mybet Holding SE plans to develop payment system and loyalty program
8 Dec 2017
The Letter of Intent defines the framework for UMT and mybet to develop and implement an innovative payment solution for mybet Casino and mybet Sportsbook. In this context, a new customer loyalty program shall be created that is connected to the payment processing.
The overarching objective of the cooperation is to generate an economic advantage for both companies. At mybet, the electronic payment services and the customer loyalty program from UMT shall support the expansion of the customer base and shall create competitive advantages. In addition, the Letter of Intent includes an offer by UMT to invest EUR 500,000 into the new customer loyalty program to incentivize the use of the UMT payment solution by mybet customers.
UMT would expand its customer base and provide the technology infrastructure via blockchain solutions to mybet as the first gambling provider in Europe to be able to offer and process innovative payment functions in the future. Moreover, mybet assesses the possibility to implement further offerings of UMT in the field of electronic payment processing.
The negotiations and the detailed project planning as well as the assessment of the technical feasibility will be started in short notice. Both companies aim at starting the new customer loyalty program on 1 February 2018, in case both the negotiations for a contract and the technical work can be completed successfully until this point in time. This starting date would also be the intended time of the payment of the investment from UMT to mybet. But the signed Letter of Intent does not oblige the companies to enter into a binding contract for cooperation and allows both parties an unilateral withdrawal from the project at any time.