The sports betting platform Football Index, which became notorious for its unexpected collapse and had its operating licence revoked, triggering significant concerns regarding its customers’ money, seems to have taken measures to guarantee its players’ payments. Now, it seems that the company’s customers will finally be able to get their money back, following months of concern about their funds.
According to a recent update, the Jersey Court has given the nod to a new application by the liquidators of the sports betting operator, under which customers of Football Index will be allowed to get their money back. The gambling platform’s users will be given a short period of time to seek their funds from the operator, after which they will get only one more chance to take action and have their money back.
As Casino Guardian previously reported, the Football Index betting platform offered punters to place wagers on the performances of professional football athletes, or “purchase” so-called “stakes” in these athletes. However, the gambling platform surprisingly collapsed, leaving hundreds of thousands of people wondering what will happen with the money they had left in their customer accounts.
Eventually, the company had its operating permit revoked by the UK Gambling Commission (UKGC) in 2020, which left its customers’ funds pretty much stuck on the platform, with people being unable to withdraw their money. According to reports, millions of pounds were left in the system, which triggered concerns about whether the money will ever be returned to its rightful owners.
Authorities Suspect Football Index of Using So-Called Ponzi Scheme
As already revealed, the local authorities suspected that Football Index may be a Ponzi scheme, so they started investigating the company’s business. Now, many months after its unexpected collapse, it seems that there might still be some hope left for the players who had their money stuck on the betting site.
The UK Gambling Commission (UKGC) officially revealed that the back-up money of the betting platform – or, in other words, the money in the Football Index’ Trust Deed – is currently being held by the Viscount of Jersey. This is the money that is meant to be used to cover customers’ money on the platform in case of financial trouble. Now, the UK gambling regulator shared that, following a court’s decision earlier in October, repayment of the money to customer wallets is set to continue as planned. The watchdog explained that a court hearing took place on June 22nd in Jersey to recognize the order of the High Court.
As announced by the UKGC, Football Index’ customers will receive emails explaining how they should reclaim their outstanding balances from the betting platform. Punters are given 40 days to do so.
In case Football Index’ customers fail to meet this deadline, they will be given one more chance to reclaim their money when the dividends are paid to the gambling operator’s creditors. Still, the UK gambling regulator advised them to make sure they act now, instead of waiting for the dividend process.
The Gambling Commission also revealed that, for the time being, Administrators have made no valuation of share portfolios and explained that the “share portfolio” of Football Index is outside its regulatory jurisdiction.
- Author
Olivia Cole
