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Mybet review
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Walk around the outskirts of Stakersland and you’ll soon come across an old German betting beer house with a contemporary Mybet sign hanging above the doors.
The good old days are long gone, and it seems that the new Rhinoceros Group owners have little interest in bringing the Mybet brand back to its glory days…a quick lick of paint and a new sign is not going to be enough. The betting markets are declining, the staker community is shrinking, and the beer taps are all but dry. It’s not what it once was and that is for sure, but there is still a 70K strong community willing to make that long journey across the park and enter the abandoned Mybet grounds. Most of these stakers are from Germany with a fair share of sentimental Italian stakers joining them as well, but the surprise here is that you’ll suddenly see staker groups from Ghana and Greece queuing up as well. It’s quite an eclectic mix of stakers for a venue so far from the core betting entertainment area of the park. The lack of thought in the redesign is evident from the word go as there is no typical bookmaker reception to welcome you. You are thrown straight into the live in-play markets which has been ordered by popularity of the events, with extra sections on upcoming events for ‘today’ and ‘tomorrow’. Due to Kambi providing the overall betting line, there is also an esports section with a variety of options covering League of Legends, Dota 2, and CS:GO for those who follow this modern style of betting.
Mybet currently uses an overall sports betting ‘rules and limits’ pdf supplied by Kambi. The problem here is that this is quoted in British pounds and so it would be worth adapting these for specific for Mybet. Converting into Euro values would make a lot more sense for their staker members. We are, as the inspectors of Stakersland, wondering if any of the Rhinoceros team members are familar with these details and the scope of the limits. Let us break it down in British pounds as it is stated on the Kambi pdf. The top limit of €250,000 applies for all competitions and match-related offers connected to local German leagues such as Bundesliga, as well as the Premier league in the UK or any international fixtures linked to FIFA and UEFA. The €100,000 limit applies to all fixtures and offers that come under any other international and club friendlies. Tennis limits start at €150,000 for the Grand Slam events and drop down to €75,000 for the ATP and WTA events, and then falls again to €40,000 for all other competitions. This lower limit of €40,000 relates to all of the following sports as well: athletics, cycling, boxing, winter sports, esports, bandy, and trotting. The lowest limit is stated as €25,000 and applies to all other sports offered at Mybet. Stakers might be wondering whether Mybet has enough funds to cover these limits and so our maths guru has made a few calculations to help you assess the situation. It would take Mybet 4-5 days to balance out their top limit of €250,000 and around nine hours for their lower limit of €25,000. In our opinion, Mybet is well over the limit according to the standards at Stakersland and should really consider lowering that upper limit. A limit of €50,000 would be more suitable but this would hinder stakers even more with such a low winning potential. It is a tough situation, but we do expect that their parent company Rhinoceros would be able to find sufficient funds via their Wunderino operation.
A small but active group of 70K stakers are spending around €45-55 per month at Mybet. The balance books calculate to roughly €28M in gross gaming revenue with the new owners, Rhinoceros Group, currently taking around €2 million in annual profits.
The monthly ticket sales at Mybet brings around €2-3 Million per month to the Rhinoceros Group with a €45-55 average yield per staker from their 70K community. Much unlike their predecessors, this owner group is a profitable organisation that takes around €2 million in profits which is roughly 7% of the €28M annual gross gaming revenue. Sourcing a similar company in terms of history and structure did prove to be a difficult task for our team here at Stakers HQ, but we eventually decided to look at both Admiral and Pferdewetten. Admiral, the Austrian betting company, holds a German-speaking community of 55,000 stakers and has created itself into a mobile-only betting option at Stakersland. Admiral generates around €30 million in gross gaming revenue which works out to a respectable €45-50 per staker per month. Pferdewetten is the second rival and relates well as they were sold by Mybet Holding back in 2016 for €9.9 million. Nowadays, Pferdewetten holds a 32,000 staker community and again most of which are German speaking. The gross gaming revenue being generated here is roughly €12 million with an average staker profit of €30-40 per month.
