MoPlay declared insolvent and halts customer withdrawals

MoPlay Bust

MoPlay, an Addison Global brand, has been declared insolvent – following last week’s UK and Gibraltar licence suspensions.

Player withdrawals have also stopped being processed, while the operator’s UK-facing site is also now offline.

Troubled waters 

When Addison Global’s Gibraltar licence was revoked last week, the territory’s gambling authority cited financial difficulties as a reason.

Those reasons were also behind the UK Gambling Commission taking a similar approach soon after.

In a statement on its website, the UKGC said the below.

“In accordance with section 118 (4) (c) of the Act, the Licensee is authorised to settle any outstanding winning bets that it has accepted – in reliance of the above operating licences and return any outstanding balances to customers.

“We have informed Addison Global Limited that we expect clear messaging to consumers regarding their accounts.”

Towards the end of last week, Addison Global’s management team resigned with immediate effect.

What happens now?

At the time of the two licence suspensions, players were initially allowed to withdraw funds from their accounts. But since then, things have changed.

On the MoPlay website, the below message was displayed.

“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 T’s & C’s are as follows.

“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.”