SBC News Voice of the Sports Betting Industry
Seeking to increase its operating ‘cash’ capital, Frankfurt Xetra-listed online betting operator mybet Holdings SE (mybet) has confirmed that it has sold its stake in German horseracing firm Pferdewetten.de.
Following a review of its corporate assets, mybet governance decided that selling its stake in Pferdewetten.de would be the best option as the company looks to meet investment terms for its €5 million convertible bond issued in December 2015.
mybet who are reported to hold +1.8 million of unlisted shares in Pferdewetten.de, confirmed that it had sold the majority of its stake to a collection of individual investors, with the firm choosing not to disclose its individual deal transactions.
Updating the market, mybet CEO Zeno Ossko stated that ‘alternative scenarios’ had been investigated as the embattled company looks to increase its operating capital ahead of the launch of its new proprietary platform set for the backend of 2016.
Negatively impacted by severe player activity declines, mybet’s corporate performance woes have continued this 2016, with the firm reporting net losses of -€800,000 in its Q1 2016 trading update.
Informing investors in May, mybet governance stated that it had decided to delay the launch of its platform in order to meet the ‘best possible project standards of customer satisfaction and complete additional detail’
