The sports betting industry in the Nordics has flourished with the surge of digital platforms, making betting accessible to millions. Major players range from international sportsbooks to local providers, each offering an array of services such as live betting, esports wagering, and innovative gaming solutions. Regulatory frameworks in countries like Sweden and Denmark ensure a safe and fair environment for punters, reflecting a growing commitment to responsible gaming. Recent trends indicate increasing investments in technology and mobile gaming, boosting market efficiency and fan engagement. As the industry evolves, collaborations and mergers are likely to shape its future dynamic.


The list of investors features a mix of corporate entities, venture capital firms, and private equity groups, prominently located in Stockholm, Copenhagen, and Helsinki. Founded between 1963 and 2019, these investors range in size from small family-owned firms to large corporate giants with thousands of employees. In 2024 alone, these investors collectively made over 70 significant investments, reflecting their active presence in the sports betting arena and a strong potential for growth in this sector.


Top 12 Sports Betting Investors in the Nordics


1. Better Collective


Better Collective is a corporate investor based in Copenhagen, Denmark, founded in 2001. The company operates as a digital media entity specializing in sports and esports content, engaging sports fans and bettors through various content formats. Better Collective focuses on performance-based marketing and community building, providing valuable insights and resources for navigating the sports betting landscape. The company has made significant acquisitions in the sports betting sector, including VegasInsider, The Action Network for $240 million, Canada Sports Betting for up to 21.4 million EUR, RotoGrinders for approximately $36.9 million, and PariuriX, a Romanian betting website. These transactions highlight Better Collective's commitment to expanding its influence and portfolio within the sports betting industry.


2. Betsson AB (publ)

  • Website: betssonab.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1963
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: betssonab

Betsson AB (publ) is a corporate investor based in Stockholm, Sweden, founded in 1963. The company operates as an online gaming provider, offering a diverse range of gaming services, including sports betting and casino games. Betsson is licensed in multiple jurisdictions, ensuring a regulated environment for its users. Over the years, Betsson has made significant acquisitions to strengthen its position in the sports betting market. Notable transactions include the acquisition of Betsafe in 2011 for €32.5 million, which bolstered its presence in the Nordic gaming market. In 2016, Betsson acquired RaceBets, a horse betting operator, for up to €40 million, enhancing its offerings in the horse racing sector. Additionally, the acquisition of NordicBet in 2012 for approximately €65 million further expanded its market reach. In 2016, Betsson also acquired TonyBet, strengthening its presence in the Baltic region. Most recently, in 2022, Betsson acquired a majority stake in a B2B sportsbook business, indicating its ongoing commitment to the sports betting industry.


3. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in various investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the sports betting context, including a venture round investment in Sportradar, a leading provider of sports data and betting solutions, in both 2012 and 2014. Additionally, EQT's investment in Sportfive, a sports marketing agency, highlights their engagement in the sports industry, which often overlaps with sports betting activities. These transactions demonstrate EQT's strategic interest in sectors that are closely related to sports betting, making them a relevant investor in this space.


4. Heartcore Capital

  • Website: heartcore.com
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: heartcorecapital

Heartcore Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investing in early-stage technology companies and focuses on building long-term relationships with entrepreneurs. Heartcore has been active in various sectors, including the esports industry, where it has made notable investments. For instance, Heartcore participated in a financing round for BLAST Premier, a Danish esports entertainment startup, and has also invested in RFRSH Entertainment, which manages esports teams and develops media content. These transactions highlight Heartcore's engagement in the gaming sector, which is closely related to sports betting, making them a noteworthy player in the broader gaming landscape.


5. Everysport Group


Everysport Group AB, founded in 2007 and based in Stockholm, Sweden, is a corporate investor in the sports media sector. The company specializes in providing sports data and gaming information, catering to both sports enthusiasts and businesses within the sports industry. Everysport Group has made several strategic acquisitions to bolster its position in the market, including the acquisition of Daytime Media House for $4,250,000 in June 2016, and Guldfemman AB in May 2016, both of which enhance their capabilities in delivering reliable sports data and media content. These transactions reflect their commitment to expanding their influence in the sports information sector, which is integral to the sports betting landscape.


6. Mtg

  • Website: mtg.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1987
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: mtg

Modern Times Group (MTG) is a gaming and entertainment company based in Stockholm, Sweden, founded in 1987. The company operates a portfolio of gaming studios, developing and publishing a wide range of mobile and browser games. MTG focuses on providing engaging gaming experiences to consumers worldwide, leveraging its expertise in user engagement and innovation. Notably, MTG has made significant investments in the eSports sector, acquiring DreamHack, an eSports firm and event organizer, for SEK 244 million ($28 million) in 2015, and ESL - Turtle Entertainment for $86 million in the same year. These acquisitions enhance MTG's presence in the eSports market, which is closely linked to sports betting. Additionally, MTG has supported emerging gaming companies like Tonk Tonk Games, indicating a broader interest in the gaming ecosystem that includes potential sports betting applications.


