mybet sells payment arm C4U Malta

European sports betting operator mybet SE, has confirmed that it has sold payment services provider C4U Malta for €3 million as company management continues to restructure its operations.

Alerting the market the Frankfurt listed operator did not disclose the name of the acquiring party for C4U Malta assets. mybet governance stated that the company would now focus on “sports betting as mybet’s core business function”.

Pending approval of Malta’s Financial Regulator, mybet announced that it expects the deal to be closed by the end of Q4 2015.

mybet continues its restructure under the leadership of new CEO Zeno Ossko, focusing on streamlining operations and reducing long term costs.

2015 has seen struggling mybet migrated its sports betting operations to a new technology platform, as the operator’s governance looks to implement structural changes in order to help implement future growth strategy.

In September mybet governance Issued a brief market statement detailing that it had broadened its EBIT forecast of -€500,000 to a negative single € million loss for 2015 performance.