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Pinnacle reluctantly pulls the plug....
Online sports betters were taken unpleasantly by surprise this week by the news that after almost eight years of US operations, Pinnacle Sports has fallen victim to the Unlawful Internet Gambling Enforcement Act and has decided to exit the American market.
Splashed across the landing page of the popular sportsbook today (Thursday) was the following message:
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"Effective Immediately...
"After careful consideration, Pinnacle Sports has chosen to voluntarily exit the U.S. market. Accordingly, wagers will no longer be accepted from clients within the U.S. as of Thursday, January 11, 2007.
"Those clients who are affected will be required to withdraw their balances using the cashier of their account. We assure all our clients your balances are available and Pinnacle will continue providing our international clients our same great value."
In an interview with the Eye on Gambling information site, a company spokesman added:
"When the U.S. focuses on something and says 'enough,' and when they go to 'war,' no individual company can possibly win in a fight of this nature.
"Since the Internet Gambling Bill went into effect, we have lost the ability to do business with many quality banks.
"Fortunately, 35-40 percent of our current gambling business is non US driven, and perhaps more importantly, we are experiencing stronger growth in Europe and Asia, than we are in the United States.
"So why live in fear?"
Pinnacle, which is respected in the sportsbook sector and carries "A" ratings from influential sites like Sportsbook Review, was founded in 1998 and in a short time grew to be one of the leading international sportsbooks, with thousands of satisfied customers from over 100 countries. The operation took pride in its ability to handle high margin operators and give gamblers attractive rates, boasting 105 style pricing 50 percent better value than many of its competitors and depending on a low margin business model with cash rebates.
Licensed in Curacao, the site handled a large range of sports action with professional skill and efficiency, maintaining sufficient reserve funds in a secure and seperate account to cover deposits and winnings of players. It is understood that at least 60 percent of its action came from American players.
Sportsbook Review, which rated Pinnacle Sports an A+, described the operation thus: "There are currently no equals that can compare to Pinnacle Sports in the categories of; promptness of payouts,value of betting lines and email response times. Additionally, Pinnacle Sports customer service department was awarded the Sportsbook Review 2004 Excellence Award. With the addition of Pinnacle Racebook's 7% rebate along with lines of -105, Sportsbook Review recommends that players takeadvantage of a one of a kind sportsbook and play at A+ rated Pinnacle Sports.
The timing of the exit will be painful for both players and Pinnacle, with only the six play-off games and the Superbowl left in the NFL season.
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