Troubled MoPlay unable to process withdrawals due to financial problems

Stricken gambling operator MoPlay have said they are unable to process withdrawals "due to financial difficulties" and have had their licence suspended by the Gambling Commission.

MoPlay's terms and conditions state customer funds are not protected in the event of insolvency, leaving punters who have not withdrawn their cash and with open positions fearing the worst.

Last week Gibraltar's Gambling Licensing Authority suspended the licence of MoPlay's parent company Addison Global as they were unable to honour their liabilities. The UK Gambling Commission followed suit.

A notice on MoPlay's website told customers their licence "has been suspended and we cannot take any further bets or accept any other gambling activity".

It adds: "Due to financial difficulties, we are unable to process withdrawals."

The notice refers customers to clause nine of their terms and conditions, which covers the status of funds in the event of insolvency.

While customer funds are held separately to company funds, MoPlay warn: "If there was ever a situation where we became insolvent, your funds would not be considered separate to the other company assets and you may not receive all your funds back."

The Gambling Commission requires all operators to tell their customers what level of protection they provide.

In MoPlay's case they are not protected, meaning "money in these accounts would still be seen as part of the business if it went bust", according to the commission.

There are three levels of protection laid out by the commission, with the most secure classed as high. Betfair and BetVictor are among operators who offer this level of protection.

The commission defines high protection as: "Customers’ money is held in an account which is legally and in practice separate from the rest of the company. This account is controlled by an independent person or external auditor."

A statement from the Gambling Commission said the industry regulator had begun a review of the company and they understood MoPlay were unable to process withdrawals due to financial difficulties.

The commission added: "We remain in contact with Addison Global Limited and expect clear and updated messaging for consumers regarding their accounts."

MoPlay were launched in 2018 with former William Hill chief experience officer Juergen Reutter as chief executive and Patrick Jay, the former Ladbrokes betting and trading director, as chief operating officer.

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