mybet CEO – Sven Ivo Brinck
German based European igaming and sports betting operator mybet have announced the sale of its Spanish business division to Digidas SL, for a reported fee of €275,000. Senior management chose to close operations in the region and sell off the division assets , in order to recover from €5.4 million (£4.3 million) losses posted in 2013.
mybet senior management confirmed that after undertaking a corporate and operational review of company divisions and performance, the mybet Spanish business division did no longer appear sustainable for future company growth and value creation.
CEO Sven Ivo Brinck gave further insight into the operators decision to sell its Spanish Division by stating that the final decision was made “in order to make mybet competitive for the long haul”.
“As a result, we not only freed ourselves of legal and economic factors of uncertainty but also at the same time are creating available resources that we can use efficiently in other places of the group,”
mybet stated that company restructuring and reviews were still being undertaken by senior management. It would continue to review all of its international business divisions. Industry news source have commented that the operator may look to sell further business divisions such as it’s under-performing Italian Business Division.