Mybet Offers
The new Mybet name obviously enjoys the power of the short domain as well as the remnants of its former glory. It does prove though that having a short domain name can be sufficient enough for entering the competitive iGaming business, but more is obviously needed to make a success of it. Regardless, queues of Germans and Italians can be seen outside the gates along with Ghanaians and Greeks; however, a few thousand Turkish explorers have also been searching for new options as their tough local regulations forbid Mybet from entering the market legally.
| Germany | Kenya | Ghana | Italy | |
|---|---|---|---|---|
| monthly | 20K | 8.4K | 8K | 7K |
| License |  | | | |
Social Buzz
In total, there are 25 reviews on the profile and most of which have been responded to with unique replies from the Mybet team. We found 10 complaints and only one of which had been resolved but overall, the comments are mostly positive with one or two issues about withdrawal delays and bonus rules.
A neutral rating can be found across the LCB profile with 28 comments and 286 votes in total. Many of the negative reviews are based around inefficient customer service agents and problems with the verification procedure. LCB is similar to the other profiles in the fact that there has been no change over time and the ratings remain the same.
Bonus clash
The company behind the new and ‘improved’ Mybet is the same casino operator who is currently running the Wunderino and Hyperino brands. Needless to say, it is clear that they have designed their sports bonuses using their experience in the casino world. The tactics and marketing for sports and casino do not really complement each other that well. Here’s what our resident stakers had to say about the offers from Mybet:
“The welcome bonus is as good as it gets for me. It matches your first four deposits, so you can always expect to have plenty of backup money to bet with as a new customer here.”
“What I prefer on Mybet is their €5,000 challenge. Every day you can log in with the chance of winning €5,000 in real cash, simply by placing a free bet. It is perfect for me.”
“Actually, there is not much to say about Mybet’s bonuses. Out of two promotions only one is free to join and another one requires five deposits. There is no reason for me to stay here as a regular customer. It is just a casino pretending to be a bookmaker, no comments.”
“They do not provide any repeating bonuses here. All that you can receive is their deposit welcome bonus. The daily tournament promotion is nice, but that’s not what punters expect to see. They should consider free bets and free bet clubs instead of bonuses with diamond icons.”
Mybet provides its stakers with a welcome bonus package that consists of four reload bonuses with 5x turnover requirements. So, this can technically produce up to €250 in bonus money on your first four deposits. There is also a casino-styled tournament promotion that offers the chance of winning €5,000 – you can start to see those casino similarities already, right?
| promo name | promo type | requirements | restrictions |
|---|---|---|---|
Welcome Package of up to £250 on your first 4 deposits  | Welcome Bonus | Signup and make four deposits | Limited to specific countries. Both Neteller and Skrill are restricted |
It’s the type of promotion we are not proud of hosting here at Stakersland. It is designed by casino people for sportsbook fans which is not in keeping with the spirit of Stakersland. To be rewarded with 250 credits that are subject to a 5x turnover requirement, you are expected to deposit £420 in cash. For your first £20, you would receive double up to 200% and remain £40 up, not bad. For the second deposit, Mybet expects you to send them £60 and they would match it 100% up to £60 in credits. A little worse, but again not bad. Now the tricky part starts, on your third deposit you would need to send them £140 in cash in exchange for 50% up to £70. And finally, with the appetite for cash raising with each of your deposits, Mybet will be sitting and waiting for the next deposit of £200 to match it at 40% up to £80. Scandalous. Take note that the minimum deposit amount to claim each bonus is £10, but you won’t be able to claim the full bonus potential in doing so. Single, combos and system bets are accepted and includes bets on live events as well. The total amount of each bonus has to be wagered five times at minimum odds of 1.80 in order to fulfil the complete bonus wagering requirement and withdraw your winnings.
| promo name | promo type | requirements | restrictions |
|---|---|---|---|
£5,000 Challenge | Challenge | Sign up and place qualifying bets on selected Bundesliga events | The tournament is available for all Mybet registered stakers from Germany, Austria, Lichtenstein, and Luxembourg |
Yet another attempt to redesign the classic casino tournament, but instead of the biggest win from the smallest coin size they are using Bundesliga odds. Once you sign up with Mybet, they will provide you with a £1 free bet to use on selected Bundesliga matches, or you can use your own cash funds if you wish. Under the tournament rules, the prize pot is awarded to winners with the highest odds. If the first position is tied, the prize will be split equally between the participating stakers. Results will be announced the day after at 15:00 CEST and combining selections from different matches will not qualify for the tournament, so you better think again and stick to the rules if you want a slice of that £5,000 prize.
