Gambling PLCs Back Nordic Compass Plan for Unified Scandinavian Exchange
Better Collective and Betsson have expressed support for the Nordic Compass initiative, a new alliance exploring a unified stock exchange for Sweden, Finland, Denmark, and Norway to counter capital flight from European markets.
- A cross-industry alliance named Nordic Compass has been formed to explore a unified capital market for four Nordic nations.
- The initiative is a response to a reported $650bn capital migration from Eurozone exchanges and high-profile delistings by firms including Flutter Entertainment.
- Gambling companies Better Collective and Betsson have signalled their support, viewing it as a way to improve the region's market profile and competitiveness.
A new cross-industry alliance, Nordic Compass, is exploring the creation of a unified stock exchange for enterprises in Sweden, Finland, Denmark, and Norway. The initiative, established in spring 2026, has received expressions of support from iGaming public limited companies Better Collective and Betsson, which see it as a chance to bolster the region's competitiveness.
The proposal arrives as European Union member states address shared economic and security challenges ahead of settling the 2028-to-2034 budget cycle. This settlement is considered the most significant point for the bloc’s economic alignment since the Euro's 2002 introduction, with the Eurozone requiring a budget of at least €2trn to fund priorities such as defence, energy security, tech innovation, and workforce re-skilling.
Countering Capital Migration
A key driver for the initiative is the significant migration of capital and businesses away from European markets. Over the past decade, 130 European companies have relocated to the United States. Figures from HSBC Global, adjusted for inflation, account for a $650bn shift in capital out of Eurozone exchanges.
This trend has been visible in the gambling sector, with Flutter Entertainment moving its primary listing from London to New York in 2024 before delisting from the UK market entirely this year. Other major firms have made similar moves, including ARM Holdings swapping London for the New York Nasdaq in 2016 and WISE planning a similar switch in 2025.
A Pan-Nordic Alliance
Nordic Compass is chaired by the former Prime Minister of Finland, Jyrki Katainen. The alliance includes prominent regional organisations such as Wallenberg Investments, EQT, Nordea, SEB, Nasdaq Nordic, and the Novo Nordisk Foundation. Its work focuses on capital markets, advanced technology development, defence, and energy.
The group is scheduled to present its first initiatives at the Nordic Compass Summit, which will take place in Gothenburg on 4–5 November. According to figures cited by Nordea Bank, a unified Nordic exchange could consolidate a significant investor base, as the region’s Scandinavian pension and sovereign wealth funds collectively manage assets estimated to be worth almost $4 trillion.
For a company like Better Collective, which was founded in Copenhagen in 2004 and is currently listed on both the Copenhagen and Stockholm exchanges, a unified market could present new opportunities. The company is led by Chief Executive Officer Jesper Søgaard. The support from Better Collective and Betsson indicates the proposal is viewed as a chance to enhance the market profile of Nordic businesses within the global gambling industry.
