UK GAMBLING COMMISSION FACES QUESTIONS OVER FOOTBALL INDEX SCANDAL

Following the collapse of Football Index, the trading arm of BetIndex, it has now emerged that the UK government is planning to launch an investigation. 

According to The Times, government ministers are deeply troubled by the collapse of the self-styled ‘football player trading exchange’, which hemorrhaged over £100M GBP as it crashed into administration last month. 

As previously reported, it is now clear that serious questions had already been raised regarding the platform, and the UK Gambling Commission is said to have received a detailed document labelling the Football Index as “an exceptionally dangerous pyramid scheme” masquerading as a “football stock market”, as early as January 2020. 

Findings from the investigation into Football Index will no doubt feed into the ongoing review into the UK gambling industry, and may have very serious implications for both the gambling industry, and the UK Gambling Commission itself. 

Despite the Gambling Commission having now suspended Football Index’s license, there is growing anger, with some of the thousands of customers who have lost money now accusing the regulator of negligence. 

Law firm Leigh Day is representing a number of former customers, with partner Nichola Marshall quoted as saying: “Whilst it is very early days in our investigations on behalf of the thousands of people who have lost money, there are serious questions which will need answering regarding what has happened at Football Index and what the Gambling Commission understood of Football Index’s activities.”

Football Index had also been a member of the Betting and Gaming Council (BGC), and was sponsoring football clubs Nottingham Forest and Queens Park Rangers. All have now cut ties with the disgraced operator.

AYO.NEWS says:

Any prospect of Football Index salvaging its business has now clearly gone up in smoke. But, what is perhaps more interesting, is the clear failure of both the UK Gambling Commission, in terms of regulating Football Index’s operations, and potential failures on the part of the Advertising Standards Authority (ASA) – with many saying the platform blatantly advertised itself to appear to be an investment rather than gambling platform. 

Some may also be wondering if the recent departure of the Commission’s CEO, Neil McArthur, is in any way related to the emerging scandal?