Mybet mulls potential sale options
German operator valued at ?25m according to recent external valuation
Mybet is exploring a potential sale of the company as it continues to struggle financially, eGaming Review has learned.
The firm was forced to sell its ?10m stake in German horse betting operator pferdewetten.de AG earlier this week in an attempt to raise enough cash to keep the business liquid.
However, some German sources suggested the sell-off was also an attempt to streamline the business ahead of a potential takeover.
When asked about a sale, mybet CEO Zene Ossko told EGR: “I think if you look at the German market and the way we are positioned, mybet is definitely a company that other operators should be considering.”
He added that the recent ?1bn takeover of Tipico would “absolutely” make mybet a more attractive proposition, due to the message sent about the stability and attractiveness of the German market.
Mybet recently authorised an external assessment of the business by German equity research firm Montega, which valued the company at ?24.6m. Mybet’s market cap is more modest ?17.15m at the time of writing.
Despite the valuation process, Ossko insisted the company was focused on returning to profitability after a rough Q1, rather than actively looking for M&A deals.
“We have a plan to invest heavily in product and mybet is in a very good position to gain market share in Germany,” said Ossko.
“Should someone decide to take a closer look at mybet they are welcome to do so. This is something that could potentially happen, but for us we are focused on being successful right now,” he added.