Tipster insolvency proceedings begin in Germany

A Cologne-based law firm has been put in charge of proceedings following a police raid last month.

Germany.- The law firm Heidland Werres Diederichs, based in Cologne, has begun insolvency proceedings for Tipster Group. The District Court of Cologne has approved its appointment to wind up Tipster Service GMBH after the company submitted an application for provisional insolvency proceedings to commence.

Last month, police raided Tipster Group, which runs the Tipster.de sportsbook brand. According to media reports, some 1,000 officers took part in a joint operation between the Rhine-Westphalia financial police and the Federal Criminal Police Office, the Bundeskriminalamt.

The raid follows an international investigation into illegal gambling and large-scale money laundering and tax evasion that also involved German anti-corruption units in Bavaria, Berlin, Bremen and Saxony and police in Croatia and Malta.

A message on the Tipster.de website reads: “Unfortunately, due to the recent events, there are currently impairments in our technical infrastructure. We are working hard to make our betting offer available to you again shortly.”

Tipster Ltd GMBH has held a German sports betting licence since Germany since 2010, initially under a provisional licence from the Regional Council of Darmstadt and now under the federal gambling regime. With its headquarters in Ta’Xbiex, Malta, it also runs Norobet and Kuka.de.

Heidland Werres Diederichs said in a statement that the group’s betting operations “will not be affected by the insolvency filing”. It said that Tipster’s business operations will continue in full and that it will ensure the payment of employees. The management of Tipster has told the court that it will cooperate with authorities in the investigation.

See also: German gambling regulator wins court case over TV competitions