Conclusion
In conclusion, it seems that the only way, or the only accepted decision from the top board in bringing Mybet back to life, was to turn this once well-respected sports betting brand into a casino. The bonus program contains misleading conditions and advertises bonus amounts which are simply not true. It is doubtful that this small sports betting staker community is going to grow any further as these deals are playing negatively against the overall Mybet reputation. On the other hand, since there are very little stakers venturing out this far anyway, one could easily forget about the reputation and start doing whatever they want until the regulator steps in. According to Tobias Carlsson, Rhinoceros Group CEO, added: “Mybet was one of the pioneers in the German sports betting field, and together with Kambi and our other partners we will do everything in our power to revive that legacy and bring players the experience they desire and deserve”. Well, here at Stakersland we hope that these wonderful words will come true, eventually…
Sports betting
Mybet relaunched their platform on 2019 with the new and improved Kambi betting software.
Our stakers tech team devote their working hours to studying all the bookmakers at Stakersland. It’s their overall objective to ensure that you enjoy the absolute best in sports betting entertainment. To do this you need access to all the latest betting tools and so our team uncover and analyse all the tools available to you, read on to find out what we discovered at Mybet…far away on the outer borders of the park.
On 4 February 2019, Mybet announced that it was going to relaunch Mybet using the Kambi Platform. During the press release, Kambi CEO Kristian Nylén said: “The story of Mybet illustrates why operators cannot afford to rely purely on the strength of their brand and history in a market". For that we could not disagree but apparently the only thing left, from as far as we can see, is the strength of their history. It is now currently geared by traditional casino promotions with nothing describing it as a competitive sports betting brand whatsoever. There is still much development required here with the present setup perhaps good enough as a demo stage, at the very most.
Sports
Unlike traditional bookmakers, Mybet does not have specific sports to address but instead uses a mixture of live events, upcoming events, and tomorrow’s events. All these sports are ordered and sorted in popularity. It is obvious to our team that this new Mybet is more of a casino concept and as such it feels like you’re looking at popular casino games instead of sports betting markets.
Betting slip
A market-standard coupon without any specifics but it is featured with custom Systems bets such as Patent, Trixie, Yankee, Canadian, and Heinz. There is no banker option and they are also missing related options for both Combined and System bets. Cashout is available though and being a standard feature these days it now comes as default from Kambi.
In-play stats
Events are featured with a match visualisation tracker and a timeline text for all incidents in chronological order. Higher division leagues contain Form, Head to Head, and League Table statistics. From the same widget you can also find the overall stats such shots on target, shots off target, shots blocked, and corner kicks for most of the events being traded at Mybet.
Betting markets
Mybet provides a total of 287 pre-markets and up to 136 live markets for football. Stakers can enjoy 202 pre-live markets for basketball and ice hockey provides stakers with around 205 pre-live markets.
Margins
Mybet gives stakers a decent margin value with football pre-live markets being at a3.38% point and going to 3.95% for live matches. Elsewhere, we found that tennis provides stakers with a pre-game betting margin of 6.49% and a 6.97% live margin.
Event results
Pre-match events are featured via Sportradar's head to head overalls that includes the winning probability based on the results of previous matches. Standings are available for each team and the tournament itself and you can also find averages for goals scored per session and goals per period. There is no other source of information though, neither is there a link to the results of past matches.
| Sports | margins | live margins | markets | live markets |
|---|---|---|---|---|
| tennis | 6.49% | 6.97% | 24 | 59 |
| football | 3.38% | 3.95% | 287 | 136 |
| basketball | 4.1% | 5.34% | 202 | 116 |
| ice hockey | 4.06% | 6.84% | 205 | 92 |
FEATURE NOTE - Our Stakers tech team has concluded that Mybet is not really a bookmaker at all, but rather a skin using technology which is being developed in the Philippines. It is also clearly being operated by a casino marketing team with little interest in sports betting.
The margins at Mybet are decent for the most part with value to be found on various markets like the popular Champions League competition. Compared to Paddy Power’s 7.07% and the 7.36% at Boylesports, the 5.1% pre-market margin at Mybet for those Champions League fixtures do look tempting. The live markets look a lot less valuable though with highs of 10.24% and 9.76% during the Championship and Champions League events.
