Government Announce Formal Inquiry into Football Index Demise

The UK Government has announced that it will lead a formal enquiry into the collapse of Football Index; an online betting company that went into administration last month.  

The investigation will look into how the 'football stock market' reached to the point of collapse, looking closely at the role on which the Gambling Commission played.  

The findings, which will be eagerly awaited by the gambling industry, will be included in the Department for Digital, Culture, Media and Sport’s (DCMS) review of the Gambling Act. 

“We know how difficult it has been for people affected by the collapse of Football Index with some losing significant sums of money,” Minister for Gambling and Lotteries John Whittingdale said.  

“We are setting up an independent inquiry so that we can find out how this happened.   

“We are determined to ensure that regulators have the right tools to protect customers and to deal with novel products. The gambling landscape is evolving rapidly and so we are also taking action by reviewing the Gambling Act to make sure our laws are fit for the digital age.” 

The Commission said it hopes the enquiry will bring further attention to products that blur the lines between gambling and financial trading.

“We strongly welcome the Government’s independent review into the regulation of Football Index and the focus it will bring on the way that those complex products, which to consumers can have the appearance of both gambling and financial characteristics, are currently regulated,” a Commission spokesperson said. “Alongside other regulators, we look forward to fully engaging with the review. 

“Our own regulatory investigation is continuing and will not be adversely impacted by the review” it commented.