The funds will be used expand mybet’s existing marketing services and further the development of the operator’s new IT platform.
mybet governance who issued a 2015 profit warning in September are currently implementing a new “product and customer first strategy” which will see an overhaul of the operators product range and operational infrastructure.
Detailing terms of the bond, mybet stated that it would be issued by December with a five year clause. The convertible bond has been attached with an interest rate of 6.25% on its nominal value.
The convertible bond is to be collateralised by the pledging of shares of pferdewetten.de, which is owned by mybet.
For its 2015 performance to date, mybet Holdings has posted net losses of -€4.4 million (£3.10 million), the firm cited a downturn in player activity impacting its betting operations.