News outlet Gaming Intelligence reported the gaming operator will issue a bond with a maximum total nominal value of up to €5 million, but it is still up for a management board resolution. The resolution will also specify the details and the terms of the bond.
Mybet expects to issue the bond, which will have a term of five years, in December, according to the report.
Proceeds from the sale will be used to expand the company’s marketing and technology platform, including “expanding the betting range, acquiring new customers through increased marketing activities, and for advertising of games in the wider context of the UEFA European Championship in 2016.”
According to the news outlet, bondholders can “convert debentures into no par value shares” of the company at a notional share of the €1 capital stock. The convertible bond is expected to attract a 6.25 percent rate per annum at its nominal value.
In August, Mybet posted a revenue of €17.95 million for the second quarter of the year, a 9 percent increase from the same period last year. The company’s dominant sports betting vertical reported mixed results, with betting stakes at its 300 retail shops up 0.6 percent to €21.5 million, while online stakes fell 3.8 percent to €24.8 million. The same is true for Mybet’s sports betting hold, which rose 10.4 percent to €5.3 million in the shops, but fell 2.1 percent to €3.8 million online.
Last May, the company signed a deal tasking UK software solutions firm Amelco with revamping Mybet’s online product.
The new product, which will also include a brand-new casino offering, is scheduled to make its desktop debut before the year ends. Mybet will focus next on improving its mobile channel, including the addition of a mobile casino offering, something the company currently lacks.