German online betting operator Mybet has inked a deal to sell its customer-facing online gambling operations to an unidentified “strategic investor” as the company pivots to a B2B and retail focus.
On Friday, Mybet Holding SE announced that it had signed a non-exclusive term sheet for the sale of its Mybet.com B2C online gambling operations to the unspecified investor for a sum the company claims is “supposed to be in the high single-digit million range.”
Under the terms of the deal, which is subject to the conclusion of a binding contract and the fulfillment of certain conditions, this mystery man/group will acquire 100% of Mybet group companies Personal Exchange International Ltd and PNO Casino Ltd as well as full and exclusive online rights to the Mybet brand.
Mybet will retain the right to use the Mybet brand “to an extent necessary for the continuation of its remaining business segments B2B services as well as for the operation of the stationary betting shops.” Following the deal, Mybet will focus solely on its “positively performing” B2B operations and the expansion of its retail operations.
Mybet’s online B2C business had suffered in recent years, in part due to the delayed launch of its new digital platform, which finally appeared in March. The following month, Mybet announced that it had launched a NetEnt-powered live casino offering after the forced closure of Mybet’s original Novomatic-powered live casino in January, following that company’s decision to exit the German-facing online casino market.
In March, Mybet had teased investors with news that it was holding exclusive talks regarding a future strategic and operational joint venture with an unidentified “leading provider of sport bets and online casino games headquartered in Malta.” The plan was that Mybet would hold a 51% stake in this JV, while the investor would contribute “equity in a medium single-digit million range” to help finance “future investments in market activities.” That deal was contingent on Mybet contributing its “online business.”