Friday September 12,2014 : PINNACLE ANNOUNCES IMMINENT EXIT FROM THE U.K. MARKET
Pinnacle Sports decides against UK secondary licensing and taxation.
Pinnacle Sports is the latest online gambling operator to decide against secondary licensing and taxation under the new point-of-consumption laws in the United Kingdom.
In a statement released Thursday, the company advises:
"Due to imminent changes to British gambling licensing regulations, Pinnacle Sports will after September 30th, 2014, be unable to offer our services to any players resident in Great Britain.
"This statement is intended to provide clarity on the implications for existing British players:
"Amendments to the Gambling (Licensing and Advertising) Act come into force on October 1st, 2014 requiring all companies that advertise or provide gambling services to British residents to obtain a licence from the British Gambling Commission.
"The new restriction is specific only to players whose account details indicate they are resident in Great Britain."
The advisory goes on to tell British punters that all account options other than withdrawals will be blocked after 11.59pm British Standard Time on September 30th, 2014.
Any bets placed up to and including September 30th, 2014 will be honoured.
Funds remaining in players' Pinnacle Sports accounts may be withdrawn at any time free of charge. .