The Malta Gaming Authority (MGA) has suspended the licence of German sportsbook operator Tipster Limited (Tipster.de), effective from 27 June 2023.
The suspension comes under the stipulations of ‘regulation 8’ of Malta’s Gaming Compliance and Enforcement Regulations, which deems Tipster can no longer carry out its licensee duties.
Tipster will no longer be authorised to carry out online gaming services under its MGA licence and has been ordered to allow registered customers to withdraw their accounts and refund all monies.
The MGA’s enforcement against Tipster aligns with the Gaming Compliance and Enforcement Regulations rules. These were initiated due to Tipster’s insolvency in its home market of Germany.
Last month, Germany’s Federal Gambling Authority, Gluecksspiel (GGL), revoked the licence of Tipster GMBH, placing the Cologne-based betting group into administration.
The decision followed a raid on Tipster’s offices as part of a pan-European investigation into suspicions of large-scale money laundering and tax evasion. Group management immediately filed for bankruptcy as a result.
The enforcement led to Tipster’s removal from Germany’s official whitelist of approved online gambling operators.
The licence withdrawal will affect Tipster GMBH’s insolvency proceedings as the company had expressed its preference in May for restructuring and selling the business through the Cologne law firm Heidland Werres Diederichs (HWD).
Tipster GMBH has been a prominent player in the German sports betting market since 2010, recording an annual turnover of €250m, operating several hundred betting points of sale, and employing a workforce of over 1,000 staff.
Despite the ongoing legal issues, under Cologne court supervision, the restructuring process of Tipster GMBH continues. It seeks interim investment to secure operations and employee wages, underscoring the intent to safeguard the interests of the company’s employees and its vast customer base.