High street bookmaker, Betfred, has won an auction for the UK and Ireland player database of MoPlay – after the online operator’s parent went insolvent in February.
As part of the takeover Betfred has also agreed to honour all the outstanding player accounts. Betfred said it would be in contact with all MoPlay customers instructing them to sign up to a Betfred account at which point players “will be given the opportunity to have their cash balances honoured.” It is understood all open bets will be voided and stakes returned to bettors.
“We apologise that it has taken so long to achieve this result for you, but it was important to ensure that the operator who we came to an agreement with was highly reputable and met strict data protection and privacy standards,”
MoPlay said in a statement. MoPlay was forced to suspend its operations in February as gambling regulators in the UK and Gibraltar postponed the licence of its parent company, Addison Global over fears it lacked the finances to continue paying players.
At the time, the Gibraltar Licensing Authority had hoped to work with Addison’s executive team and shareholders to come up with restructuring proposals. After support from shareholders “failed to materialise,” the Gibraltar regulator suspended its licence “to protect consumers from any further detriment.”
The UK Gambling Commission swiftly followed suit, saying Addison’s financial difficulties had breached certain conditions of its UK licence, and ordered a suspension of operations until the issues were resolved. Days later Addison announced its insolvency.
It has since been alleged that Addison owed significant sums to its affiliates – one in particular was owed over £500,000.