Financial Limits
The Stakersland financial team include a meticulous bunch of experts and they need to be, due to the growing number of betting companies here at Stakersland. The team collects all the necessary data in relation to each bookmaker’s financial processes and procedures and it is then displayed in our easy-to-digest summary table below. Read on to uncover what the team discovered when digging away at the Mybet venue sitting far out on the boundaries of Stakersland.
Payment Method Restrictions
Which payment methods are valid when claiming my bonuses?
As is common practice at Stakersland, both Neteller and Skrill are the two standout deposit methods that are excluded from Mybet’s main marketing offers.
The Influence of Third Party Agencies
What checks are being made and do they use any third party agencies?
The Mybet team will check staker identities, age, and if they are residents of the countries indicated upon their account registration. Also, the ‘power of disposition over the means of payment‘ might be checked as well before any withdrawals are approved. They also state that "Rhinoceros Operations Limited may also collect information from third party databases for such purpose" - but it does not state which databases are being used and whether they perform checks with external credit agencies.
Personal Data Transparency
Will they inform me about the automated checks being performed?
The Mybet terms and conditions contain a clause about the automated checks that are performed with the use of ‘authorised services’. These checks are needed to verify all the personal information provided by new stakers.
The following tracking software is integrated into the websites of Rhinoceros Operations Limited: AppsFlyer Bannerflow, Daisycon, DNA Fusion, DoubleClick DoubleClick Floodlight, Facebook Custom Audience, MyAffiliates, Spoteffect.
The following website analytics tools are also integrated into the websites of Rhinoceros Operations Limited: Google Analytics Google Tag Manager Leadlink Matomo Pingdom Quantcast Scarab Research.
Social Media Communication
Will my financial disputes and complaints be answered on the social media profiles?
We found some finance-related issues raised within staker reviews on Trustpilot although Mybet representatives do not always reply to them. All the financial complaints from punters at Askgamblers were successfully resolved by Mybet though.
Gambling Anonymously
Are my banking transactions with the bookmaker private?
The name that will appear on staker bank statements will not be “Mybet” but “Rhinoceros Operations Limited”. At the same time, there is no option to use a generic code instead, so you are stuck with ‘Rhinoceros’ for now.
Withdrawal Timeframe & Common Complaints
How fast are the withdrawals and what do stakers complain about the most?
The terms and conditions claim that Mybet will approve withdrawal requests within 24 hours (or within 24 hours after receiving the documents necessary for the source of funds verification). Withdrawals to cards and/or bank transfers will take an additional 3-5 working days to be processed by the bank. The most common complaint from stakers is that their funds are being suspended before account verification and those verification procedures take an unreasonable amount of time to complete.
Player-Friendly Withdrawal Limits
What are the minimum and maximum withdrawal limits available?
The minimum withdrawal amount as indicated in the Mybet terms and conditions is €20 and the upper limit has been set to €10,000 per day. Besides those limits, Mybet also requires you to accept point 13.2 which states that ‘apart from cases of fraud or in the event of death of physical injury as a result of negligence on our part claims not exceeding two thousand euro - €2,000.’
Withdrawal Options & Additional Costs
What are my banking options when withdrawing my funds and do they add fees?
The list of withdrawal methods includes Trustly, Mastercard, VISA (temporarily deactivated as per 22.06/2020), PayPal, and Bank transfer.
An administrative fee of €5 per month will be charged in cases where there was no account log-in for 12 months or more. Additionally, a 5% winning tax is deducted from German stakers’ winnings but there are no other fees on deposits or withdrawals applied.
Regulatory Check Transparency
Are they clear about the Source of Funds and Source of Wealth procedures?
There are no mentions of source of funds/wealth, but instead it is called a ‘power of disposition over the means of payment’ check and this is described in the Mybet terms and conditions. They might ask for a standard SoF set of documents such as bank statement, card photo, and e-wallet account statement, etc.
Conclusion
The payout methods at Mybet are far from abundant with relatively high minimum and low maximum withdrawal limits, which is basically reducing all value for stakers down to the lowest levels. The Mybet team is straightforward in the way they outline the verification procedures in their terms and conditions though, but once again staker experiences say that everything is not quite as it seems. In fact, these verification procedures might take longer than usual and the demands from the team are often cited as unreasonable.
Worryingly, Mybet uses an excessive number of trackers that will follow you all across the internet, though they do make it clear about what they are doing throughout their privacy policy. The terms and conditions are very carefully spelled out without specifics and connected phrases which can always give room for double meaning depending on the way you read them. In our opinion, another attempt is needed here that would benefit from using sports betting specifics and taking more of a standard approach that is line with the rest of the bookmakers here at Stakersland.
