had according to Better Collective's management?
Jesper Søgaard indicated that he feels "sad" for the UK sector, following the increase of the remote gambling tax from 21% to 40% in April, impacting local operational profitability.
What other companies are part of BLS Capital's portfolio?
BLS Capital holds global investments in companies like Budweiser, Mastercard, ADP, and Experian, demonstrating a diversified strategy outside the iGaming segment.
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About the author
Gonzalo Marín
Industry Deals Correspondent
Gonzalo Marín covers the corporate deal flow of gambling — operator strategy, M&A, regulated-market entries, and product launches. The reports open with the transaction, cite companies, valuations, and jurisdictions exactly as released, and keep the announcement apart from its actual effect. When a Latin American operator raises capital or a European brand lands in the region, Gonzalo Marín reports who signs, for how much, and on what terms.
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