Fri. Mar 29th, 2024
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A recent an independent inquiry in the operator Football Index finances has dragged the Betting and Gaming Council (BGC) and Gambling Commission with it.

However, the BGC has distanced itself from the Gambling Commission’s involvement in the Football Index saga.

Football Index appeared to be on the rise in recent years but abruptly announced an 80% reduction in dividends. This raised suspicion of it being a pyramid or ponzi scheme, with player losses estimated to be in the tens of millions if not more.

As per Gambling Insider, a spokesperson for the Council said: “We strongly welcome this independent review of the regulation of Football Index, up to the point where its operator’s licence was suspended in March.

“Following the suspension of BetIndex Ltd’s operating licence by the Gambling Commission last month, we immediately suspended their membership of the BGC.

“We have been concerned about reports that the Gambling Commission was made aware of issues surrounding Football Index’s business model as early as the start of 2020, something the BGC was not made aware of at the time.”