Better Collective (BETCO): Unlicensed Exposure on HLTV.org
Field tests confirm that HLTV.org, owned by Better Collective, promotes GG.bet—an unlicensed operator banned by Sweden’s regulator—while remaining accessible from Swedish IPs and accepting SEK deposits. This constitutes illegal marketing under the Swedish Gambling Act, exposing BETCO to compliance scrutiny and reputational damage.
GG.Bet on HLTV: Field testing confirms that HLTV.org, a Better Collective (BETCO) property, actively promotes GG.bet—an unlicensed betting operator banned by Sweden’s gambling regulator. The site remains fully accessible from Swedish IPs, accepts SEK deposits, and lists only a Curaçao license. This raises serious compliance, reputational, and governance concerns.
Illegal for affiliates: Under the Swedish Gambling Act (Spellag 2018:1138), it is illegal for operators or affiliates to offer or market gambling to Swedish consumers without a license. Players themselves are not liable—enforcement targets the operator and the publisher. Spelinspektionen has previously fined affiliates for similar cases. This incident exposes BETCO and HLTV.org to potential regulatory attention and reputational damage.
Responsible gaming leader/not: BETCO’s involvement—even indirectly—with banned operators undermines its image as a “responsible industry leader.” Combined with collapsing organic traffic, deteriorating regional exposure, and questionable capital allocation, the investment case continues to weaken.
Underperform: We reiterate our Underperform rating and maintain a target price of SEK 83, highlighting compliance governance as a newly emerging risk factor.