Mybet wins 11.8€ million settlement over Westlotto

16 May 2017

mybet westlottoGerman bookmaker Mybet has managed to win an out of court settlement deal over Westlotto, after 10 years of legal battling. Westdeutsche Lotterie GmbH & Co. OHG (Westlotto) had according to Mybet "held an illegal boycott of its business by the German Lottery and Pools Organization, in breach of competition law".

The first allegations arose more than a decade ago and in 2014 a Düsseldorf court had ruled that Mybet should receive 11.5€ million in compensation, plus interest. Westlotto had appealed against the ruling, however the German Federal Supreme Court, recently referred the case back to the Düsseldorf Court. Mybet agreed to a settlement, as long as Westlotto awarded them 11.8€ million, something that was consequently accepted.

Mybet expects the €11.8m payment to be made sometime this quarter.  Despite that, they are projected to only receive around €4.9m of this sum, due to an interim financing profit participation deal they entered, with an undisclosed third party last autumn.

 

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