The Malta Gaming Authority (MGA) has immediately revoked the license of Tipbet Limited.
On May 20, the MGA canceled Tipbet Limited’s license number MGA/B2C/303/2015.
Founded in 1995, Tipbet is one of the oldest online sports betting companies with its head office in Gzira, Malta. Tipbet operates as a pan-European operator, present in the markets of Germany, Bulgaria, Macedonia and Croatia.
The Authority used Section 9 of the Malta Gaming Compliance and Enforcement Rules to cancel TipBet’s license.
The MGA’s order cited numerous violations of this section as TipBet failed to comply with a number of regulatory and financial obligations.
The department considered that “the operator’s failure was inevitable.” Tipbet also failed to fulfill its obligations to players on time and did not pay amounts due to the authorities. The Office determined that there were substantial and sufficient grounds for suspending the license.
Under Section 10(a) of the Enforcement Rules, the MGA has the power to cancel a license if one of the grounds for suspension under Rule 9 arises and the Authority considers that cancellation is the best course of action.
As of May 20, Tipbet must immediately cease all gaming operations and stop customer registrations.
TipBet is obliged to provide existing customers with access to their accounts, to ensure that balances can be withdrawn and that all player funds are credited in accordance with the rules of the Malta Gaming Act (Cap. 583 of the Laws of Malta). In addition, Tipbet must pay the Authority all outstanding fees within five days.
The notice concluded by requiring Tipbet to provide the Authority with a “transaction report” and supporting bank statements within seven days, confirming that all funds had been returned to players.
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