Leigh Day said that Football index customers had been “misled by the platform and failed by the Gambling Commission”, suggesting that either could be the target of any upcoming claim if it is filed in court.
The claim is open to customers of Football Index. According to the operator’s terms and conditions, Football Index account funds were held in a standalone account which is separate from BetIndex’s general accounts. While trust arrangements are in place to offer protection of these funds, the operator said there was “no guarantee that all funds will be repaid in the event of insolvency”.
However, these terms added that the value of player shares purchased are “not stored in any account or otherwise protected as they are sums at risk”.
“Following the suspension of their betting licence, Football Index have suspended the platform leaving individuals unable to withdraw their money,” Leigh Day said. “An administrator has been appointed. We will be investigating whether Football Index was distorting the product they were offering to consumers.”
The group claim is supported by Matt Zarb-Cousin, chief executive of Clean Up Gambling.
“Clean Up Gambling is working with Leigh Day to ensure Football Index users have the best possible chance of getting redress from a company that has consistently misrepresented its product and misled the public regarding its sustainability,” Zarb-Cousin said.