Half of the fee will be paid in cash at the closing of the deal, €6m will be paid in May 2019 in either cash or ordinary shares in Better Collective and the remaining €9m will be paid in 2020 pending certain agreed performance criteria.

Ribacka expects to generate more than €6m in 2018, with operating earnings (EBITA) of more than €5m.

Jesper Søgaard, CEO of Better Collective, said: "We are truly excited about expanding our position in the Swedish market ahead of the coming regulation. With a strong network of brands in the Swedish market, including speltips.se, Ribacka Group is a great fit for Better Collective."

Jesper Ribacka, Founder and CEO of Ribacka Group, said: "On behalf of myself and my co-founder of Ribacka Group, I am happy to announce our acquisition by Better Collective. Since 2012, we have worked very hard to build strong brands in the Swedish market and, most importantly, a strong team to help us become a success."