Malta Gaming Authority Revokes Licences of Troubled Sports Betting Operator TipsterPublished September 7, 2023 by OCR Editor
In a decisive move to safeguard the integrity of its gaming sector, the Malta Gaming Authority (MGA) has entirely revoked the licenses of Tipster Limited, a sports betting operator. The complete cancellation follows a suspension issued in July amidst insolvency proceedings against the beleaguered company.
The Malta Gaming Authority (MGA) has finalized its decision to entirely cancel the licenses held by sports betting operator Tipster Limited in Malta. The action follows a provisional suspension that was put in place in July in response to a winding-up order against the company. According to the MGA, the complete cancellation was deemed the "most appropriate" measure in light of the circumstances.
As part of the revocation process, Tipster must notify all its players about the license cancellation and settle any outstanding fees owed to the regulator. Additionally, the sports betting operator has been instructed to remove all mentions of MGA licensing from its websites.
Tipster has been grappling with financial difficulties, evidenced by insolvency proceedings that commenced in June. Dr. Jörg Gollnick was appointed as the provisional insolvency administrator for the company.
Gollnick had stated that the future restructuring of the business would largely depend on Tipster's market value.
Interestingly, the troubles for Tipster are not confined to Malta. Germany's gambling regulator, Gemeinsamen Glücksspielbehörde der Länder (GGL), also withdrew its sports betting license for the company. Although the reasons were not publicly disclosed, the regulator cited concerns over player protection as a motivating factor for the withdrawal. This decision from Germany's GGL came on the heels of raids at Tipster's headquarters in Cologne, Germany. The charges were part of an ongoing investigation into alleged illegal gambling activities and forming a criminal organization. Six arrests were made during these operations.
This development underscores a more significant trend of license cancellations and suspensions in Malta. In recent months, the MGA canceled EGMIT Elite Limited's B2C gaming service license, forcing the company to cease all operations of its Elite24bet site. The regulator also suspended SFJL Holding Limited's license for regulatory breaches, including a failure to inform the regulator of material changes in the business. On a more optimistic note, the MGA lifted a prior suspension of Green Feather Online after acknowledging "prompt action and cooperation" from the operator.
The series of actions taken by the Malta Gaming Authority raises questions about the rigor of regulatory oversight in the country's gaming sector. With an increasing number of cancellations and suspensions, it becomes imperative for operators to fully comprehend and adhere to regulations to continue functioning in this jurisdiction. It also highlights the accountability measures being actively enforced to protect operators and consumers in Malta's evolving gaming landscape.