Gambling Commission ‘limited’ during Football Index investigations
Whilst the Gambling Commission remains co-operative with the necessary parties, it has stressed that it may not be able to directly affect proceedings.
A statement from the Commission said: “The Gambling Commission has certain powers as a regulator and sometimes it is assumed we can do things which we cannot. This does not mean we do not recognise the distress and clear upset that many Football Index customers will be feeling.
“Alongside the courts, it is for the Administrators to resolve the return of funds to affected consumers from the financial resources still held by the company. This is not something that can be directed by the Gambling Commission, but we are in contact to make sure any legal obligations covered by our remit are met.
“Whilst there will be limitations on what information we can publish whilst our regulatory investigations are ongoing, we will continue to provide updates whenever we have further information to share.”
The ‘football stock market’ is currently in the hands of administrators and the High Court (in tandem with the Jersey courts) as they try and resolve the repayment of customer funds.
The UK government has also launched its own independent inquiry into the collapse of the platform, and the Commissions involvement – or lack thereof.
Football Index’s operator BetIndex went into administration back in March. After dealings with administrators and the courts, the company has started to put in place plans to repay the money lost by customers.
However, this only dealt with money held in player accounts as the fate of money held in active bets is still unclear. The operator revealed through court documents, though, that it intends to repay some of the money that may be owed through these bets by relaunching the platform and giving creditors equity in the new Football Index.
“At the present time, there has been no valuation by the Administrators of ‘share portfolios’,” the Commission said. “The Gambling Commission is not involved in this valuation and it is unconnected to our powers as a regulator.”