The company is facing major financial woes, as they owe €4 million in sportsbetting taxes, and have been seeking an investor to help bail them out in the short term. Those talks haven't been fruitful, and the German company looks like they'll be pushed out of business as a result. The company is preparing their application and is expected to file the paperwork in court by Friday. Mybet was founded in 1998 and employs about 130 people in their offices.
In a statement mybet spoke about their situation, noting: "The background for the application for the opening of insolvency proceedings is the failure of discussions with potential investors."
"Today, the discussions with a strategic investor reported… on July 13 regarding the possible sale of the online business of mybet Holding under the domain mybet.com were closed. These talks failed due to conditions set by the investors which could not be fulfilled."
The company hasn't made plans for player payment clear, but disclosures made in the site's terms and conditions reveal that the site only meets the UKGC "basic" standards for protection of player funds from creditors in the event of insolvency. This is effectively no protection at all as deposited monies can be legally claimed by creditors before being paid out to players. Needless to say, MyBet customers are advised to submit a withdrawal as soon as possible and hope for the best.
Casino Listings News will follow the story and update readers as we learn more.