Is online bookie Pinnacle leaving the Australian market?

Aussie punters on the books of online sportsbetting site Pinnacle were left wondering what is going on Monday when they started receiving emails from the operator advising that it is “unable to offer services in your jurisdiction after March 12th, 2018.”

Whilst Pinnacle apologised for the inconvenience, it offered no explanation for its decision, or the logical conclusion that it may be planning to exit the increasingly difficult Australian market.

That leaves Aussies with no way to deposit or make wagers, and indeed all pending wagers have been unilaterally cancelled with stakes returned to player accounts….again without explanation.

Finally, punters have been advised to withdraw any positive balances in their accounts by April 20.
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Given the growing ferocity of Australian regulation and enforcement, Pinnacle has probably been sailing close to the wind Downunder, given reports that it is not licensed as an online sports betting operator.

There is speculation that it may be among the 19 targets which the Australian Communications and Media Authority has identified as major offshore companies accessing Aussie punters without local authorisation.

The Authority has revealed (without being too specific) that it has been in contact with these companies and warned them off, and that this had been successful in a number of cases.

For Pinnacle (assuming this is the end of its Australian adventure) it’s one less profitable market; the company has already pulled out of Poland following a change in management strategy routing the company to regulated and legal markets (see previous reports).

But the company has its eyes set on the UK market, and currently awaits the nod from the UK Gambling Commission on its licence application; that could be another reason why it is moving to clean up its Australian activity.

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