Customer Support
Mybet looks to be taking advantage of their small community of stakers by adopting a friendly approach to their customer service. All agents are polite and friendly, and their replies are informative when general betting is concerned, but they lack detail on the technical issues. Both live chat and email are available to contact the team, but the opening hours are only set to 7am to 2am CEST. We had to dig around for these opening times as they were not stated on the Mybet site, eventually an agent was able to give us the official times. Lastly, before we take you through the results of our in-depth testing, we didn’t find an SLA or any other relevant information to compare our results against, but don’t let that bother you as our Stakers team certainly put the Mybet support team through their paces. Here is what we found:
Support Speed & Resolution
How fast do they reply to my general queries?
The agents get connected in 1-3 minutes depending on the time of the day. It then takes them 2-3 minutes to reply to general questions about their main betting services.
Live Chat Access
Is the online live chat tool available on the site?
The live chat option is available for unregistered stakers and the agents were communicating in a friendly tone. They did not provide us with a free bet upon request though and it took them 4.5 hours to reply to our email.
Support Team Competency
How quickly will the support team reply to complex queries?
Be warned that it might take up to four minutes to get an answer to your technical questions as these usually have to be redirected to the appropriate internal departments.
Level of Technical Expertise
Are the support agents sufficiently trained to answer technical queries based on odds, margins, and markets?
The live chat representatives confirmed that technical questions related to sports betting do not belong to their area of expertise. It is obvious that this customer service does not have the required background with Mybet running a simple skin of Kambi whilst leveraging the power of the brand name.
Unregistered Staker Support
Will the customer service team interact with unregistered stakers and will I get a free bet?
The support team do not provide new stakers with any ‘no deposit’ bonuses, but according to an agent their active staker members may request a ‘no deposit’ bonus. Such queries will be forwarded to a related department and just as you would find in most casinos, everything is happening behind the curtains with nothing left for freebies, supposedly.
Professional & Friendly Service
What type of response will I get when requesting a bonus from the service team?
The agents were polite and in relation to our repeated bonus requests, they provided us with information on their current offers. They constantly refused to credit any type of free bet to new stakers though.
Customer Service Knowledge
Will the agents provide the correct information about payment limits when compared to the terms and conditions on the website?
All withdrawal and deposit information along with specific commission and fee details matched up with the onsite information. It seems that the team agents are knowledgeable up to certain degree.
Willingness to Help Out
Will the support representatives help me navigate around their website?
The Mybet agents are happy to provide detailed directions, as well as screenshots and links upon request and are happy to help you find your way around the site.
Tolerance Levels
Does the support team have a high tolerance level for repeated bonus requests?
Upon our repeated bonus questions, agents maintained professional tolerance levels throughout and politely supplied us with information on their currently available bonuses.
Onsite Support Efficiency
How efficient is their onsite Helpdesk compared to the competition?
There is no FAQ section on the Mybet site. Upon asking an agent via live chat, we received a link to an SEO-optimized page that was designed for Google rather than our beloved stakers.
Conclusion
The customer service team at Mybet is mostly German speaking, however, it is possible for them to communicate in a proficient level of English, too. One thing that is certain though is that they do not provide information on technical queries related to sports betting. We also found out that the ‘no deposit’ bonuses are only available for active staker members. Overall, this is a friendly bunch of agents, but the lack of an onsite FAQ section was disappointing. The more we look into this betting company, the more it becomes apparent that the claim of being a bookmaker is merely just a façade - it’s nothing more than a Kambi skin.
Conclusion
The customer service team at Mybet is mostly German speaking, however, it is possible for them to communicate in a proficient level of English, too. One thing that is certain though is that they do not provide information on technical queries related to sports betting. We also found out that the ‘no deposit’ bonuses are only available for active staker members. Overall, this is a friendly bunch of agents, but the lack of an onsite FAQ section was disappointing. The more we look into this betting company, the more it becomes apparent that the claim of being a bookmaker is merely just a façade - it’s nothing more than a Kambi skin.
Read on to find our small yet helpful FAQ section that should help you to overcome any major issues with the Mybet team:
Are you able to complain with Mybet?
