Gambling Law Financial

Gambling Commission Suspends Football Index Licence

On Friday night the Gambling Commission confirmed in a statement that they have suspended the licence of Football Index

Gambling Commission Suspends Football Index Licence
Gambling Commission Suspends Football Index Licence

Problems continue to mount for under-fire trading platform, Football Index, as the Gambling Commission suspends its licence. 


Football Index allows traders to buy and sell shares in footballers whilst receiving dividend pay-outs based on a player’s on-field performances. However, a restructuring of the company’s dividend pay-out was not well received by users prompting a fire-sale across the platform and a subsequent market crash. 


We reported earlier this week that the Football Index had gone into administration however on Friday night the Gambling Commission confirmed in a statement that they have suspended the licence of Football Index. In the statement, the UK Gambling Commission explained that it 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.” 


With users believed to have lost a reported £90m, the Gambling Commission added, “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.”  


As the Football Index fall-out continues, English Football League clubs, Nottingham Forest and Queens Park Rangers have both confirmed that the Football Index company logo will be removed from their first-team shirts with immediate effect.


Lee Hoos, Chief Executive at Queens Park Rangers, confirmed, "As a football club we entered into a one-year agreement with Football Index in good faith. In light of recent events, the front property of QPR’s home and away strips will no longer sport the Football Index logo."

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