The suspension of Addison Global’s UK License18th Jun 2020 |
Addison Global, which operates sports betting brand MoPlay, has had its licence suspended by Gibraltar’s gambling regulator according to reports that the company is going through some serious financial difficulties. The Gibraltar regulator released an official statement on the 19th of February 2020. It explained that the gambling brand had failed to honour its outstanding liabilities. It turns out that this was the prime factor that impacted the regulator’s decision to suspend the company’s Gibraltar license.
The Gibraltar Gambling Commissioner has been working closely with Addison Global’s executives on the reestablishing proposals brought forward by a shareholder in the company. The same shareholder made sure to stress that they were to support Addison Global and its further development. However, it became clear that the company had not received the financial support it was expecting to obtain when it first acquired its Gibraltar license. The Gibraltar-based gambling operator allegedly owes considerable amounts of money to several of its affiliate partners. The company owes a debt exceeding the sum of £500,000 to a single affiliate. Insider sources suggest that this amount has been owed to the mentioned affiliate since March 2019.
Despite this, the regulator came down to the conclusion that it was best to suspend Addison Global’s license as a means of shielding the company’s customers from further detriment. In the meantime, the company’s directors have no other option but to address the insolvency issues Addison Group Limited is currently facing.
The Gibraltar-based company, which employs locally around 130 staff members, has experienced financial troubles for some time now despite receiving solid initial investments, including sponsorship deals with several Premier League teams. In September 2019, Watford and Manchester United even filed lawsuits against Addison Global. The Red Devils sought the hefty amount of £9 million in outstanding funds from the company.
A day after the Gibraltar Gambling Licensing Authority has suspended Addison Global Limited’s operating license, the UKGC – the UK Gambling Commission, the body which takes care of the regulation of Great Britain’s gambling industry, has confirmed that it is suspending the UK license of Addison Global Limited, a Gibraltar-based company responsible for the operations of MoPlay. Addison Global Limited can no longer provide betting and gaming services through its UK domain since the license suspension is going to come info immediate effect.
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