We reported on several occasions about UKGC initiatives regarding gambling legislation. These measures will surely continue to stir up the gambling industry. One of the measures that will affect the work of all major betting operators is the credit card gambling ban that will be enforced from April this year. The Commission made another decision this year which will have an impact on gambling operators in the country. Operators will have to participate in the GAMSTOP exclusion scheme, which allows players to exclude themselves with a single request. This time the regulator is dealing with operators’ licences and permits.
The UK Gambling Commission (UKGC) has confirmed the suspension of Addison Global’s licence in both the UK and Gibraltar. The suspension comes as the UKGC suspected that MoPlay operator Addison Global Ltd is unable to carry on with its activities and remain in accordance with the law.
Addison Global fails to deliver results
Yesterday, Gibraltar’s Gambling Licencing Authority (GLA) announced the suspension, citing advice from gambling commissioner. This decision came after a statement that the firm lacked the necessary financial support to meet licencing conditions. The statement clearly indicates that regulators had been working closely with executives on restructuring proposals announced from the shareholder.
This comes as a result of the operator’s inability to honour its unpaid debts after funding had failed to materialise. This left the regulator with no choice but to suspend the licence. This way, authorities will protect consumers from any further losses.
Management Team Dropout
A close source stated that this operator is currently without a management team, following mass resignations. The entire executive team stepped down yesterday, just before Gibraltar’s decision was announced. The operator is under the regulators’ audit in order to figure the next business steps. Some of the team executives continue to work voluntarily alongside the unnamed principal shareholder.
UKGC decides to commence a review
Shortly thereafter, the UK Gambling Commission issued a similar statement. They announced that the suspension will have an immediate effect.
Under the terms of suspension, Addison Global will be prohibited to offer gambling services via its website moplay.co.uk to customers across Britain. MoPlay’s websites currently display a notice saying that the site can’t take any further bets or accept gambling activities. Customers are advised to contact their support team with any queries.
However, UKGC noted that this suspension did not prevent Addison Global from settling any outstanding winning bets. They expect this company will communicate clearly with their customers, regarding their accounts.
Addison Global Ltd. is known to owe a significant amount of money to many affiliate partners. The estimations are that they owe more than £500.000 per partner. This money has been owed since the spring of 2019. Despite the big debt, the operator is not officially in liquidation. A legal advisor to the principal shareholder announced that the business will continue to process player withdrawals. This will happen despite Addison Global being unable to take bets, register new players or accept deposits.