Following last week’s revocation of its operator licence, Addison Global’s MoPlay brand has announced that the company is now insolvent and has stopped withdrawals from customers.
The operator was suspended after the UK Gambling Commission explained in a statement that it suspected ‘that Addison Global Limited has breached a condition of the licence (section 120(1)(b) and is unsuitable to carry on the licenced activities (section 120(1)(d) of the Act).’ Since the suspension, Moplay has ceased processing withdrawals, with the site now offline in the United Kingdom.
A message on the MoPlay website said: “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.”
Clause 9 of MoPlay’s terms and conditions added: “Funds will be held separate from company funds in a mixture of bank accounts and reserve funds which we hold with our payment processors. However, if there was ever a situation where we became insolvent, your funds would not be considered separate to the other company assets and you may not receive all your funds back.”
The former innovation boss of William Hill, Juergen Reutter, created Addison Global in 2017 to launch a mobile-first challenger sportsbook brand competing against existing tier-1 betting incumbents.