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.
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.