German gambling operator, mybet, has announced they will be closing their online poker room in order to focus on their casino and betting businesses. The poker room will be shut on June 30, 2016.
All mybet players have received notification of the closure including information about how their funds will be managed. Account balances will be shifted to the casino or sportsbook wallet and players will be given until July 15 to convert any player points they hold into cash.
The poker room is being shut as it has not been earning enough revenue to make it worthwhile. Chief executive of mybet, Zeno Osskó, said that in 2015, the poker room generated only €1 million of the €63 million annual total revenue earned by the operator.
“The poker business contributed only a minor share to our revenue and delivered virtually no contribution to the operating result of the group,” stated Osskó.
“In addition, we do not see a sufficient growth potential in this area to support the operational turnaround in the short term.”
“From our point of view, continuing our poker offering was not expedient, especially in the light of the upcoming introduction of the new mybet platform.”
The decision has come ahead of the launch of a new online platform for the company’s complete product range, including casino and sportsbook. The new launch is expected to go live this summer.
“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,” announced Sebastian Bucher, mybet Holding SE Manager Investor & Public Relations Manager. “The introduction of the new platform is planned to take place between the middle of July and the beginning of August.”