MGA Revokes Tipbet Limited’s License Amid Regulatory Infractions

Tipbet’s License Revocation: A Timeline of Events

Tipbet, established in 1995 and headquartered in Gzira, Malta, has been a significant player in the sports betting arena, particularly known for its service in Germany, Bulgaria, Macedonia, and Croatia. However, its longstanding relationship with the MGA soured due to repeated regulatory violations.

On May 20th, the MGA officially cancelled Tipbet’s license, reference MGA/B2C/303/2015, citing a failure to fulfill various regulatory and financial obligations as outlined in Section 9 of Malta’s Gaming Compliance and Enforcement Regulations.

The Grounds for MGA’s Decision

The MGA’s decision to revoke Tipbet’s license was driven by the company’s persistent inability to meet its obligations toward players and delay in paying the necessary fees to the Authority.

The regulator highlighted concerns over Tipbet’s financial management and operational integrity, stating that the company’s “failure was imminent.” Such developments raised alarms about Tipbet’s capacity to continue adhering to the MGA’s stringent regulatory framework.

Immediate Implications for Tipbet

Following the license revocation, Tipbet was instructed to cease all gaming operations and halt new customer registrations immediately.

The MGA mandated the company to ensure that all existing customers could access their accounts to withdraw any remaining balances. This action was in line with the Malta Gaming Act’s stipulations, aimed at safeguarding player funds and ensuring their prompt and fair return.

Adding to the immediate operational cease, Tipbet must submit a detailed “transaction report” and corresponding bank statements within seven days to demonstrate compliance with the directive to return all player funds.