Bengtsson is currently CEO at William Hill, joining the operator in 2018 as chief digital officer and helping it through its £240m ($331m) acquisition of Mr Green.
Ulrik was previously the president and chairman of Betsson Group and has also been CEO of Viasat Broadcasting and the emerging markets pay-tv business a Modern Times Group.
Tobias Persson Rosenqvist, chairman of the nomination committee, said: “I wish to express my warmest thanks to Mr Lundberg for his hard work with regards to creating a well-balanced mix between entrepreneurial creativity and well-functioning governance and structure.
"I am with that said also very excited about Mr Bengtsson as the new suggested chairman of the board. With his profound knowledge, connections and experience from the global scene of igaming, combined with first-hand experience from large scale international transactions, he is perfect for the job to further accelerate our growth.”
Lundberg, the outgoing chairman of the Raketech board, added: “It is time for me to hand over to someone else who can take Raketech to the next level.
"I look very much forward to following the company from the sideline, watching the CEO Oskar Mühlbach and his management team together with the board of directors, deliver on Raketech’s ambitious growth and expansion goals.”
The nomination committee has also re-elected Fredrik Svederman, Annika Billberg, Johan Svensson, Erik Skarp, while adding Magnus Gottås to the team.