GLA suspends Addison Global licence over solvency issues

Addison Global has had its licence suspended by Gibraltar’s Gambling Licensing Authority (GLA) after it was unable to provide a solution to its solvency issues.

According to a Government press statement, the operating company of mobile sportsbook MoPlay has been suspended following advice from Gibraltar’s Gambling Commissioner Andrew Lyman.

The Commissioner is said to have been working alongside company executives on ‘restructuring proposals put forward by the shareholder of the Company, who at all times have assured the Gambling Commissioner and Government of their intention to support the business and its further development.’

The statement continued: “These proposals, which included honouring all outstanding liabilities, have not materialised and the Gambling Commissioner is no longer able to accept that the firm is able to meet its licensing conditions.

Addison Global was founded in 2017 by former William Hill innovation lead Juergen Reutter seeking to launch a mobile-first challenger sportsbook brand competing against established tier-1 betting incumbents.

A Government statement concluded: “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.

“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.”

 

Check Also

Flutter calls for £850m private placement capitalising on disruptions

Flutter Entertainment Plc has this afternoon confirmed that it plans to sanction a private placement …

MGA survey reveals investment postponements as COVID-19 biggest rupture 

Conducting a survey among its licence holders, the Malta Gaming Authority (MGA) has published first …

Cloudbet makes stablecoin foray with USDT addition

Bitcoin sportsbook and casino Cloudbet has made its first foray into stablecoin betting after confirming …