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Kambi to Resurrect mybet Sports Betting Brand in Germany

Mybet set to return to Germany with a Kambi-powered sports betting product after turbulent times and closure

German online sports betting brand mybet is gearing up preparations to relaunch in its domestic market after shutting down operations last fall.

News emerged on Monday that the gambling website will be upgraded with a sportsbook powered by Kambi Group, a Stockholm-listed sports betting provider with presence in some of the world’s largest gambling market that serves more than 20 customers, including 888, LeoVegas, and DraftKings among others.

The mybet website is expected to be relaunched in Germany in the first half of the year. Prior to its closure last fall, the brand had provided betting services to German gamblers for more than 15 years.

Under a multi-year agreement between Kambi and mybet’s new owner Rhinoceros Operations Ltd., the betting provider will supply its complete sportsbook and full range of managed services to the German gambling brand. Mybet will thus be able to return to its domestic market, which has grown exponentially over the years.

According to a report by research firm Goldmedia, the German market was worth nearly €13.5 billion in 2017, up from €12.4 billion in 2015.

Commenting on partnering mybet, Kambi CEO Kristian Nylén said that they are excited about the betting brand’s potential as it remains strong and, boosted by the quality offered by Kambi’s sportsbook, mybet “can once again become a leading player in the German market and elsewhere.”

mybet’s Closure Story

Mybet’s former parent company MyBet Holding SE shut down its B2C operations last fall after entering open insolvency proceedings in August. The move was prompted by the company’s failure to come to terms with an unidentified interested investor.

MyBet first announced in July that it was holding talks with said investor to sell its B2C business to them. However, it later on said that discussions fell through as the would-be buyer of mybet set conditions that could not be fulfilled.

MyBet’s consumer-oriented operations were hit by slow growth in the company’s core markets – Greece and Ghana. In addition, pressure for the gambling company increased when its application for provisional suspension or stay of enforcement in relation to sports betting taxes in Germany was rejected by the Frankfurt am Main II Tax Office. The office’s decision left MyBet with a €4 million tax obligation.

Mybet was recently purchased by Rhinoceros Operations Ltd., a Malta and Curacao online gambling group that also operates the Wunderino Casino brand. Commenting on the company’s upcoming entry into the German sports betting market with mybet, Rhinoceros Operations CEO Tobias Carlsson said that together with Kambi and their other partners, they will do everything in their power to revive mybet’s legacy of one of the pioneers in the German sports betting field and to provide players with “the experience they desire and deserve.”

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The post Kambi to Resurrect mybet Sports Betting Brand in Germany appeared first on Casino News Daily.

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February 2019
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