Management board of Mybet Holding announced this past Tuesday that the company is preparing to file for insolvency, soon after the demise of talks with a key strategic investor...
...The agreement with the said unnamed investor was not reached after the signing of a non-exclusive term sheet last month. The company owes €4 million in sports betting.
Bleak Ending
Mybet's official statement says that the background for the insolvency proceedings is the "failure of discussions with potential investors." Another big contributing factor is the Frankfurt Tax Office’s refusal of application that was filed by Personal Exchange International, Mybet's company based in Malta, that was supposed to "suspend enforcement regarding outstanding betting taxes."
"Today, the discussions with a strategic investor reported… on July 13 regarding the possible sale of the online business of Mybet Holding was closed. These talks failed due to conditions set by the investors which could not be fulfilled,” reads the statement.
The Curtain Falls
After the talks with the investors have stalled, Mybet's share price has been in sharp decline. The talks were unsuccessful because of different opinions on the implementation of strategic and operational collaboration in the online sector.
The company's customers, however, will not feel the negative impact of this insolvency proceedings, due to the company's operations under MGA license requirements.
“While insolvency procedures are under way, existing customers should not be affected as Mybet operates under the Malta Gaming Authority license requirements which protect customers in numerous ways. The service continues to be available for customers until further notice. So currently there should be no effect.”
Things were going quite well last year, when Mybet did a complete revamp of their sports and casino offerings and Evolution Gaming helped them enrich their live table games collection.
Source:
"Mybet preparing to file for insolvency", sigma.com.mt, August 22, 2018.
coolsongss 5 years ago
I received the notification email about this closure. I had my account in MyBet, but didn't played with real money there. And from the news, it is good to know that a few strong authorities like MGA and UKGC, etc., have various measure to protect players' money.
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Mojo Jojo 5 years ago
Omg, what a shame, I really liked this casino, they had great offers and have a large sum of games. They have been around for quite some times and this I really did not expect. Something went wrong that is for sure, casinos should make money, not make a dive in debts. I've been a member of this casino for a couple of years...
Omg, what a shame, I really liked this casino, they had great offers and have a large sum of games. They have been around for quite some times and this I really did not expect. Something went wrong that is for sure, casinos should make money, not make a dive in debts. I've been a member of this casino for a couple of years now and never had any problems with anything.
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zuga 5 years ago
another one bites the dust :https://www.youtube.com/watch?v=rY0WxgSXdEE
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