Pinnacle Severs Ties to Australian Market
In a move that is as shocking as it is unexplained, Pinnacle is severing ties with its entire Australian player base. It’s a move that takes the sports betting giant out of one of the most lucrative gambling markets on the planet.
Word of Pinnacle’s sudden departure from Down Under was sent out yesterday to its Aussie customers via email. No press release or other announcements were made to the media. The email was succinct and to the point saying that the company was, “…unable to offer services in your jurisdiction after March 12th, 2018,” according to a report on CalvinAyre.com.
While Pinnacle’s Aussie customers will be able to recover the money in their accounts, the move was so sudden that all pending bets were cancelled immediately. Players have until April 20 to retrieve any money that’s remaining in their accounts.
Though Pinnacle didn’t give any specifics as to why it’s pulling out from Australia, the fact that the company lacks a sports betting license to operate in the country is likely the main reason. Last month, the Australian Communications and Media Authority (ACMA) announced that it was in contact with a number of operators who were serving the Australian gaming market with the proper licensing.
Outside observers can read the tea leaves to figure out that Pinnacle was likely one of those companies. The move out of a market where it lacks proper licensing also jibes with the overall philosophy of CEO and owner Paris Smith.
Moving out of market like Australia voluntarily also keeps the company in good graces with Aussie authorities and keeps the door open for future, licensed, ventures in the market.