MGA suspends licence of beleaguered betting operator Tipster
Initially, Tipster held licences to operate in both Germany and Malta.
In April, the MGA stated that Tipster’s Malta licence was inactive because the company was solely operating under its German licence.
Furthermore, the MGA indicated that the group had already started the process of surrendering its MGA licence prior to the investigation.
As a consequence of the licence suspension, effective 27 June, the beleaguered business is no longer authorised to conduct any gaming operations.However, the company must grant all registered players access to their player accounts and refund all monies owed to players.
Tipster still has the option to appeal the decision.
Tipster is a major brick-and-mortar betting operator in Germany, with several hundred shops operating throughout the country.
The entire group, including franchise-operated shops, employs approximately 1,000 people.
Last month, Tipster announced it was undergoing a significant restructuring effort and actively seeking new investors after initiating insolvency proceedings in Germany.
In Germany, the insolvency process offers specific restructuring options that are not available outside of insolvency.
These options include the early termination of unfavourable contracts with suppliers and shorter notice periods for terminating employees.