MoPlay Hopes to Pay Out Customer Balances After License Suspension

  • Site has issued fresh statement that it's doing all it can to safeguard customer funds
  • Users could not withdraw money from their accounts after brand's license suspension
  • Fears grew as MoPlay’s T&Cs say customer funds are not protected in case of insolvency
hand piling stacks of coins
Online sports betting brand MoPlay has said it is doing everything in its power to safeguard the funds currently frozen in its customers’ accounts. [Image:]

A concerning time

Following the suspension of its gambling operations, online sports betting brand MoPlay has said it is hopeful that its customers will eventually get their funds back. Registered users have been unable to withdraw money from their online accounts since the site declared insolvency last week.

arrangements with the aim of safeguarding the customer balances” 

MoPlay has posted an update on its website, saying it is “exploring possibilities to resolve this situation by seeking to enter into arrangements with the aim of safeguarding the customer balances.” 

Some hope for customers

MoPlay’s latest notice states that the parent company’s licenses were suspended for reasons of public interest, “including to protect the interests of consumers.” It also informs that the Supreme Court in Gibraltar had appointed Edgar Lavarello from PWC’s Gibraltar division as the company’s liquidator. This led to the immediate suspension of all MoPlay activities and the freezing of customer funds. 

The operator apologized for any inconvenience and added that it is exploring all potential options to safeguard customers’ account balances. MoPlay will continue to keep its registered users updated on the latest developments.

The player database at MoPlay is rumored to be up for sale. One of the potential buyers is reportedly Star Sports. This customer base sale could net the sports betting brand a seven-figure sum.

Inability to process withdrawals raised fears

In February, both the UK Gambling Commission (UKGC) and the Gibraltar Licensing Authority suspended the licenses of MoPlay’s parent company, Addison Global, as it was unable to meet its liabilities.

In a statement that followed, MoPlay informed that it could not process withdrawals as a result of financial difficulties. Many users who had funds in their MoPlay accounts were concerned that their money would be lost.

customers’ funds would not be under protection if the company went into insolvency

The fears were backed up by the terms and conditions of the betting platform. These state that customers’ funds would not be under protection if the company went into insolvency.

The UKGC requires online gambling site operators to inform customers about the level of protection they provide. The three tiers laid out by the commission are high, medium, and not protected.

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