Mybet to shut down flatlining poker product

Mybet has announced plans to close its online poker product ahead of the brand’s move to a new platform in the coming months.

The firm’s CEO Zeno Ossko said the vertical contributed too little revenue to the company to make a platform transition worthwhile.

“The poker business contributed with only a minor share to our revenue and delivered virtually no contribution to the operating result of the group,” said Ossko.

“In addition, we do not see a sufficient growth potential in this area to support the operational turnaround in the short term. From our point of view, continuing our poker offering was not expedient, especially in the light of the upcoming introduction of the new mybet platform,” Ossko added.

Poker contributed around ?1m to mybet’s 2015 revenues of ?63m, equivalent to around 1.6%.

The poker product will shutdown on 30 June ahead of the new platform integration, which is scheduled to take place in the latter half of July.

The move reflects an increased strategic focus on sports betting and casino games from the struggling operator after it posted an 11% year-on-year drop in Q1 revenues.

The firm also recently revised down its 2016 revenue projections after it was forced to sell its stake in horse betting operator pferwetten.de due to a cash crunch in the business.

Ossko also told EGR last month the company could potentially be an attractive acquisition target for larger operators in the German market.