Online gaming and eSports bookmaker Pinnacle has announced the withdrawal of its application to the UK Gambling Commission, after previously seeking a licence for nearly two years.

In a statement, the company said: “Although we are eager to serve the UK betting market, the decision has been made that now is not the right time.

“We appreciate that this will leave some of you disappointed but please rest assured that Pinnacle remains committed to bringing its low margins, high limits and unique winners welcome policy to the UK market when the time is right.”

Back in 2015, Pinnacle outlined a new strategic vision that primarily focused on expanding it services within regulated European markets.

Following this, the operator secured a MGA2 licence from the Malta Gaming Authority later that year, permitting it to offer its sports betting services within European member states markets.

Originally, Pinnacle was hoping for an early 2017 launch of its UK sportsbook product, but since its initial application there has been little progress to securing the licence.