Insolvency proceedings at Tipster Ltd are progressing with the appointment of lawyer Dr Jörg Gollnick as the troubled operator's provisional insolvency administrator.

Gollnick works at Cologne law firm Heidland Werres Diederichs Rechtsanwälte. He is also the provisional insolvency administrator for Tipster Service GmbH, a company that is part of the Tipster group.

Gollnick said that the restructuring hinges on the sports betting operator’s value.

“With the insolvency application for Tipster Ltd in Germany, the course has been set for the restructuring of the entire Tipster group of companies,” said Gollnick. “The group is very valuable: the annual turnover of Tipster Ltd alone was more than €250m.”

“We have set up a structured investor process in order to use a strong partner to support the business operations for the Tipster Group including its franchisees in the long term.”

Alleged Tipster raid

In April, raids took place in North Rhine-Westphalia, Bremen, Berlin, Saxony and Bavaria in relation to an investigation into an unnamed sports betting operator.

The raids, which were the result of a two-and-a-half-year-long investigation into alleged criminal activities, saw six people arrested.

German tabloid Bild reported that the raids in Cologne took place at Tipster’s headquarters.

German Sports Betting Association (DSWV) released a statement confirming that the operator at the centre of the raids was not a member of the association.

The alleged criminal activities include offering illegal gambling and forming a criminal organisation.

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