Pinnacle Solution receives MGA licence

The Malta Gaming Authority has granted a licence to Pinnacle’s B2B arm.

Malta.- Pinnacle Solution, the B2B arm of Curaçao-based sportsbook operator Pinnacle Sports, has gained a licence from the Malta Gaming Authority (MGA). The licence will allow it to provide services to sportsbook partners within the MGA’s jurisdiction.

Pinnacle said it was seeking partnerships in various new territories, particularly Europe and Latin America. It currently services more than 50 sports betting operators.

Chief executive Paris Smith said: “We’ve made great efforts to ensure our trading practices and technology stack can be scaled quickly, openly, and transparently in order to give our sportsbook partners a first-class service that delivers the enhanced hold and revenue performance they’re after.

“Obtaining the MGA licence is proof that our expert teams have developed products that meet the market’s demands and high standards, and we’re now looking forward to servicing new partners in more markets.”

In the last month, the MGA has also granted licences to Stakelogic Live and Delasport.

For the moment, the international anti-money laundering (AML) body, The Financial Action Task Force (FATF), has decided to keep Malta on its grey list of untrustworthy jurisdictions. However, it has suggested that the country is close to coming off the list.

It recognised that Malta had made significant reforms through its action plan after it was grey listed last year and had increased its use of the Financial Intelligence Unit’s (FIU) services to pursue money laundering and criminal tax cases. 

Meanwhile, the MGA has advised gambling operators licensed in Malta that the sanctions imposed on Russia require them to undertake new screening on business relationships and background checks on customers.