Skip to main content

Debt-Ridden Mybet ‘Pauses’ Sportsbook and Casino Operations

German online sports betting site Mybet has shut down its website after a debt of US$4.5 million in sports taxes forced the company to file for insolvency.

Mybet, a German online sports betting site, has shut down its gaming operations.

The website welcomed its visitors with a block of text announcing the cessation of operations. According to the text, Mybet has “paused” both its sportsbook and online casino offerings. The betting site, however, did not reveal when the site will return or if the site will ever return.

Mybet would return the wagers placed on unfinished open bets to its clients’ accounts. The betting site also assured its punters that all players’ funds are safe and secure under the protection of the Gaming Protection Regulation in Malta. Mybet is licensed by the Malta Gaming Authority (MGA).

However, the sportsbook forewarned its clients that they might experience delays when withdrawing their funds. Mybet explained that money transfers are under intense scrutiny by the MGA to ensure their security.

On its page, Mybet said:

“Mybet can guarantee all players’ account balances are safe as they are protected by the Maltese ‘Gaming Protection Regulation’… Because of the regulatory requirements that come into play in this situation, withdrawals will be carried out with significant delays. All money transfers are subject to rigorous checks by our licensor, the Malta Gaming Authority (MGA), to ensure that customer funds are protected as required by the license.”

One of the biggest betting operators in Germany, Mybet has posted poor financial performances these last quarters. One of the reasons given for the impending shut down is the company’s inability to pay its debts.

Debt Leaves Mybet Insolvent

All three of Mybet’s German companies—Mybet Holding SE, ANYBET GmbH, and SWS Service GmbH—has filed for insolvency earlier this August. Mybet, which entered the gaming sector back in 1998, faced a debt of around US$4.5 million in sports betting taxes, an amount the company could not pay in time.

The company has tried to avoid becoming insolvent by selling its customer-facing business to focus on its relatively successful business-to-business (B2B) operations. However, the deal with an anonymous investor fell through.

The press release stated:

“The background to the petition for opening insolvency is the failure of talks with potential investors. On this day, talks with a strategic investor announced on 13 June 2018 on a possible sale of the company’s online business operated under the domain www.mybet.com were terminated. The talks failed due to unrealizable conditions on the part of the investors.”

Mybet has tried to seek relief from the Frankfurt tax authorities and has requested for the suspension of the sports betting taxes it owed. However, the German department has rejected the application. The rejection was a huge factor in Mybet’s decision to ask help from the government and to file for bankruptcy.

The press release continued:

“The board’s decision to file bankruptcy following the failure of the investor talks was also influenced by the Frankfurt Revenue Department having rejected an application for interim termination of the enforcement of withholding sports bills, which had become the group company Associated Personal Exchange International Limited based in Malta.”

Despite these, the company recently revealed that is has no current plans to sell either its online operations or its technology.

RELATED ARTICLE

LATEST CASINO NEWS & BLOGS


News

OneTouch’s New Lucky Lion Slot Debuts in Crypto Casinos

July 10, 2019

Lucky Lion slot is a 5x3 Asian-themed mobile-first title from OneTouch, and it has exciting features like free spins, cascading reels, and wheel bonus.

Odds: Thurman Will Likely Defeat Pacquiao on July 20

June 25, 2019

Keith Thurman is the favored boxer to win the Welterweight title, but many expect a competitive match. The question now is can Manny Pacquiao pull an upset?

Interview with Playbetr Casino & Sportsbook

June 21, 2019

Here's an interview with Playbetr talking about the challenges and advantages of crypto gaming and what players can expect from Playbetr in the future.

Blogs

5 Fireworks-Themed Slots That Give You an Explosion of Fun

July 3, 2019

Love colorful fireworks? Here are five fireworks-themed slots by different game providers that can be played in most crypto-friendly casinos.

5 Crypto-Friendly Plinko Games You Should Play

June 19, 2019

Looking for crypto-friendly Plinko games? This list gives you the five best Plinko games online that you can play using BTC and other popular cryptos.

5 Times Sic Bo Macau Proves to Be Among BGaming’s Finest

March 13, 2019

BGaming recently released its new Sic Bo Macau game. Here's a rundown of features that make this game a must-play for fiat and Bitcoin casino players.

CHOOSE CASINOS NOW
LOGIN TO BBC
No account yet? Register here
JOIN US NOW
Already have an account? Login