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Collapsed Betting Platform Football Index Promises Customers Their Money Back

The unexpected collapse of the Football Index and subsequent removal of its UK license saw customers of the sports betting platform panicking regarding money stuck in their accounts, but in a turn around Football Index has since guaranteed players will receive their money back. Collapsed Betting Platform Football Index Promises Customers Their Money Back 

Granted Permission for Customers to Retrieve Funds

 Liquidators have been granted permission by the Jersey court to allow customers to get their money back. Customers have a small window to retrieve their money, after this time, customers have one more opportunity to retrieve funds. The Football Index Trust Deed money was in fact back up money. It’s currently held by the Viscount of Jersey. The money was to be used to pay back customers if the company hit financial difficulties. The UKGC released a statement revealing a court decision early on in October, repayment of customers’ funds was set to continue. Customers will in turn receive emails instructing them on how to retrieve their balance from Football Index within 40 days. If customers fail to retrieve funds within 40 days, they’ll have one last chance before the monies are distributed to the operators’ creditors. The UKGC has reiterated customers must act as quickly as possible before the deadline to ensure they get their money back. 

Ponzi Scheme?

 Authorities had reason to believe Football Index was a Ponzi scheme, a fraudulent belief in a non-existent entity, offering quick returns to early investors from monies accrued from later investors. Regulators conducted an investigation into Football Index, and now, months later with the collapse of the business and the license removal, it holds some hope for punters who have money stuck in their accounts to actually get it back.