Embattled Frankfurt Xetra-listed online betting group mybet SE has shut down its flagship mybet.com portal, seeking to ‘protect the interests of its customers and creditors’.
On August 17, mybet governance communicated that it had entered ‘open insolvency proceedings’, following its failure to sell the company to an undisclosed investor.
This week, mybet governance closed all active B2C portals, informing customers that its gaming services had been ‘paused until further notice’.
Operating under a Malta MGA online gambling license, mybet assures its players that its account balances are safe and secured by the ‘Maltese – Gaming Protection Regulation’.
‘Because of the regulatory requirements that come into play in this situation, withdrawals will be carried out with significant delays. All money transfers are subject to rigorous checks by our licensor, the Malta Gaming Authority (MGA), to ensure that customer funds are protected as required by the license’ details mybet on its website communication.
mybet continues to trade on the Frankfurt Xetra, with the betting group’s share price has tumbled to €0.035 following the news of its website closure (July target price – €1.12).