Ted Menmuir

12th March 2021
Europe, Latest News, Sports Betting

Comments Off on Football Index will suspend business as soon as it enters administration

Football Index confirmed this morning that it has entered the administration and suspended all trades on its platform

With a player update, Football Index confirmed that the decision was made after consultations with the UK Gambling Commissions (UKGC) and Jersey (JGC)

Last weekend, the Football Index was hit by a “customer exodus” when traders withdrew accounts from their platform after deciding to cut dividends on individual transactions

The decision would result in an immediate drop in football player ratings and lower returns for its dealers, with many claiming to be thousands of pounds out of the pocket

This morning Football Index announced that it is seeking a “restructuring agreement” to please all of the company’s stakeholders, including the gaming community

Football Index has recruited bankruptcy trustee Begbies Traynor in an effort to achieve the best “result for customers” by keeping its player trading platform in a “restructured form”

“Until the administrators are in office, the platform remains blocked and no trading or payment transactions such as deposits and withdrawals are possible,” said Football Index with

“As soon as the administrators are in office, they are in contact with customers, creditors and other stakeholders. This intermediate step in suspending the platform is only intended to ensure that all rights relating to the funds held by BetIndex Limited are preserved”

Football Index assured all customers that existing cash balances were being moved to an administrator protected “segregated account” that would communicate with them personally about their liabilities

“The board has always sought the best way to keep the platform up and running as we believed recovery was not only possible but also in the best interests of our customers

“This decision is deeply regrettable and the outcome we sought to avoid by restructuring dividends, however, we believe that this is the most responsible path for our community to take in view of the evolving situation”

In a move considered far too late by critics, the UKGC announced this morning that it had suspended the company’s license, prompting the Betting and Gambling Council to also suspend the company’s membership of its standard organization

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Football Index

World News – UK – The Football Index will cease business as soon as it enters administration

Source: https://www.sbcnews.co.uk/sportsbook/2021/03/12/football-index-suspends-business-entering-administration/