The UK Gambling Commission (UKGC) published an update regarding the investigation into BetIndex and its Football Index platform because of the ongoing interest from the company’s customers. This is the first update on the matter that has been made by the UKGC since its last one on March 19th.
The country’s gambling regulatory body shared that although its investigation in BetIndex is still ongoing, making the company focus on providing its customers with fair treatment and enough information about any developments affecting them remains among its top priorities. For the time being, the gambling company is still in administration, and the UKGC keeps close contact with it.
As shared by the UK gambling watchdog, alongside the courts, it is the Administrators’ task to resolve the return of funds to the customers who have been affected by BetIndex’s crisis. This matter cannot be directed by the UKGC but the regulator remains in contact to make sure that any legal obligations are covered by the company.
For the time being, the funds that the gambling operator has put aside to cover customer stakes in case of any financial difficulties are being held by the Viscount of Jersey. The repayment of the money owed by BetIndex to its customers is continuing as planned, after a court hearing took place on June 22nd to recognise the High Court Order. As a next step in the process, customers are set to be informed by email when their money is released. As it became clear at the court hearing, at this point, they will be able to log into their accounts with the Football Index platform and place a request for a withdrawal.
BetIndex Consumers Remain Concerned about So-Called “Share Portfolio”
A large number of Football Index customers have been concerned about the so-called “share portfolio”. For the time being, the Administrators have not provided any valuation of share portfolios, and the UKGC is not involved in the valuation process.
A few months ago, an independent review into BetIndex was started by the Government, with the Gambling Commission welcoming the probe. At the time, the watchdog shared that the review’s focus on the way of the complex products that have combined both gambling and financial features and that have been offered by the company would be beneficial to consumers.
The Government officially revealed the Terms of Reference for the independent expert review into the collapsed gambling firm on June 7th, 2021. The UK Gambling Commission shared that it also remains fully engaged with the probe, which is headed by Malcolm Sheehan QC, and is aimed at finding some appropriate solutions that can also be adopted into the currently ongoing review of the UK Gambling Act of 2005.
The country’s gambling regulatory body said that it will continue to provide the public with further updates whenever it has more information to share on the matter.
- Author
Olivia Cole
