Tag Archives: football index

Football Index £4.5m claims hearing taken to High Court

The High Court of Justice for England and Wales has taken on the hearing regarding the distribution of over £4.5 million in funds to former customers of Football Index. Begbies Traynor, the insolvency practitioners for Football Index parent company BetIndex, initially began to process claims against the company in April, one month after the operators collapse.  After the firm initiated …

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Begbies Traynor initiates BetIndex customer hearings

Begbies Traynor, the insolvency practitioners for BetIndex, initiated the process of allocating funds to former Football Index customers at a hearing in the Royal Court of Jersey today. The company was initially appointed as BetIndex’s insolvency practitioner in late March following the initial collapse of Football Index and began processing customer claims against the company in April. In a statement …

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David Clifton, Licensing Expert: Gambling can’t hide from its spotlight

Since my last “Licensing Expert” article for SBC News, the stand-out issues in UK gambling regulatory terms have been (a) the circumstances giving rise to the UK Government’s 20 April announcement of an independent review into the collapse of Football Index and (b) the sudden unexpected departure of Neil McArthur from his position as Chief Executive of the Gambling Commission …

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UKGC under assessment in government Football Index review

The UK government has announced an official independent review into the collapse of Football Index, which will further include an assessment of the UK Gambling Commission‘s (UKGC) regulatory actions. An ‘independent expert’ will participate in the investigation into the demise of Football Index, which operated as a trading platform where users could purchase ‘shares’ in active professional footballers, receiving payments based …

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Football Index administrator begins to register customer claims

Begbies Traynor, the insolvency practitioner of Football Index operator BetIndex, has begun to process customer claims against the company, which officially entered into administration on 26 March. This morning, Begbies Traynor issued a communication to Football Index customers, notifying them that it had begun to register claims against the insolvent business, requiring affected customers to fill out an online form. …

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UK Ministers to launch Football Index probe

UK government Ministers are reportedly planning to launch an investigation into the collapse of ‘football player trading exchange’ Football Index. The Times reported that legislators are ‘deeply concerned’ by the collapse of the operator, after users lost over £100 million following its crash into insolvency. “This case further reinforces the need for our comprehensive review of gambling laws,” a government …

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Footstock surrenders UK gambling licence in Football Index aftermath

Football betting trading operator Footstock has surrendered its UK gaming licence and terminated its operations, just two weeks after competitor Football Index’s licence was revoked by the UK Gambling Commission (UKGC). Operating on a similar premise to Football Index, Footstock incorporated a ‘playing cards’ feature into its trading platform – reminiscent of the popular panini trading stickers game – in …

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UKGC responds to Football Index backlash

Following public concerns, the UK Gambling Commission (UKGC) has this afternoon published further information on its investigation and licence suspension of BetIndex – the operating company of under administration Football Index.  The Commission states that its formal license review proceedings began on 20 May 2020, following concerns about the business. Initial review proceedings focused on ‘issues in relation to the …

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UKGC warned over Football Index ‘pyramid scheme’ in January 2020

The UK Gambling Commission (UKGC) allegedly received a warning regarding betting exchange Football Index in January 2020, describing the website as a ‘dangerous pyramid scheme’. According to The Guardian, a document was sent to the UKGC, notably highlighted issues surrounding Football Index’s dividends, which it argued resembled the activities of a pyramid scheme. The report estimated that in January 2020, …

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