Fans of casino games operated by a brand owned by Addison Global will be unable to make any bets or play online games following action taken by the Gambling Licensing Authority of Gibraltar.
Online betting brand MoPlay has been forced to turn away business after its parent company Addison had their license suspended. The decision to suspend was made after consultations with the Gambling Commissioner, and means that the short term future is uncertain for MoPlay, Addison Global and the 130 people that the company employs in Gibraltar.
In a statement, the Gibraltar government said that the Gambling Commissioner had worked with executives at the company on coming up with restructuring proposals. It added that although the shareholder of Addison had assured the Commissioner of their intention to offer full support for the further development of the business, this had not been forthcoming:
“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 statement went on to say that it was disappointing that the shareholder’s promised financial support had not materialised, and that the firm had not been given the financial backing that had been promised when it first earned its licence.
The Directors at Addison have been given the task of resolving the solvency issues, but in the short term, the gambling regulator has clearly run out of patience. The suspension is designed to ensure that customers of MoPlay are not put at risk.
The MoPlay site is now displaying a message saying that they cannot take any further bets but that customers are still able to withdraw funds. But there is no mention of the license suspension on the Addison Global site, and the future of the company appears to be in doubt.