Pinnacle withdraws UKGC licence application

Updating its social media channels, Malta & Curacao-licensed online betting operator Pinnacle (Pinnacle.com) has confirmed that it will no longer be seeking a UK Gambling Commission (UKGC) licence.

The low-margin bookmaker published the following update on its Twitter feed and Facebook group.

Customer announcement: Pinnacle has withdrawn its licence application to the UK Gambling Commission. pic.twitter.com/hXuCfFW1K7

— Pinnacle (@PinnacleSports) May 1, 2018

In 2015, under the guidance of new ownership, Pinnacle one of the industry’s oldest online sportsbooks, set out its new strategic vision of primarily expanding its services within regulated European markets.

Pinnacle would secure a Malta Gaming Authority MGA2 license in March 2015, allowing the operator to offer its sports betting services within European member states markets (subject to local regulatory conditions).

Following its Malta MGA2 approval, Pinnacle stated that it would apply for a UKGC licence with the company initially targeting an early 2017 launch for its UK sportsbook product.

However, since its initial UK application, Pinnacle has seen little to no progress on securing its UKGC licence with the operator being placed under commission review for some months.

Last week, Pinnacle announced the launch of its new B2B sportsbook platform ‘Pinnacle Solution’ seeking to leverage its proprietary technology and knowledge of low–margin trading for new industry clients.

Moving forward, it is believed that Pinnacle’s leadership will prioritise the growth of ‘Pinnacle Solution’ for its regulated market presence.