Complaints should be raised via live chat or the email address: hallo@mybet.com. Complaints regarding any evaluation of your winning bet amount must be directed within 14 days after the win itself. According to their terms and conditions, they will provide a resolution in no later than 21 days.
Where to complain if they refuse the withdrawal?
A dispute may be submitted to EADR Limited. In case it remains unresolved or a staker is unsatisfied with the resolution, it may then be forwarded to the overriding regulator MGA.
How do stakers rate the Mybet customer service?
There aren’t many reviews from stakers on their customer support. Some stakers complain about the support not being available 24/7, while other stakers rate them positively because of the support agents being so friendly.
Up or down
Mybet sits on the outer edge of Stakersland and while it is far away from the central betting hub, it is a stable enough venue to be open for business most of the day and night. It is unlikely that you will encounter the gates closed even at midnight with those uptime statistics of 99.43%. However, it does not mean that you would slip through and be placing bets in one smooth action. By looking at the analytics of the Google Page Speed Insights, the speed of their web application stands at a moderate 43/100, while the mobile version drops down to just 17/100. We know now that this is purely down to Kambi, so we’ll take the next sentence up with them and not Mybet. We feel that it is obvious that Kambi should take its time to optimise their sportsbook, minimise those JS files, finetune the data load, look at the logs, tweak things back and forth, and try to force the time back in which stakers have to wait until their betting options become active during peak times.
TECHNOLOGY
The Kambi back-end is based on Java and has been created using Spring Framework. Being a truly enterprising solution, it is a tough fight to keep the skins afloat and so requires a substantial workforce to implement changes whenever those are required, especially for the startup. Their front-end is based on React with the use of the nextjs framework. This is considered by our expert team as one of the most appropriate solutions in 2020. However, it would be advised to bring that initial library size down to 1MB, as the full version in use at the moment comes to a huge 3.5MB.
DATA CENTER
Despite the fact that the Mybet pages are protected through Cloudflare, the servers of Kambi are not and connect directly to the B2B provider data center in Stockholm. There is no protection from external threats or penetration attempts. Thus, an attacker may not consider fighting with Cloudflare and the landing pages of Mybet, but instead overload the Swedish server using a distributed denial of service attack directly to an open IP address. While we can see the potential of a large fleet of Kambi servers, the memory problems in Java during normal traffic conditions is the standout issue here.
SSL CERTIFICATE
The Mybet marketing team knows exactly where the honey is as they employ Setigo to provide their SSL certificate. The annual cost of the certification is estimated at $240, or roughly $20 per month. Despite the low cost, it still uses a 256-bit encryption algorithm that allows you to reliably protect staker data. The root key used for encryption has a size of 2048 bits and this specific certificate applies to the following domain names: emapi.mybet.com, emapi-stage.mybet.com, stage.mybet.com, www.mybet.com
We can see that Kambi uses a modern technology stack and they have developed the sportsbook in line with industry leading brands. They have also managed to integrate Sportradar feeds for both pre-match and live in-play betting which does hold value for stakers. It is also worth noting though that the technical background of the experienced Kambi team demands 5 years minimum experience in the offices of Manilla, however, even with the simplest of details they are still making serious mistakes. If you took a little of your time to dig around Google Chrome and the JS scripts, you will eventually find source maps that have not been disabled in the production configs. Those source maps contain the local list of files from Kambi developer computers directly on Mybet…a truly schoolboy mistake.
countries where Mybet is licensed
Rhinoceros Group is the operating company behind Mybet with its registered address in Malta, however, the Mybet HQ is located in Berlin with another office in the city of Cologne. The MGA gambling license opens their sign-up form to various jurisdictions throughout the world and this lines up with how they are able to welcome stakers from Ghana, Greece, and Italy, as well as their main German-speaking crowd. After further investigations, our team also found employees based in Ghana and these are apparently specialists who work remotely, which does help to explain the Ghanaian staker influence at the site.
The choice of the MGA betting license has given Mybet the chance to access betting communities from across the world and they currently welcome stakers from Germany, Ghana, Greece, and Italy to name just a few.
