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Mybet to file for insolvency

Mybet is preparing an application for insolvency due to “imminent illiquidity.”

Mybetrevenue

The German operator has announced plans to file for insolvency by Friday, following unsuccessful talks with potential investors.

Mybet began strategic talks in July, but attributes the failure of these discussions to conditions “set by the investors” that could not be met.

A further factor is the €4m ($4.5m) it owes the Tax Office in Germany. Mybet had applied for the provisional suspension of any outstanding sports betting taxes, but saw this application rejected.

The operator’s financial performance first showed signs of decline in Q1 last year, when a 29% year-on-year drop in revenue was reported.

 

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