MoPlay Declared Insolvent After UK Gambling Commission Suspension
Addison Global’s MoPlay betting site has been declared insolvent.
The popular betting site had its operating licenses suspended by both the UK Gambling Commission and the Gibraltar Licensing Authority last week. This week, the betting site and operator has announced that it is insolvent and has stopped paying out its customers.
MoPlay had its licenses suspended due to its inability to honour its outstanding debts. Following the suspension, customers were still allowed to withdraw funds from their account but by February 22nd, the betting site had stopped processing withdrawals in both jurisdictions.
Users who visit the site are greeted by a message which reads: “Please note that MoPlay cannot take any further bets or accept any other gambling activity. If customers have any queries please contact our solutions team via email [email protected].” Another message now greets registered users, reading: “Due to financial difficulties, we are unable to process withdrawals. We draw your attention to clause 9 of our terms and conditions which refers to the status of funds in the event of insolvency.”
According to MoPlay’s terms and conditions, although player funds are held separate from company funds, the funds are not considered separate and players will not receive their funds back when the company becomes insolvent. The clause reads: “However, if there was ever a situation where we become insolvent, your funds would not be considered separate to the other company assets and you may not receive all your funds back.”
Financial Problems
According to iGaming Business, MoPlay and operator Addison Global Limited owed large sums of money to several of its affiliate partners including a massive sum of £500,000 to one partner. Sources close to the firm have claimed that the money has been owed since March 2019.
In a statement supplied to iGaming Business after Addison Global lost its Gibraltar license, the operator stated that it had expected to receive more financial backing than it had. Commissioner Andrew Lyman said: “It is most disappointing that the promised financial support from the shareholder has failed to materialise, as the firm has not received the financial support it was projected to receive when first licensed.”
Reports also suggest that Addison Global was hit with mass resignations after the entire executive team allegedly stepped down on February 19th. The news comes just days after the UK Gambling Commission suspended Triplebet’s operating license, effectively shutting down its Matchbook betting site.
Gamblers based in the UK can no longer gamble at Matchbook but players are still free to withdraw winnings and any funds remaining in their accounts. Following the suspension, Matchbook claims it is in regular contact with the Commission to address all issues and regain its operating license.