Addison Global had its licence suspended by the Gambling Licensing Authority (GLA) of Gibraltar because it was unable to address its solvency problems.
The mobile sportsbook operating company MoPlay has been suspended following advice from Gibraltar’s Gambling Commissioner Andrew Lyman, according to a government press release.
The Commissioner is said to have consulted with company executives on ‘restructuring proposals put forward by the shareholder of the Company, who at all times have assured the Gambling Commissioner and Government of their intention to support the business and its further development.’
The statement continued: “These proposals, which included honouring all outstanding liabilities, have not materialised and the Gambling Commissioner is no longer able to accept that the firm is able to meet its licensing conditions.”
The company was founded in 2017 by former innovation leader William Hill Juergen Reutter who was seeking to launch a mobile-first sportsbook challenger brand competing against established Tier-1 betting incumbents.
A statement from the Government concluded: “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.
“Whilst the Directors will have to address the solvency issues, a decision has been made to suspend the relevant licences to protect consumers from any further detriment.”