Providing an update into Football Index controversy, the Gambling Commission has stated that the investigation is ongoing and it is trying its best to resolve the interest of the customers.
The Commission stated that the BetIndex remains under the control of administrator because its platform Football Index was involved in the controversy.
As per Gambling Insider, the Gambling Commission statement read: “Ultimately, 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.
“In respect of ‘Trust Deed monies’ – the money put aside by the company to cover customer stakes in the event of financial difficulties – these funds are currently being held by the Viscount of Jersey. Following a decision in the courts earlier this month, repayment of the monies to customer wallets is continuing as planned with a court hearing having taken place on the 22 June in Jersey to recognise the High Court Order.
“The next steps will see customers being notified by email when the monies are released. At that point customers will be able to log into their Football Index account and make a withdrawal request.”
The Indian Wire had previously covered the story where it highlighted the background issue resulting in the controversy.
Notably, the Football Index, which allowed the players to trade shares in professional footballers had suspended its operations overnight after it decided to cut dividends on players substantially.
Later the Gambling Commission suspended operator’s license and placed BetIndex under the control of the administration.