Tipbet Loses Malta License over Regulatory Breaches
The Malta Gaming Authority (MGA) has cancelled Tipbet’s authorization to operate in its jurisdiction.
With its authorization cancelled, Tipbet can no longer operate its betting platforms in Malta. (Source: CNN Travel)
LISTEN TO THIS ARTICLE:Effective immediately, Tipbet is required to suspend all gaming operations and new customer registrations. However, existing users must be allowed to log into their accounts to withdraw any remaining funds.
Additionally, the company is required to refund any player’s fund in its account to the player in accordance with the Gaming Act (Chapter 583 of the Laws of Malta). Tipbet must also pay any outstanding fees to the MGA within five days of the cancellation taking effect.
Furthermore, the company must provide the MGA with a detailed transaction report, accompanied by supporting bank statements, within seven days confirming that all player funds have been fully refunded.
Tipbet must also grant the MGA access to its systems and facilities to extract and copy crucial regulatory data as specified in the Gaming Definitions Regulations (S.L. 583.04). Lastly, the company must remove all mentions of the MGA and its authorization from its marketing materials, websites, and other platforms, as mandated by Article 51 of the Gaming Act.
More Regulation News
Tipbet’s Non-Compliance with Gaming Act
According to the MGA, Tipbet’s license was revoked after the company failed to comply with multiple regulations, including those related to responsible gaming and anti-money laundering, as contained in the Gaming Compliance and Enforcement regulations (S.L. 583.06).
Tipbet can appeal the decision under Article 43 (1) of the Gaming Act.
Tipbet was established in 1995 but gained MGA approval in 2014. The operator offers odds on all major sporting events around the world on its online platforms and in branded physical shops run by franchisers. Its headquarters are located in Gzira, on the island of Malta.
At the beginning of the year, MGA also announced the cancellation of Betago’s authorization. The decision came after the regulator ordered Rush Gaming to halt its operations in Malta in compliance with the Gaming and Enforcement Regulations.
RELATED TOPICS: Regulation
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Tipbet Loses Malta License over Regulatory Breaches