Financial issues see Addison Global's Gib licence suspended
Addison Global, which operates sports betting brand MoPlay, has had its licence suspended by Gibraltar’s gambling regulator amid reports that the company is facing serious financial difficulties.
The Gibraltar Licensing Authority explained that it had taken the decision as a result of the operator's inabiltity honour its outstanding debts, after a new injection of funding failed to materialise.
iGamingBusiness.com understands that the operator owes significant sums to multiple affiliate partners, including a sum upwards of £500,000 (€597,000/$645,000) to one. This money has been owed since March 2019, according to sources close to the matter.
In a statement provided to iGB, the regulator suggested Addison Global had expected to receive greater financial backing than was actually the case.
“It is most disappointing that the promised financial support from the shareholder has failed to materialise, as the firm has not received the financial support it was projected to receive when first licensed,” Gambling Commissioner Andrew Lyman said.
“Whilst the directors will have to address the solvency issues, a decision has been made to suspend the relevant licences to protect consumers from any further detriment.”
The Gambling Commissioner's office did not mention the status of player funds, or what assurances it had been given that gave it cause to believe that the operator was due to receive additional funding.
iGB has submitted further questions to the Authority on this matter, though the Commissioner is yet to respond.
Addison Global, via chief strategy officer Nyreen Llamas, claimed that it was unable to comment on anything regarding the licence suspension, including the status of player funds.
The operator's press team, and other staff, were yet to be informed of the regulator's decision when contacted by iGB.