mybet To Shutdown Its Online Poker Room

mybet Holding SE, the holding company of gaming operator mybet Group has decided to close mybet Poker, its online poker room with effect from June 30 but will continue operating its casino and sports book.

Players with balances in their mybet Poker accounts will see it transferred to the main wallet which can be used for casino games and sports betting. Players will also be able to convert their points into cash as well, but this needs to be done before July 15.

The Investor & Public Relations Manager for mybet Holding SE, Sebastian Bucher said that the online poker room had not been very successful in generating significant revenue for the group and this was the main reason why the company decided it was time to shutdown the online poker room. According to the company, the mybet Poker had generated only €1.0 million of the group’s total revenue of €63.0 million in the financial year 2015.

The company will now focus on its casino and sports book operations which are performing a lot better and are in the process of testing and implementing a new IT platform. The new platform is expected to be rolled out across all verticals within the next couple of months.

In a statement Bucher said,

Key focus is the sports betting and casino games as well as the implementation of a new high-performance IT platform for the whole product range. The introduction of the new platform is planned to take place between the middle of July and the beginning of August.

Zeno Osskó, Chief Executive Officer of mybet Holdings SE stated that that given the fact that the online poker room was contributing virtually nothing to the operating result of the group and its low growth potential, there was no reason to continue its operation. He stated that the poker room was losing relevance particularly with the planned release of the new platform.

Mybet runs on the iPoker Network, which is currently placed fifth in terms of online poker site traffic and is tied with partypoker. It typically sees around 1,000 ring-game players on an average seven-day rolling basis. Player liquidity on iPoker Network will not be affected from mybet’s poker room closure given the small pool of players it contributes to the network.

German based mybet Group offers sports betting and online casino games, across several European markets. mybet offers online gaming and betting products through two domains, mybet.com and mybet.de and additionally operates physical betting shops. It currently has over 1,50,000 registered gambling customers.