Tipbet is one of the oldest Malta-based online sports betting operators.
Malta.- The Malta Gaming Authority (MGA) has revoked Tipbet Limited’s operator licence with immediate effect. The Gzira-headquartered operator began life in 1995, making it one of the oldest online sports betting firms in Malta.
The operator built a presence in Bulgaria, Croatia, Germany and Macedonia. However, recent failures to honour financial commitments led the MGA to believe the operator faced “imminent” failure.
Tipbet must immediately suspend gaming operations and customer registrations and must allow existing customers to access their accounts and withdraw any funds. It must ensure all player funds are credited in accordance with the rules of the Malta Gaming Act (Chapter 583 of the Laws of Malta) and must pay outstanding fees within five days.
The MGA cancelled Tipbet’s licence authorisation under Section 9 of Malta’s Gaming Compliance and Enforcement Regulations citing various infringements of regulatory obligations and financial commitments. It said the operator had failed to meet commitments to players in a timely manner and to pay regulatory fees on time, leading the MGA to believe the operator’s failure was “imminent”.
The regulator decided that there was material and sufficient reason to cancel licence authorisation. It has the power to do so under Section 10(a) of the Enforcement Regulation in cases where the grounds for suspension under regulation 9 are met and the MGA determines cancellation to be the most appropriate measure.
Tipbet was ordered to submit a transaction report and supporting bank statements within seven days to show that player funds have been returned. In March, the MGA cancelled the Maltese online gaming licence of BTM Entertainment Group. It had suspended the licence of the operator behind the Roy Richie brand in January 2019. Earlier in the month, it had announced the cancellation of its authorisation for Rush Gaming, the operator of Fansbet.com and Onebet.com.