As we pointed out right at the start of this review, Mybet holds a long history in terms of German sports betting as it was founded way back in 1998. It’s obvious that they enjoyed some success in the early days, but the playing field is just too competitive nowadays. The struggle was made glaringly clear in 2018 when the Mybet Holding management board opened insolvency proceedings after talks with a strategic investor collapsed. The €4 million debt was simply too high for anyone who was looking to take over the Mybet brand. The initial fall from grace started back in 2013 though with a drop in revenue year on year, as well as significant changes in their EBITDA (earnings before interest, taxes, depreciation, and amortization) from positive to negative. The final hammer blow came when a subsidiary of Mybet Holding’s, FLUXX, was charged with €11.5 million in damages.
The board did make attempts to recover from this with new management in place and they did steer their way to an increase in revenues with their EBITDA bouncing back to just above the ground at €600,000. The bigger operators started to hover round the company though with Mr Green snapping up Mybet Italia in 2015, allowing Mr Green to then move into the lucrative Italian market themselves. Mybet then sold their stakes in Pferdwetten.de for €9.9 million but this was not enough and they continued to make losses during 2017 with their EBITDA in Q1 again coming in negative at €2.84 million, compared to a loss of €803,000 in the same period the year before. That was a signal for the end and the operator filed for bankruptcy on September 4th, 2018. Rhinoceros Group then stepped in at the end of 2018 and released their Kambi-based white label in April 2019. It’s been a tale of many ups and downs for Mybet but apart from the damages awarded against their subsidiary, FLUXX, the Mybet name itself has never had any sanctions or related court action held against it.
Questions
What documents do Mybet require for account verification?
To establish staker identity, Mybet accepts identity cards, passports or driving licenses - with expiry date and both the front and back required. For proof of address the team accepts utility bills or letters from an official institute such as the government, bank, and insurance companies. For the source of funds checks the proof of bank account or payment method in the form of a statement will be sufficient enough. The terms and conditions are spelled out very carefully and without specifics so you could easily misinterpret them which may create issues further down the line, so take your time to fully understand what is expected of you.
How long does it take them to settle the bets and payout?
The Mybet Sportsbook is provided by Kambi and as such is geared by the information coming through from Sportradar. Bets are settled as soon as the official results of an event are publicly available and these bet settlements are both based on internet scores and official results. In most cases, bets are settled immediately with winnings being transferred over to staker accounts, but it can often take some time until their sportsbet provider officially settles the bet. Normally this will happen within 30 minutes but they reserve the right to settle bets within 24 hours if they need the extra time.
How to request a withdrawal and how long it may take?
Withdrawals can be requested from the Mybet account while logged-in, but wherever possible, funds will be transferred the same way they originated from and the approval time is often 24 hours. However, only fully verified Mybet stakers will be allowed to withdraw funds and the overall KYC procedure might make the payout process a lot longer, so be warned. Furthermore, €5 fees are added to any accounts that have not been accessed for more than 12 months, and there is also a 5% winning tax which will be taken from any winnings of those stakers from Germany, but there are no other fees on deposits and withdrawals being applied elsewhere. Take note that the minimum withdrawal is €20 with a maximum limit of €10,000 per each 24-hour period.
Are multiple accounts allowed?
The opening of multiple accounts is considered bonus abuse and violation of the general Mybet terms and conditions. If any accounts are found to be duplicates, associated winnings are likely to be withheld and you’ll be excluded from promotions and also be held to immediate or permanent account closure.
Is it safe to open an account with Mybet?
Mybet is a fully regulated and compliant operator with no official sanctions recorded against their name or license. However, there are many pieces of evidence from stakers that show their accounts being suspended in relation to longer than expected KYC verifications, which then makes their withdrawals a lot more complicated. While it would take a few days of operation to clear the winnings of their top €250,000 limit, we think Mybet is still financially stable due to its sister sites of Wunderino and Hyperino. It would be much safer for stakers if they reduced their limits to guarantee those payouts but at the same time, this would bring the winning potential right down to some of the lowest limits at Stakersland. You’ll need to weigh up the pros and cons but there is superior betting value to be found elsewhere in our opinion.
VPN Usage Legal or Not?
If you're using VPN and the Mybet system recognizes an IP from any restricted location, they will block your account. Other than that, you can still access the site with VPN all the same but it has been stated that this is clearly against the Mybet rules.
gross gaming revenue
customer base
time to make €250K
Social Buzz
Up or down
The profile has been claimed but the team are still deciding to ignore the ‘bad’ comments which take up 93% of the total reviews. There has been no considerable change in ratings either with most stakers complaining about frozen funds, verification issues, and a limited game selection.