7. Stillfront

  • Website: stillfront.com
  • Type: Corporate
  • Headquarters: Ödeshög, Östergötland, Sweden
  • Founded year: 2010
  • Headcount: 1001-5000
  • LinkedIn: stillfront

Stillfront Group is a gaming company based in Ödeshög, Sweden, founded in 2010. The company develops and publishes a diverse range of digital games, engaging nearly 50 million players monthly. Stillfront focuses on creating immersive gaming experiences across various genres, including strategy and simulation. Notably, Stillfront has made strategic acquisitions to enhance its portfolio in the sports gaming sector. In 2012, they acquired Power Challenge, a studio specializing in online social sports games, which bolstered their presence in the sports gaming market. Additionally, in 2017, Stillfront acquired a 51% stake in OnlineFussballManager, a German sports management game, further indicating their interest in sports-related gaming. These transactions highlight Stillfront's commitment to expanding its offerings in the sports gaming domain, which is closely related to sports betting.


8. CapMan

  • Website: capman.com
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1989
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: capman

CapMan Oyj is an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. With a strong presence in the Nordic markets, CapMan leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan has made strategic investments in the sports sector, including the acquisition of MM Sports, a Swedish company focused on sports nutrition and equipment, which aligns with the growing interest in sports-related investments. Additionally, CapMan's involvement with Top League, although less defined, further indicates its engagement in the sports industry, potentially linking it to the sports betting market.


9. Dreamcraft Ventures

  • Website: dreamcraft.vc
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2019
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: bumbleventures

Dreamcraft Ventures is a Copenhagen-based venture capital firm founded in 2019, specializing in tech-driven companies across various sectors, including gaming, esports, and B2B SaaS. They provide not only capital but also hands-on support to help startups grow and succeed. Their investment strategy includes early-stage tech companies seeking both financial backing and strategic guidance. Notably, Dreamcraft Ventures has invested in GRID Esports, which raised €8.3 million to expand its data platform in the US, highlighting their engagement in the esports sector, which is closely linked to sports betting. Additionally, they have invested in Omnigame and Astralis, further showcasing their focus on gaming-related ventures.


10. Knutsson Holdings AB

  • Website: knutsson.se
  • Type: Corporate
  • Headquarters: Gothenburg, Västra Götaland, Sweden
  • Founded year: 1963
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: knutsson-holdings

Knutsson Holdings AB is a family-owned investment holding company based in Gothenburg, Sweden, founded in 1963. The firm invests in a diverse range of industries, including eGaming, healthcare, and real estate. It provides capital and strategic guidance to foster growth and innovation in its portfolio companies. Notably, Knutsson Holdings AB participated in a significant funding round for Strive Gaming, which is focused on sports betting, indicating their active involvement in the eGaming sector. Additionally, they have supported Resolution Games, which, while primarily focused on game development, reflects their broader interest in the gaming industry.


11. Otiva

  • Website: otiva.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2017
  • Headcount: 1-10
  • LinkedIn: otiva

Otiva Group is a venture capital firm based in Stockholm, Sweden, founded in 2017. The firm focuses on providing capital to a diverse range of companies across different sectors, facilitating financial support to enhance growth and development. Notably, Otiva was involved in the seed round investment for Leovegas on April 1, 2012, which raised an undisclosed amount. Leovegas is a prominent player in the online gaming and sports betting industry, highlighting Otiva's engagement in this sector. While Otiva's investment portfolio may span various industries, their connection to Leovegas positions them as a relevant investor in the sports betting landscape.


12. Nordic Capital

  • Website: nordiccapital.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1989
  • Headcount: 201-500
  • Number of deals in 2024: 10
  • LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, including healthcare and technology, and is known for partnering with management teams to drive growth and operational improvements in its portfolio companies. Nordic Capital has a strong focus on creating long-term value and sustainability in its investments. Notably, they have made significant investments in the sports sector, including the acquisition of Unisport, a football equipment retailer, which they acquired in 2015. This acquisition reflects their interest in the sports industry, as Unisport operates alongside Nordic Capital's other sports concern, Sportmaster. Additionally, they were involved in a venture round for Unisport in 2018, further indicating their commitment to the sports market. However, their primary focus remains on sectors outside of sports betting specifically.



Sports Betting Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Better CollectiveCopenhagen, Denmark1001-500020011
Betsson AB (publ)Stockholm, Stockholm, Sweden11-5019633
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Heartcore CapitalCopenhagen, Denmark11-50200717
Everysport GroupStockholm, Stockholm, Sweden51-20020070
MtgStockholm, Stockholm, Sweden11-5019871
StillfrontÖdeshög, Östergötland, Sweden1001-500020100
CapManHelsinki, Uusimaa, Finland51-20019894
Dreamcraft VenturesCopenhagen, Denmark11-5020195
Knutsson Holdings ABGothenburg, Västra Götaland, Sweden1-1019632
OtivaStockholm, Stockholm, Sweden1-1020170
Nordic CapitalStockholm, Stockholm, Sweden201-500198910


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