Both UK and Gibraltar gambling regulators decided to suspend the licenses of Addison Global Limited, the operating company of online bookmaker MoPlay, due to financial security issues.
More specifically, Gibraltar’s Gambling Licensing Authority (GLA) suspended first Addison Global’s operating license; following advice from Andrew Lyman, Gibraltar’s Gambling Commissioner, regarding the company’s lack of financial support necessary for meeting its licensing conditions.
Lyman had been working closely with the company’s executives on restructuring proposals that had been put forward by its shareholder, who had assured the Commissioner that his intention was to support the business and its further development.
Nevertheless, those proposals, along with the promised financial support by the shareholder, never materialized. Thus, the GLA was left with no choice but to suspend Addison Global’s license, in order to protect MoPlay’s members from any further detriment.
Following the example set by the GLA, the United Kingdom Gambling Commission (UKGC) also suspended the operating license of Addison Global. The UKGC stated that the parent company of MoPlay has breached a condition of its license, therefore it is deemed unsuitable to continue its licensed activities.
Despite the immediate effect of the suspension, as Addison Global is already prohibited from offering all gambling related activities through its MoPlay website across Britain; the company isn't blocked from returning any outstanding balances to players or settle any outstanding winning bets.
Nonetheless, MoPlay UK has confirmed that the firm is now bankrupt and that it has ceased processing player withdrawals due to financial difficulties.