A few weeks ago we reported that German online betting group MyBet filed for insolvency due to financial issues. This week the company revealed that they've shut down their casino and are warning of long timetables to get money paid out.
The company shut down their casino and sportsbook, pausing them until further notice. All pending wagers have been cancelled, and the company claims that credits to accounts would be given. The group said that they can assure that player funds are protected, but that withdrawals would be experiencing significant delays.
MyBet has been experiencing significant financial struggles lately. The company's stock price has plunged to just €0.03, from €1.66 in June. The company filed for insolvency after it was hit by a large €4 million back tax bill from the German government that they were unable to cover.
Players who hold accounts with MyBet are urged to pull money out as quickly as possible, as they may not be able to pay funds out at a later date.
We'll keep players informed as we learn more about the situation.