Malta Gaming Authority cancels Tipbet's license

Following the announcement of the license revocation, Tipbet must take a number of immediate actions. First of all, the company is prohibited from accepting new players, however existing users are allowed to access their accounts to withdraw any outstanding balances. This decision guarantees the protection of the interests of the company's existing clients.

All player funds must be returned in accordance with the Gambling Act (Cap 583 of the Laws of Malta). Tipbet is also required to pay any outstanding fees due to the MGA within five days of the decision becoming final. Moreover, the company must provide the MGA with a detailed transaction report, supported by bank statements, within seven days to confirm the return of all player funds.

Tipbet is required to ensure that the MGA has access to the necessary means to extract and copy important regulatory data in accordance with the Gambling Definitions Regulations (SL 583.04). In addition, the company must remove any reference to the MGA and its license from its advertising and information materials, as required by section 51 of the Gambling Act.

Tipbet has the right to appeal the MGA's decision under section 43(1) of the Gambling Act. This opportunity provides the company with legal protection and the opportunity to review the decision.

It is worth noting that this is not the first time MGA licenses have been canceled this year. At the beginning of the year, the department also canceled the permit granted to Super7plus. Shortly before this, Rush Gaming's license was suspended. These measures highlight the MGA's rigorous approach to regulatory compliance and ensuring transparency and integrity in the gambling industry.

The cancellation of Tipbet's license is a significant step to ensure compliance with regulatory requirements and protect the rights of players. The MGA continues to demonstrate its commitment to high standards of regulation and monitoring of the gambling industry.