Football index: payments possible

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Maximilian Deininger July 19, 2021

Customers of the insolvent sports betting platform Football Index have the opportunity to access their credit. Due to the ongoing bankruptcy proceedings and the associated withdrawal of happiness in luck, any payment transactions were prevented. To date, former customers have not been able to log in with their accounts. As the company now announced, access to the personal credit is now possible.

Frequent control changes for dividends are said to have occurred on football index a drastic waste of value of the players. ((©Cedrik Wesche/Unsplash)

Investigation application in March 2021

Football Index is considered a sports betting provider, but pursued a completely new approach with his business model. In contrast to conventional bookmakers, the platform did not offer any competitions for results or special events. The customer base had much more the opportunity to rely on the performance of individual footballers. The idea also seemed to be fruitful at the beginning, as the concept attracted several paying customers. But the business model lost its economic ability over the duration.

In March 2021, Football Index officially reported bankruptcy. The sports betting platform had given the British newspaper “The Guardian” to have around 500,000 registered accounts at this time. In the course of insolvency, the respective Customers no longer access their credit. As British media reported, many customers in Great Britain and the United States would have previously complained about enormous losses. As a result, the gambling supervisory authority of the two states had intervened and had withdrawn football index.

Dividends ensure downfall. Football Index relied on a mix of stock exchange and classic sports betting. Users were able to buy shares from real football players. Depending on the performance of the corresponding athletes, the market value rose or fell. In addition, dividends were also part of the business concept, which were distributed by the company itself. According to industry insiders, these are said to have been largely responsible for why the platform ultimately had to apply for bankruptcy. The regulations for the distribution of the dividends have been changed again and again, which conversely drove the values of the players into the basement and caused an irrevocable price drop.

90 million pounds sterling frozen

The bankruptcy proceedings were expensive for Football Index, according to the British press. So are in the course of the bankruptcy proceedings Between 60 and 90 million pounds of sterling (GBP) frozen made. The equivalent of this corresponds to a sum of 70 to 105 million $ . An average loss of 3,000 GBP (3,500 $ ) per customer is rumored.

The insolvency of the sports betting platform had in the first quarter of the year for a lot of vertebrae on the British and American gaming market taken care of. Especially the British gambling commission The Betting & Gaming Council (BGC) was criticized publicly and in the media why the licensing of football index was not within the framework of the financial problems forwarded to the responsible financial supervision became. The British press was based on the fact that the structure and marketing of the platform was not due to a classic gaming company. There are much more investment products.

Customer security. In the case of customer protection, investment products are meticulously controlled by the financial supervision. Since football index relied on stock market -like mechanisms through its business concept, the intervention of the financial supervision should have been essential. Without this protective function, the customers of the sports betting platform had to make do without the network of collecting.

Explanation of football index

After about five months now, the cause seems to be a frozen credit glimpseful end for the cheated customers gain weight. As Football Index announced on their own homepage in a short statement, users are now able to have the remaining credit paid out on the personal account. The procedure and the settings have not changed. Customers could simply log into their old football index account and make a corresponding transaction via the payment area. The money is then on the bank account within two to ten working days.

Where the financial means for customer payment comes from, Football Index left open in his statement. However, it is speculated that it is The remnant from the bankruptcy proceedings acts. According to media reports, it cannot be said exactly whether the money is sufficient for all affected customers. It is simply not known how much money is ready for the compensation of users after the insolvency.

Large losses. Even if Football Index has initiated a customer payment, market observers and industry experts assume that many former users of the sports betting platform have to be content with great losses due to the sensitive financial situation. This is specifically concerned with customers who had bunkered larger sums on their account.