Mybet raises cash through payment service sale

Mybet raises cash through payment service sale

Tuesday, October 6, 2015 Totally Gaming
CEO Zeno Ossko replaced Sven Ivo Brinck earlier this year

Mybet Holding has raised €3m ($3.4m) through the sale of its payment service provider just two weeks after issuing a profits warning.

The company that owns the Germany-facing mybet gaming subsidiary has agreed to sell its C4U-Malta to an unnamed company group that is primarily active in the financial services sector.

Mybet, formerly JAXX, said the deal for C4U-Malta, which holds an e-money financial institution licence, is expected to close during the fourth quarter of this year, although it will need the approval of the Malta Financial Services Authority.

“The sale decision was taken within the strategic context of focusing on sports betting as mybet's core business,” mybet said in a statement.

The move comes as part of a strategic restructure under new chief executive Zeno Ossko, who replaced Sven Ivo Brinck following the latter’s resignation in July.

In September, mybet lowered its FY2015 forecast for earnings before interest and tax (EBIT) from a loss of €500,000 to €1m. The company cited the introduction of a new technology platform and the ongoing impact of capital controls in Greece as reasons for its performance.

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