German online betting operator MyBet is selling off part of its customer facing operations to a mystery ‘strategic investor’ as the company makes a decision to concentrate on retail focus.
On Friday MyBet Holding SE announced that it had signed a non-exclusive term sheet for the sale of its Mybet.com B2C online gambling operations but they did not name the investor, or sale price, stating only that the sum is “supposed to be in the high single-digit million range.”
The deal will mean that the mystery buyer will acquire 100% of certain MyBet group companies and these are the Personal Exchange International Ltd and PNO Casino Ltd, plus full and exclusive online rights to the MyBet brand.
It’s thought the sale has come about due to struggles MyBet has faced in recent years, much of which is due to the delayed launch of its new digital platform, which didn’t appear until March this year. Then in April, MyBet announced that it had launched a live casino, to be powered by Net-Ent after the forced closure of the Novomatic live casino MyBet originally used. Now the company has decided to exit the German-facing casino market, selling the brand to this unknown investor.
Although the new buyer will have exclusive online rights to the Mybet brand, under the terms of the deal Mybet will retain the right to use the name “to an extent necessary for the continuation of its remaining business segments B2B services as well as for the operation of the stationary betting shops.” and it’s here that Mybet will be focusing its efforts going forward with an expansion of its retail operations.