A new way to bet

Back in the heady days of 2015, Betindex launched their all-new way to get fans into sports betting. ‘Football Index’ was a way to invest in players, in a stock-market style fashion, combined with fantasy football elements.
As the platform grew, more players were added, and adverts for Football Index sprouted up everywhere. The likes of Tifo Football (now part of the Athletic) and other YouTube based football content creators, took brand deals to advertise the new way to invest in football.
Football clubs like Nottingham Forest and Queens Park Rangers, even had the app as their main shirt sponsor.
A tenner gone
Being curious about the platform, I put a whole £10 of my money into the app, with shares in Jack Grealish, Neal Maupay and a few other up and coming players. Little did anyone know that invested on the platform, they were unlikely to see that money again.
As I was sending emails to try and organise interviews, a new email popped up in my inbox from Football Index with the title ‘Notice of hearing’.

Administration for a platform that had branded itself as a more sensible and slow paced form of sports betting.
The extent of losses
It’s fair to say my loss is minute in comparison to the bigger picture, with big investors seeing thousands go down the drain. Figures from the Telegraph and the Football Index blogs suggest that there were between 30,000 and 40,000 active traders on the app, with over £90million circulating.
I certainly wasn’t an active trader, having really forgotten the app was even on my phone, probably not the most sensible tenner I have ever spent. It is thought that over half a million users signed up for the app.
What now?
Questions remain about what the gambling commission could have done to help protect user’s money. John Whittingdale, the Minister of State for Media and Data, has asked the commission for an explanation of what its action will be in regards to the collapsing platform.
There are suggestions that Gambling Commission simply didn’t act when they could have, to protect customers money. Collapses like this could lead to stricter checks coming into place for Gambling companies, as to whether they can afford to keep operating and paying out such large sums of money.
The commission itself is going through a period of transition. The head of the commission, Neil McArthur, who had come under fire due to the Football Index problems, resigned only days ago.
The final whistle

A quote from ‘Football Index Analyst’ stated that bets and investments on the site, were better than your average bet because “they won’t lose when the final whistle blows”. Unfortunately for customers, the final whistle has been blown on Football Index.
The small positives are that this could lead to an overhaul of the regulations around betting. With greater oversight from the Gambling Commission, people’s money should be at least a little safer.
Did you invest in Football Index? What new safeguarding measures should be put in place? Comment below with your thoughts.






