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SBC News has revealed that Touchbet ltd and Sporting Index owner Magnus Hedman is the new majority shareholder in Pinnacle Sports, once among the biggest online sportsbooks catering to North America. The company pulled out of the US market in 2007, opting instead to focus on Europe and Asia.
Earlier this year, Pinnacle Sports announced it had sold to an “unidentified individual” and that person has now been revealed as Hedman.
Pinnacle CEO Paris Smith credited Hedman with helping the betting firm obtain its Malta Gaming license. The company had to pull out of the UK betting market earlier this year due to a new stringent taxation policy.
Pinnacle Sports has maintained a low profile
In October 2012, a number of agents employed by Pinnacle Sports were arrested across the United States. Former Cantor Gaming sports book director Mike Colbert was among those charged at the time with enterprise corruption and money laundering.
A co-founder of Pinnacle Sports, George Molsbarger, was also arrested at the time. Charges against Molsbarger were later dropped.
- Aaron Goldstein, Gambling911.com
