UK Gambling Review Impacted By Football Index Collapse
The collapse of football trading company Football Index has created fury among customers, the national UK press and among lawmakers in the UK and seems to be continuing with the call now for customers who in total have lost a reported £90 million to take legal action.
MPs in the UK are calling for an full an enquiry into how the gambling company failed so spectacularly and why the UK regulator the Gambling Commission (UKGC) did not step in earlier to help customers.
Some within the gambling sector have said the Commission licensed the operator BetIndex Limited the owners of Football Index without really knowing how the business model worked, however this has been denied by the regulator.
But in the same period that Football Index collapsed the head of the UKGC resigned from his post without any resignation period prompting speculation further of miss-handling Football Index at the Commission.
Many of the customers who could lose thousands of pounds with the collapse of Football Index and questioning why their funds were not ring fenced like those of online poker sites. With the infamous collapse of Full Tilt Poker on “Black Friday” when investigated showed that players deposits were used to fund owners and operations with nothing left once the formed famed online poker site closed down in the US.
Now calls are rising that why when online poker operators now MUST ring fence player deposits why was not the same for Football Index. As the government continue with a gambling review in the country regulated online operators fear that the fallout from Football Index with have a major impact on the finding of the review later this year.
Once again the UK national press have an opportunity to beat the gambling industry with a big stick on the failings of a business that many believed had an unsustainable business model.
It is certain that the failure of Football Index will have an impact on the current gambling review and player deposits and ring fencing player funds will be enforced to ensure this disaster for both customers and the industry itself will not happen again.
