Prominent Nordic gaming PLCs see the potential launch of a pan-Scandinavian stock exchange as a huge opportunity to take their businesses and markets profile “to the next level”… leadership have exclusively told SBC News.
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As of 2026, European Union member states share a common understanding on the challenges facing the economic bloc and its global standing, security and influence.
Attention now turns to Dublin, as EU nations move to settle the terms of the 2028-to-2034” budget cycle.
The Eurozone requires a minimum guarantee of a €2trn budget to prioritise spending on defence, energy security, tech innovation and the generational re-skilling of the European workforce
The settlement of the Budget 2028 is deemed as the most important turning point in the bloc’s economic alignment since the €uro entered circulation in 2002.
Yet irrespective of the EU changing its economic vision, for business the blocs principal conundrum remains how to reinvigorate competitiveness and productivity that has been stagnant in a decade of unforeseen challenges.
The above condition has thwarted European economists, as to why Eurozone businesses have lagged in value and lost competitiveness to US, China and Asian markets.
Euro flight
Europe knows its competitiveness challenge extends beyond investment on public projects. A critical area of concern is the current state of capital markets, and whether a landscape individual stock exchanges can direct private investment towards businesses to expand and compete on a global spectrum.
Reality has hit the EU hard as all core metrics of European indexes have been outperformed by US counterparts.
In the past 10-years, 130 Euro businesses have moved stateside. HSBC Global has accounted for a $650bn (figure accounting for inflation) migration out of Eurozone exchanges.
This migration has included major gambling companies. While not a Nordic firm, Flutter Entertainment is arguably the biggest example, ditching its primary listing in London for New York in 2024 and delisting from the former entirely this year.
Whilst in former cycles the EU favoured the sovereignty of member states markets, it now looks to economic cohesion to solve its issue of PLC migrations to maintain business found in member states.
Outside gambling, other major blows to the LSE included multi-billion pound software firm ARM Holdings swapping London for the New York Nasdaq, ending its tenure in the UK capital in 2016, and WISE swapping its primary listing in London for the New York Nasdaq in 2025.
Can Compass stem the tide?
Enter Nordic Compass, a cross-industry alliance exploring the launch of a unified capital market for Nordic enterprises, which aims to establish a “unified stock exchange” for Sweden, Finland, Denmark and Norway – a first of a kind initiative for European business.
Established in spring 2026, Nordic Compass brings together leading Nordic businesses, investors and foundations to strengthen the region’s competitiveness through closer economic cooperation.
Chaired by former Finnish Prime Minister Jyrki Katainen, the alliance includes Wallenberg Investments, EQT, Nordea, SEB, Nasdaq Nordic and the Novo Nordisk Foundation. Its work spans capital markets, advanced technology development, defence and energy.
The alliance will present its first initiatives at the Nordic Compass Summit in Gothenburg on 4–5 November, bringing business leaders together with ministers and European representatives to discuss proposals and the steps required to advance them.
For capital markets, the ambition is to overcome national barriers that restrict investment flows and make it harder for Nordic businesses to secure funding as they grow.
Among the options being explored is a unified stock exchange for the Scandinavian quartet, combined with a greater harmonisation of rules related to stock exchanges, investment options and public offerings.
The investment base is substantial. According to figures cited by Nordea Bank, Nordic Compass could encompass “a Scandinavian pension base of investors and sovereign wealth funds managing almost $4 trillion in assets”.
Yet most importantly, the project aims to find a much needed alternative to the current status of exchanges and answer political anxieties as to why innovative businesses such as Klarna and Spotify chose US markets over home options.
Nordic muscle
The intended prize is a deeper, more liquid regional market, capable of attracting international investors and persuading more Nordic home-grown firms to pursue listings closer to home.
Speaking to SBC News, Better Collective A/S Chief Executive Officer, Jesper Søgaard, outlined the opportunities for the Copenhagen-founded iGaming media business, which is listed on both the Copenhagen and Stockholm exchanges.
“We are following the developments around a unified Nordic exchange closely and are broadly supportive of initiatives that strengthen the region’s capital markets.”
Founded in Copenhagen in 2004, Better Collective has long established its media network to operate in all geographies, building a company that long-surpassed its status as a Nordic venture in its commercial revenues, operations and profile.
“For a global business like Better Collective, which is built on strong Nordic foundations, we see some interesting perspectives and benefits in merging into a single regional market.
“As a dual-listed company across two Nordic exchanges in Copenhagen and Stockholm, we already experience some of these advantages firsthand, but a single regional market would take that integration to the next level.”
For a PLC such as Better Collective, søgaard views the need for international visibility and specialist analyst coverage as a fundamental discipline. A common exchange could offer greater specialisation for many igaming PLCS founded in
“By joining forces, the Nordics would achieve greater international visibility and attract broader analyst coverage from industry experts, which is essential for gaming and media companies when competing against the pricing and scale offered by US markets.”
Søgaard also suggested that simpler, harmonised market conditions could encourage more listings beyond Sweden, whilst maintaining that Nordic roots could be preserved within a more internationally competitive financial structure, of which is currently on offer by Euro exchanges.
“While a business’s origins will always remain an important part of its DNA, operating in a highly competitive, globaliSed market requires financial structures that can match international standards.”
Eyeing developments closely, Betsson’s leadership expressed to SBC support for the broader direction of reform, yet will reserve judgement on the structure of any proposed consolidation.
“We view initiatives aimed at strengthening the Nordic capital markets positively. Greater integration, deeper liquidity and easier access for international investors could further enhance the attractiveness and competitiveness of the Nordic region as a home for listed companies.
“At the same time, the discussions remain at an exploratory stage, so it would be premature to comment on the implications of any specific structure before a more detailed proposal has been presented.”
Gothenburg calling…
November represents a milestone for developing these proposals rather than a confirmed merger announcement. Any consolidation would require agreement between the existing exchange operators, including Nasdaq and the Oslo Børs owner Euronext.
As such, Nordic Compass could simply amount to another industry alliance working to overcome Europe’s fragmented capital markets. Yet equally, it could be the founding of a new economic direction and cohesion for a continent under pressure to restore its competitiveness.
Mirroring Dublin, attention should be paid to proceedings in Gothenburg as the bloc cannot account for another period of PLC flight to foreign exchanges, ending a turbulent 2030s in a dreaded state of stagnation.