License Cancelled
The Malta Gaming Authority (MGA) has cancelled Tipbet Limited's license with immediate effect.
The decision was made following a series of compliance failures by the operator, and the Authority used Section 9 of its act to cancel the license.
A Series Of Failures
The decision to cancel the license comes after a string of failures from the operator. The MGA has said that it believes the ‘failure of the operator was imminent’. It has failed to meet the commitment to players and has also not paid the Authority its fees on time.
After careful consideration, the MGA determined that there was sufficient reason and evidence to cancel the operator’s license.
Tipbet, a leading sports betting operator that has been in action since 1995, will now need to respond to these charges and can appeal the decision under Article 43 (1) of the Gaming Act.
Next Stages
Following the license cancellation, Tipbet will be required to suspend all gaming operations and will not be permitted to accept any new customers. Furthermore, existing players will still be able to access the site and access any outstanding funds they have in their accounts. These funds will need to be withdrawn.
The operator will then need to provide a transactional report to the MGA with supporting bank statements within seven days to prove that the players’ funds have been returned. Furthermore, Tipbet will also need to pay any outstanding fees it owes the Authority.
Finally, Tipbet will need to remove any reference it has to the Malta Gaming Authority on its website.
