Mybet in talks to sell online business for high seven-figure sum
Germany-facing operator would retain rights to B2B services and retail estate
Mybet has announced plans to sell its online business to an unnamed investor for a sum in the “high single-digit million range”.
The German-facing brand said Friday afternoon it had signed a “non-exclusive term sheet with a strategic investor” for the acquisition of the full and exclusive online rights to the “mybet” brand.
The execution of the transaction is subject to the conclusion of a binding contract and the fulfilment of additional conditions.
Mybet said it would still be able to use the mybet brand to run its remaining B2B contracts as well as its retail betting shops.
“After a successful conclusion to the transaction, mybet intends to focus on it’s positively performing B2B service segments as well as the operation and expansion of the stationary betting shops,” the firm said in a statement to the market.
The betting and casino brand has been looking for a sale in recent months after several quarters of underperformance with a previously-announced deal with a strategic investor falling through in June.
The company launched a new platform back in August 2017, but has continued to see growth stagnate.