Mybet sells Spanish businesses amid restructure

German sports betting operator mybet has sold its Spanish-facing businesses as part of its ongoing corporate restructure as the firm looks to recover from a €5.4m loss in 2013.

The firm announced yesterday that it had divested all shares in the two Spanish firms it previously owned ““ Digidis S.L. and Digidis S.A. ““ in order to “eliminate potential risks” and “ensure greater stability within the group”.

Contracts for the sales of Digidis S.L. and Digidis S.A. became effective on 23 July and 8 August respectively, with mybet receiving a combined fee of €275,000 from the unnamed purchasing party.

Mybet confirmed the future profitability of the businesses was “critical” for the decision to sell, and CEO Sven Ivo Brinck said the decision was made “in order to make mybet competitive for the long haul”.

“As a result, we not only freed ourselves of legal and economic factors of uncertainty but also at the same time are creating available resources that we can use efficiently in other places of the group,” he said.

Mybet first revealed plans to restructure the business in March this year after what it described as a “deeply unsatisfactory” 12 months which saw it post a loss of €5.4m.

In May the company revealed it was in discussions to sell its loss-making Italian business mybet Italia, two years after it first entered the market.