Apparently, the UK gambling company Betfred has managed to win the competitive auction for MoPlay’s database after the company that owns the online gambling brand, Addison Global, has fallen into insolvency.
There has been strong competition between the companies willing to acquire the customer database involving the UK business of MoPlay. Apart from Betfred, who now seems to have won the competition, companies such as BetVictor, Virgin Media and Star Sports have also been involved in the auction that started after Addison Group sent an email to inform its customer of the insolvency. The gambling group also shared with its customers from the UK and Ireland that they would be able to withdraw their funds from their MoPlay balances after they register an account with Betfred.
Online gambling brand MoPlay went into insolvency after its operating licence was first suspended by the Gambling Licensing Authority of Gibraltar, and then by the UK Gambling Commission (UKGC). The measure was adopted after the regulatory bodies found that MoPlay’s owner Addison Global had breached the requirements towards affiliate companies for a significant amount of time, and no sign of improvement or main shareholder effort to make things right was demonstrated.
Customers Would Have to Register an Account with Betfred to Withdraw Their Funds
At first, MoPlay announced that its customers’ outstanding balances are to be honoured and clients will be able to withdraw their money from their accounts. However, the Supreme Court of Gibraltar ruled to appoint a liquidator for Addison Global, the withdrawals were put on hold. This raised some concerns, as clients were left with no information on the matter, despite the fact that the Terms & Conditions of MoPlay state that the online gambling company did not provide any funds protection for its clients.
For the time being, all gambling companies in the country are obliged by the UKGC to keep their customers informed about the level of customer funds protection. There are three levels of protection by classification offered by the gambling watchdog as a reference – no protection, medium protection and high protection.
Considering the fact that MoPlay offered no guarantee for its customers’ funds, the best option for the company that owns the online gambling brand was to sell the operator’s database in order to resolve the situation with the halted withdrawals. As mentioned above, it was Betfred that turned out competitive enough to acquire the UK section of the company’s customer database that currently involves 45,000 clients. For now, no more information about the following actions of the UK gambling company in regard to the price that is to be paid by Betfred to acquire the customer database of MoPlay.
As for the MoPlay customers who are willing to withdraw their money, they would have to register an account with Betfred, and the UK gambling company would get in contact with them within the next 72 hours to inform them how the withdrawal process will be handled.