It’s bad news for BetIndex as the board announces its administration as the GB Gambling Commission suspends its licence and platforms.
The BetIndex Board
The operator is privately owned by a gambling operator established in Jersey and has been operating for several years. BetIndex operates a very popular site known as Football Index whereby players can invest in football shares through a buy and sell format. The suspension will come as a very big shock to the Football Index audience.
The GB Gambling Commission initially chose to suspend BetIndex’s operator licence as there were “concerns activities may have been carried on in purported reliance on the licence, but not in accordance with a condition of the licence.”
The future of Football Index
So, what does this mean for Football Index? The licence suspension doesn’t mean a negative future is ahead for Football Index as the BetIndex board are aiming to bring the site back in a restructured way.
The board announced that they “are pursuing a restructuring arrangement to be agreed with our stakeholders including, most importantly, our community. We are preparing this through an administration with insolvency practitioners Begbies Traynor, to seek the best outcome for customers with the goal of continuing the platform in a restructured form.”
As well as this, the board have made aware that they regret this decision, but as Football Index is in the best interest of its members, there appears to be no other option at the moment than to enter into administration. The board believes that “it is the most responsible route forward for our community given the situation as it has developed.”
Affiliates should familiarise themselves with the current BetIndex situation as it may affect current affiliate programs.