Football Index have licence suspended by gambling commission following administration

Football Index announced on Thursday night they had gone into administration

Gambling platform Football Index has had its licence suspended by the Gambling Commission after it announced on Thursday night it had gone into administration. The platform, which imitates a stock exchange in which users buy and sell stocks in players, faced a huge social media backlash after announcing a reduction to the dividends payouts related to player performances last Friday. Within a matter of hours, share prices had fallen drastically, with some users claiming to have lost substantial amounts of the money they had invested. A statement posted on Thursday evening acknowledged how difficult the past week had been for customers, before adding that the decision to suspend the platform had now been made. And in the latest development of the story, the Gambling Commission has decided to suspend FI's licence, following an 'ongoing section 116 review into the operator'. A statement from the Gambling Commission read:

"The Gambling Commission has decided to suspend the operating licence of BetIndex Limited (t/a Football Index) pursuant to section 118(2) of the Gambling Act 2005.

"The suspension follows an ongoing section 116 review into the operator, as we had concerns activities may have been carried on in purported reliance on the licence, but not in accordance with a condition of the licence, and that Football Index may not be suitable to carry on with licensed activities. "We have made it clear to the operator that as the investigation progresses, we expect it to focus on treating consumers fairly and keeping them fully informed of any developments which impact them. "Football Index can be contacted via their website and as part of our review we continue to work closely with colleagues from the Jersey Gambling Commission. "The Gambling Commission will not comment any further whilst this investigation is ongoing." Read more here.