Mybet sells stake in Italian venture to sharpen focus

Mybet sells stake in Italian venture to sharpen focus

Friday, September 26, 2014

Mybet has insisted that its decision to offload its Italian venture is in line with the online gaming company’s strategy to focus on its core markets.

Mybet Italia’s managing director, Gianluca Torricelli, completed a management buy-out yesterday (Thursday), mybet confirmed today.

In August, the company sold its shareholdings in Spanish companies Digital Distribution Management and Digital Distribution Management Iberica.

When contacted by TotallyGaming.com, mybet spokesperson Yulia Link did not say whether there were further plans to offload other parts of the business.

“The sale of stakes in Italy and Spain is part of the restructuring process,” Link told TotallyGaming.com.

“We have disposed of a loss-making entity (in Italy). Currently mybet will focus on core markets.”

Link added: “The move is in line with mybet's current goal of increasing profitability by focusing clearly on core markets.

“By successfully continuing with the restructuring measures, the management board presses ahead with the systematic repositioning of the mybet Group as previously announced.”

In August, Sven Ivo Brinck, who was appointed as the sole member of mybet’s management board in December 2013, announced that the company would be realigned.

“In order to make mybet competitive for the long haul, we implemented numerous measures in recent months for optimising its structure and increasing efficiency,” Brinck (pictured) said last month.

“As a result, we not only freed ourselves of legal and economic factors of uncertainty but also at the same time are creating available resources that we can use efficiently in other places of the group.”

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