Mr Green targets Italy with Mybet Italia purchase
Casino firm to launch in Italian market after agreeing deal with former mybet subsidiary Mybet Italia
Online casino firm Mr Green is planning a launch in the Italian market after agreeing a deal to acquire former mybet subsidiary Mybet Italia.
Mr Green confirmed this morning it will acquire the operations of Mybet Italia and use the licence to launch the Mr Green brand in the country, subject to approvals from Italian regulatory body AAMS.
Mr Green did not confirm the price of the deal but said it would not appreciably impact liquidity and would be financed using existing cash assets. As of Mr Green’s last results disclosure for Q3 2014 the operator’s cash and cash equivalents stood at SEK136.5m (£10.9m).
Germany-based mybet spun off its loss-making Italian business in September last year, selling it to its former managing director Gianluca Torricelli who immediately plotted an extensive overhaul of its product suite.
Speaking to eGaming Review this morning Mr Green Group chief executive Mikael Pawlo said the acquisition would propel the group’s strategy to increase its share of revenues from regulated markets to “significant levels” over the next few years.
Discussions between Mr Green and Mybet Italia began just before Christmas however Pawlo said with the deal yet to be ratified by AAMS, precise plans for the market had not been finalised.
While the Italian regulated market requires entrants to hold a licence no new licences are currently being issued by AAMS, forcing firm to acquire a licence by partnering or acquiring an existing licensee.
A decision as to whether Mr Green will continue to operate the mybet brand in Italy has yet to be made with Pawlo stating it to be “business as usual” for the time being.
Pawlo did however refuse to rule out the possible launch of a sportsbook operation although said the group’s main priority would continue to be online casino.