Tipbet's gambling license revoked by Malta Gaming Authority.
The Maltese gambling watchdog, the Malta Gaming Authority (MGA), has called it quits on Tipbet's license, ordering them to halt all gaming activities immediately and refrain from registering any new gamblers. This comes after the MGA officially announced that they've withdrawn the license.
What's next for Tipbet?
Gamblers who have already signed up with Tipbet are still allowed to access their accounts, but the regulatory body mandates Tipbet to facilitate the withdrawal of any existing funds within their possession. The MGA expects these transactions to be completed within five days after a request is made.
Interestingly, the MGA's decision doesn't affect the German gambling license that Tipbet holds. That license, issued by the Joint Gaming Authority of the German states (GGL), remains valid and grants Tipbet the right to offer sports betting and casino games in Germany.
MGA demands documents from Tipbet
As a part of the fallout, the MGA is now requesting Tipbet to hand over a transaction report and bank statements from the business accounts. These papers have to be presented to the MGA within seven days.
In 2022, the MGA revoked some gambling providers' licenses due to breaches of legal regulations. Although the specific reasons for Tipbet's revoked license are yet to be disclosed, we'll keep you posted as more information becomes available. Image: "A tired MGA official signing a paperwork" by @bayshorephotoart
German License Holders: MGA Revokes the License of Tipbet - What's Next?
The MGA takes action against potential wrongdoings
No clear reason for Tipbet's license removal has been provided to the public, but it's been reported that the MGA had pulled the licenses of a few gambling providers earlier this year for violating legal standards. Thus far, the MGA has withheld the details of Tipbet's license withdrawal. But as soon as more information comes to light, we'll have it ready for you.
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Source: www.onlinecasinosdeutschland.com
