German online betting operator Mybet Holding has applied for insolvency proceedings, following a breakdown in talks with strategic investors.
In a statement, the Frankfurt-listed company revealed its plan to file the application for all three of its group companies to a local court on Friday, due to imminent illiquidity.
The decision was also influenced by the refusal of the Frankfurt tax office to hand the company a suspension on sports betting taxes owed amounting to €4m.
“The background for the application for the opening of insolvency proceedings is the failure of discussions with potential investors,” the statement reads. “Today, the discussions with a strategic investor reported by ad-hoc on the 13th July regarding the possible sale of the online business of mybet Holding SE under the domain www.mybet.com were closed. These talks failed due to conditions set by the investors which could not be fulfilled.”
Last month, Mybet Holding said in a market update that it had entered talks with an investor regarding the possible sale of its online business, targeting a “high-single digit € million” outcome.
That would have left operating company Mybet Holding managing the B2B services and European retail interest.
