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Pinnacle (formerly known as Pinnacle Sports) is an online gaming website that was founded in 1998.
Since its inception, Pinnacle has 🌻 become a medium-sized, fully licensed, online sportsbook.
Pinnacle Sports rebranded to Pinnacle on June 1, 2016[1] after acquiring the pinnacle.com domain 🌻 name.[2]
Presently, the company has customers in over 100 countries and is available in 19 (including international English) different languages.
While most 🌻 of the company information, including number of employees and gross revenues are kept private, Michael Konik, author of The Smart 🌻 Money, believes "it would not be out of line to guess that their [Pinnacle Sports] annual handle is in the 🌻 billions of dollars."[3]
Pinnacle headquarters are located on the island of Curaçao of the Kingdom of the Netherlands, and the group 🌻 is fully licensed and regulated by the Government of the Netherlands Antilles (license number: 8048/JAZ2013-013),[4] which also functions as the 🌻 regulating body for the gaming industry.
On March 19, 2015 Pinnacle announced the award of a Class II Remote Maltese Gaming 🌻 Licence,[5] MGA/CL2/1069/2015 for the provision of sports betting.
Regulation requires that Pinnacle must maintain sufficient funds to be able to honour 🌻 the winnings of their customers at all times.
Reduced margin pricing [ edit ]
When Pinnacle began trading in 1998, most gaming 🌻 companies used bonuses to lure potential customers.
Rather than offer sign up or reload bonuses, Pinnacle became the first sportsbook to 🌻 introduce a reduced margin pricing model or reduced juice, thus deriving profit from lower margins but a far higher turnover.
Pinnacle 🌻 began offering -105/-104 ($1.95-$1.
96) prices on head-to-head match odds and spreads, significantly undercutting the standard -110 ($1.
91) pricing model that 🌻 was used by its competitors.
Pinnacle is able to operate under this pricing model by posting opening 'overnight' lines with smaller 🌻 limits.
This allows Pinnacle to shape their lines according to the betting activity of 'sharp' bettors without exposing the book.
These early, 🌻 low limit bets ultimately allow Pinnacle to offer betting limits with confidence as high as $50,000 or more on selected 🌻 games with their low margin pricing model.
Casino [ edit ]
Although Pinnacle is best known for its sports betting service, they 🌻 have also operated an online casino since September 2004 and offer the following games in cash, high-stakes cash and free 🌻 play formats:Poker [ edit ]
In August 2008, Pinnacle entered the online poker realm, in hopes of taking advantage of the 🌻 online poker phenomenon.
Pinnacle's poker room was run and operated by Entraction software.
The same poker network is used by other online 🌻 gaming websites, such as Betdaq, I4Poker and Redbet.[6]
In June 2011, Entraction informed Pinnacle that due to changes in EU gaming 🌻 regulation their Curaçao license was no longer accepted.
Pinnacle closed their poker room on 13 June 2011 stating "the steps required 🌻 to remain within the Entraction Network will necessitate a significant commitment for Pinnacle Poker.
Given that our current focus is on 🌻 developing our leading Sportsbook and Casino products, we have decided not to pursue the necessary changes.
"[7]eSports [ edit ]
In 2010, 🌻 Pinnacle was one of the first global bookmakers to offer odds on eSports.
What began initially as an experiment quickly turned 🌻 into a major market which has doubled in size for four consecutive years (2010 to 2014).
According to Pinnacle, eSports is 🌻 now the 7th largest market for them in terms of volume, exceeding regular sports like golf and rugby.
Pinnacle reached the 🌻 milestone of a total of one million eSport bets in December 2014, and five million in February 2017.
[8] In the 🌻 rank of money volume wagered, in 2018 the eSports has become the fourth most popular sport and could clinch number 🌻 two in a few years.
In August 2021, Pinnacle announced a sponsorship deal of the Esports CS:GO events Home sweet Home 🌻 and Malta Vibes Ultimate Knockout.
The events took place during March and August of 2021 and included top team names within 🌻 the CS:GO Esports community.[9]
Drone racing [ edit ]
In 2016 Pinnacle was the first bookmaker to offer odds on drone racing.
[10] 🌻 On October 5 Pinnacle announced:
Starting with the 2016 Drone Racing World Championships first event at the Kualoa Ranch in Hawaii 🌻 (October 20–22) Pinnacle will initially offer odds on the outright winner to gauge interest in the market.
Exit from US market 🌻 [ edit ]
On January 11, 2007, in what was considered a controversial move, Pinnacle voluntarily announced that it would no 🌻 longer accept wagers from customers based in the United States in accordance with the Unlawful Internet Gambling Enforcement Act of 🌻 2006, which was passed on September 30, 2006.
The law, which was a last minute addition to Security and Accountability For 🌻 Every Port Act, stipulates that "participants in designated payment systems to establish policies and procedures reasonably designed to identify and 🌻 block or otherwise prevent or prohibit transactions in connection with unlawful Internet gambling.
"[11] At the time, Pinnacle Sports posted the 🌻 following message to their U.S.based customers:
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.
At the time of the announcement, nearly 60-65% 🌻 of Pinnacle's customers were based in the United States.
[12] Passage of the legislation led Pinnacle to have problems with transactions 🌻 involving US banks.
[13] Shortly after the decision, an executive at Pinnacle was quoted as saying: "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.
" The executive also reportedly said that "since the Internet Gambling Bill went into effect, we have lost the ability 🌻 to do business with many quality banks."'
After the decision, Pinnacle teamed up with World Sports Exchange (WSEX) to offer their 🌻 US based customers an alternative to their website.
At customer's requests, Pinnacle willingly transferred all money left in US based accounts 🌻 to new accounts at WSEX.
On December 19, 2008, Pinnacle ceased offering odds on North American horse racing.
Although no official reason 🌻 was given, it is believed this decision was made due to ongoing pressure from the U.S.
government, as well as a 🌻 general decline in interest from their non US based customers.[14]
In Popular Culture [ edit ]
In an episode of The Sopranos, 🌻 Tony is informed by a hospital neighbor (a shot rapper) that the neighbor got down a $50,000 bet on a 🌻 boxing match they were watching at favorable odds from "Pinnacle, man...Pinnacle!"
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