The Football Index, a sports betting platform that launched in 2015, became notorious for its collapse. Half a decade after its launch, the platform had its license revoked, sparking concerns about players’ money. Luckily, it seems like players will be able to get their funds back.
The Football Index Lost Its License Two Years Ago
According to a recent update, the Jersey Court has approved a new application by the Football Index’s liquidators that will allow customers to get their money back. Customers will have a short window to seek their funds after which they will get one more chance to have the money from their wallets back.
The Football Index allowed players to bet on professional soccer athletes’ performances. However, the platform collapsed and had its license revoked by the United Kingdom’s Gambling Commission in 2020. As a result, customers’ money got stuck in the platform and players were unable to withdraw it. Millions upon millions of pounds were left in the system, sparking concerns about whether the money will ever be returned.
Authorities suspected that the Football Index may be a Ponzi scheme and opened an investigation of its business. However, it turns out that there might be hope.
The Platform Will Return Customers’ Money
The Football Index’s Trust Deed monies, the platforms’ backup money meant to be used to cover players’ wallet money in case of financial trouble, is currently held by the Viscount of Jersey, the UKGC announced.
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 recognize the High Court Order.UKGC statement
The commission informed players that they will receive emails with information about how to reclaim their outstanding balances. Customers have 40 days to do so.
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.UKGC statement
If they fail to meet this deadline, Football Index players will get one more chance to take their money back when the dividends are paid to the creditors. However, the UKGC advised customers to act now instead of waiting for the dividend process.
Lastly, the UKGC addressed the “share portfolio,” which was one of the Football Index’s products. The regulator said that currently, there has been no valuation by the Administrators of share portfolios and added that this product is outside of the Commission’s jurisdiction.