SBC News Voice of the Sports Betting Industry
The Malta Gaming Authority (MGA) has revoked the licence of Tipbet Limited with immediate effect.
On 20 May, the MGA cancelled the licence authorisation of Tipbet Limited, reference MGA/B2C/303/2015.
Founded in 1995, Tipbet is one of the oldest online sports betting firms, with its headquarters in Gzira, Malta. TipBet operates as a pan-European operator with a presence in the markets of Germany, Bulgaria, Macedonia, and Croatia.
The Authority used Section 9 of Malta’s Gaming Compliance and Enforcement Regulations to authorise the cancellation of TipBet’s licence.
The MGA’s order cited numerous Section 9 infringements as TipBet failed to comply with several regulatory obligations and discharge financial commitments of its operations.
The Authority believed that ‘failure of the operator was imminent’. Tipbet also failed to meet commitments to players in a timely manner and did not pay amounts due to the Authority on time. The Authority determined that there was material and sufficient reason to suspend the authorisation.
Under Section 10(a) of the Enforcement Rules, the MGA has the power to cancel an authorisation if one of the grounds for suspension under regulation 9 arises and the Authority determines that cancellation is the most appropriate measure to take.
As of 20 May, Tipbet must immediately suspend all gaming operations and customer registrations.
TipBet must allow existing customers to access their accounts, withdraw remaining balances, and ensure all player funds are credited in accordance with the rules of the Malta Gaming Act (Chapter 583 of the Laws of Malta). Additionally, Tipbet must pay all outstanding fees to the Authority within five days.
The notice was concluded with an order for Tipbet to submit a ‘transaction report’ and supporting bank statements to the Authority within seven days, showing all player funds have been returned.
SBCNews has reached out to Tipbet for a response to its licence being cancelled by the MGA, but no comment has been provided yet.
