The All-Party Parliamentary Group for Gambling Related Harm (APPG) has called on the Secretary for Digital Culture, Media and Sport (DCMS) to lead a public inquiry into the collapse of Football Index.
Football Index’s operator BetIndex went into administration earlier this month, following a change in its dividend structure that BetIndex said was necessary to ensure the platform remained sustainable. This dividend change came days after the operator encouraged new investments from players by minting new shares in footballers.
The operator’s collapse has put the funds of many players in doubt. Although the Gambling Commission has received assurances that player account funds would be paid before any other debts, Football Index’s terms and conditions say that funds invested into players on the site are not protected as they are “sums at risk.”
The collapse saw players lose all the money they had invested.
In a letter to the secretary of state, APPG chairs Carolyn Harris MP, Ronnie Co..