Mybet sells payments arm for 3m
Germany-based operator agrees sale of C4U-Malta to focus on core sportsbook business
Mybet has announced the sale of payment transaction service provider C4U-Malta for 3m as the operator looks to focus energies on the overhaul of its core sportsbook product.
Frankfurt-listed mybet will sell C4U-Malta to an unnamed buyer in what the firm said was a decision made within “the strategic context of focusing on sports betting as mybet’s core business”.
Mybet said it would continue to have access to payment services from C4U and remained confident a “consistently high service level will therefore be assured through the collaboration with the buyer”.
The deal is expected to complete by the end of the year, pending approval from the Malta Financial Services Authority.
In May mybet announced it had brought in platform supplier Amelco to “comprehensively overhaul” its sportsbook.
But costs associated with the overhaul, which will include a new mobile product, led mybet to last month adjust its 2015 financial year EBIT forecast down to a single-digit million euro loss.
New CEO Zeno Ossko said in August that the benefits of the product overhaul as well as a planned re-branding wouldn’t be felt until 2016.
Mybet has been making moves towards a more streamlined model, shedding its Italy-facing business mybet Italia and its Spanish division last year.