Germany’s GGL has revoked Tipster’s sports betting licence after the company filed for bankruptcy.
Tipster first hit the headlines in April when it was targeted in a large-scale police raid as part of a global investigation into illicit gambling, money laundering and tax evasion.
Following a regulatory inspection, the German gambling regulator concluded that Tipster no longer met the requirements for legal operation.
As a result, the company has been removed from the official whitelist of authorised operators.
GGL co-CEO Ronald Benter stated: “We consistently take action against permit holders who violate fundamental rules of the State Treaty on Gambling.”
His colleague Benjamin Schwanke added that the GGL does not “hesitate to take action even against major players in the market.”
Insolvency proceedings
Earlier this month, Tipster said it was undergoing a major restructuring exercise and actively seeking new investors after launching insolvency proceedings in Germany.
In Germany, the insolvency process provides unique restructuring options that are not available outside of insolvency, such as the early termination of unfavourable contracts with suppliers and shorter notice periods to terminate employees.
Tipster also holds a licence from the Malta Gaming Authority (MGA).
However, according to the MGA, the group had already begun the process of surrendering its MGA licence prior to the investigation and was operating solely under its German licence.
Tipster is one of the largest brick-and-mortar betting providers in Germany, with several hundred shops operating across the country.
The entire group, including franchise-operated shops, employs approximately 1,000 people.
Photo credit: © Raimond Spekking
