mybet Holdings have announced the management board are preparing an application to open insolvency proceedings after talks with a strategic investor fail for its online business.

The Management Board of mybet Holding SE are preparing an application to open insolvency proceedings due to imminent illiquidity. The company aim to file the application for all three German group companies including the Company itself to the responsible local court this Friday.

The background for the application for the opening of insolvency proceedings is the failure of discussions with potential investors.

Today the discussions with regarding the possible sale of the online business of mybet Holding SE under the domain www.mybet.com were closed. These talks failed due to conditions set by the investors which could not be fulfilled.

The board’s decision to file for insolvency after the failure of these talks was also influenced by the decision of the Frankfurt am Main II Tax Office to reject an application for the provisional suspension or stay of enforcement regarding outstanding sports betting taxes which the group company Personal Exchange International, based in Malta, had filed. Following the decision of the Tax Office, a total of €4 million of sports betting taxes are in arrears.