mybet revises full-year 2017 financial forecasts following WestLotto €11.8 million settlement win

Updating the market, Frankfurt Xetra-listed online bookmaker mybet Holdings has informed that it has settled out-of-court its damage claims for ‘cartel infringement’ against the Westdeutsche ‘WestLotto’ Lotterie GmbH & Co.

The bookmaker closes its ten-year legal proceedings against WestLotto, a German licensed retail lottery operator that had issued an injunction order against mybet selling ‘over-the-counter’ lotto services.

In 2014 the High Court of Dusseldorf voted in favour of mybet’s appeal, stating that Westlotto had issued an improper injunction against the bookmaker’s services.

The Dusseldorf court ordered WestLotto to pay mybet €11 million in damages and court costs, which the lottery operator stalled on.

Today mybet governance informs that it has reached an agreement that will see its vehicle SWS Services GmbH receive €11.8 million from Westlotto. The payment is expected to be processed by Q2 2017, with mybet and SWS ending all legal pursuits against the lottery operator.

Settling its payment, mybet governance has detailed that it will use proceeds to pay back a €4 million credit facility. Moving forward the operator expects to add €4.9 million in liquid funds which will be attributed in Q2 2017.

Due to the exceptional circumstances of its WestLotto out-of-court settlement, mybet governance has been forced to revise its financial forecast and planning for full-year 2017. At present, the operator has decided to move back its Q1 2017 trading update to 30 May.