MyBet.com - Mybet Holdings Insolvency Filing

[Tonny]

Hello,

Today, we got an email with the following info:

Mybet Holdings Insolvency Filing

As you may be aware mybet holdings SE has announced that it has entered ‘insolvency proceedings’ on Friday August 17^th .

We have prepared a short Q&A session that will help affiliates understand the current situation and what to expect in the future:

What does this practically mean for the affiliate program?
There are currently no changes in the operation of the affiliate links and in the calculation of affiliate commission. Your actual contractor is Derrypark Ltd – which is part of the mybet group - has not filed insolvency.

What happens to the website and player activity?
Players are able to access the mybet websites across all jurisdictions that the company currently operates since also the Malta based subsidiaries have not filed for insolvency and player money is secured. Affiliate earning based on the player activity will continue to be calculated and updated in the reports for as long as the company runs its operation.

Will I receive the pending payments for July and the months before that?
We remain committed in trying our best for closing all pending payments and continue the operation of the company .
We are also working on solutions with third parties to continue the business.
However, based on the information provided above, we understand if you assess from your side the potential opportunities and threats if you choose to keep the mybet links live.

Please don’t hesitate to contact us for more information.

Kind regards,
Your mybet Affiliate Team

Regads,

FSG Team

[Tonny]

Insolvency proceedings initiated after talks collapse

Mybet Holding’s management board have confirmed this (Tuesday) afternoon their intention to file for insolvency. The board is preparing an application to start insolvency proceedings after talks with a strategic investor collapsed.


The company initially appeared to have bought some time when a non-exclusive term sheet was signed last month with an unnamed investor. They were, however, unable to reach a resolution.
“The background for the application for the opening of insolvency proceedings is the failure of discussions with potential investors,” the company said in a statement.
“Today, the discussions with a strategic investor reported… on July 13 regarding the possible sale of the online business of Mybet Holding was closed. These talks failed due to conditions set by the investors which could not be fulfilled.”
According to a statement released by the board, the company currently owes €4 million in sports betting taxes. As a result, it faces “imminent illiquidity”.
The board also said that a contributing factor towards the initiation of insolvency proceedings was the decision of the Frankfurt Tax Office to reject an application filed by the group’s Malta-based company, Personal Exchange International, to suspend enforcement regarding outstanding sports betting taxes.
The company also released a statement reassuring customers that they would not be negatively affected, as mybet operates under MGA license requirements:
“While insolvency procedures are under way, existing customers should not be affected as Mybet operates under the Malta Gaming Authority license requirements which protect customers in numerous ways. The service continues to be available for customers until further notice. So currently there should be no effect.”
Mybet’s share price has plummeted since the company announced month-long talks had stalled after “differences of opinion concerning the implementation of strategic and operational collaboration in the online sector”.
An application covering all three of Mybet’s German group companies will be submitted to the relevant local court this Friday.

Source: https://sigma.com.mt/news/mybet-prep...or-insolvency/

[The Reviewer]

No reply from mybet Affiliate team regarding outstanding payments for 3 weeks.

[FreeSpins]

The aff team gone.. You should try contacting myBet liquidator, but don't expect too much. They owe a lot of money to the German Tax Office, and first, they will send more there.

[Progger]

No reply from mybet Affiliate team regarding outstanding payments for 3 weeks.

3 weeks ?

I have 3 months open....its not much but 900 bucks are 900 bucks...