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Malta Gaming Authority revokes Tipbet’s license
The Malta Gaming Authority (MGA) has withdrawn Tipbet Limited’s license, effective immediately.
Being one of the oldest online sports betting companies, founded in 1995 and is headquartered in Gzira, Malta, TipBet is a pan-European operator with presence in Germany, Bulgaria, Macedonia, and Croatia.
TipBet’s license was revoked by the Authority according to Section 9 of Malta’s Gaming Compliance and Enforcement Regulations. As a result of TipBet’s failure to fulfill its financial responsibilities and comply with other regulatory requirements, the MGA identified many Section 9 violations. Tipbet also neglected the payments owed to the Authority on time and fulfill commitments made to players. According to the Authority, the operator’s failure was foreseeable, and the license had to be suspended for a significant and adequate reason.
The MGA can cancel a license under Section 10(a) of the Enforcement Rules if one of the reasons given for suspension under Regulation 9 comes up and the Authority decides that cancellation is the best course of action.
Tipbet was required to stop all gaming activities and customer registrations as of May 20.
In compliance with the regulations of the Malta Gaming Act, TipBet is required to grant its current clients access to their accounts, enable them to withdraw any remaining sums, and guarantee that all player money is credited. It has five days to pay the Authority any unpaid expenses.
In order to prove that all player funds have been repaid, Tipbet was ordered to provide the Authority with a “transaction report” and accompanying bank statements within seven days of receiving the notice.
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