Bet90 is a online sports betting and online casino games venture. The project was established and developed in Germany but its registered office is in Malta. The Bet90 venture has been founded by the German Uwe Lenhoff and was later sold to his public-listed Veltyco Group PLC (now “Bet90 Holdings PLC“).
Lenhoff’s co-founders and major shareholders of the former Veltyco Group were the Dutch real estate investor Dirk-Jan Bakker (aka “DJ Bakker“) and the German entrepreneur Falk Preussner. Both are still major shareholders of the company today. The Bet90 and Veltyco Group founder Uwe Lenhoff was arrested early 2019 on charges of online fraud and running a criminal organization. The US-American Melissa Blau was CEO of the company for several months in 2018. She criticized the company’s involvement in Lenhoff’s illegal activities and resigned as CEO after only a few months.
The Dutch accountant Marcel Noordeloos was one of the co-founders of B90 Holdings and is still one of its directors today. Noordeloos was also active in other Lenhoff companies and coordinated the financial activities for them. The British sports manager Paul Duffon serves as Executive Chairman. One of the managers in the Lenhoff era of Bet90 was the German Ingo Saager.
Trading suspension and financial problems
On March 17, 2020, trading in the shares of B90 Holdings PLC on the London Stock Exchange was halted. At the request of the Board of Directors. The reason was the imminent announcement of the financial status of the company. The figures published shortly afterwards are fatal. The reason given was the COVID-19 pandemic. Due to the cancellation of numerous sporting events, the sports betting business had collapsed. As a result, a large part of the income has been lost. In the best case one would only have more money for 3-4 weeks.
The company announced on 7 May 2020 that it had set up new financing to ward off insolvency. The company has issued convertible loan notes for the third time in the last 8 months and received GBP 450,000 from its shareholders. The notes have been subscribed again by the company’s Dutch shareholder Peter Paul Westerterp and another undisclosed investor. Additionally, the company’s director Mark Rosman has subscribed. Westerterp and Rosman are currently holding approximately 4.4% and 3.1% respectively of B90 Holdings’ issued share capital.