Following the suspension of its operator licence last week, Addison Global’s MoPlay brand has confirmed that the business is now insolvent and has halted customer withdrawals.
The operator had its licence suspended after the UK Gambling Commission said 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 licensed activities (section 120(1)(d) of the Act)’.
Since the suspension, MoPlay has ceased processing withdrawals, with the site now offline in the UK.
“Due to financial difficulties, we are unable to process withdrawals,” a message on the MoPlay website said. “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.”
Addison Global was founded in 2017 by former William Hill innovation lead Juergen Reutter seeking to launch a mobile-first challenger sportsbook brand competing against established tier-1 betting incumbents.