The UK Gambling Commission (UKGC) continues its work on maintaining a safer UK gambling market. As part of its work, the Commission took on a couple of initiatives. For example, the regulator suspended Nektan’s operating licence for breaching certain conditions.
Another significant initiative from the UKGC was the three-year plan to protect players and the public from gambling harm. As a result of these activities, the UK gambling market is regulated and it was reported that UK casinos and betting operators received a 2.6% increase in a gross gambling yield (GGY).
Recently, the UKGC has provided an update regarding the investigation into BetIndex and its Football Index platform. This is the first update on the issue that has been made by the UKGC since its last one on March 19th.
BetIndex is still in administration
The UK Gambling Commission has published an update regarding the investigation into BetIndex and its Football Index platform because of the understandable and ongoing interest from consumers. Explaining the situation, the regulator stated that BetIndex is still in administration, and the UKGC keeps close contact with it.
Football Index was a UK gambling product from BetIndex. It allowed customers to bet and trade shares in professional footballers. However, Football Index was suspended back in March as a result of its division to cut dividends on players from 14p to 3p.
This resulted in customers losing thousands of pounds overnight. Then, BetIndex lost its licences by the UKGC and the Jersey Gambling Commission (JGC), as well as lost its membership of the Betting and Gaming Council (BGC).
The UK gambling regulator said that even its investigation in BetIndex is still in progress, its top priority is to provide customers with fair treatment and necessary information about the progress.
Moreover, the UKGC explained that it is the Administrators’ task to resolve the return of funds to consumers who have been affected by the collapse. This cannot be directed by the UKGC, but the regulator remains in contact to ensure that all legal obligations are met.
Customers are still concerned about the “shared portfolio”
While the investigation into BetIndex is still ongoing, many Football Index customers are still concerned about the so-called “shared portfolio”. So far, the Administrators didn’t provide any information on shared portfolios and the UKGC is not included in that process.
Right now, the funds that have been put aside to cover customer stakes in the event of financial difficulties are held by the Viscount of Jersey. The repayment of the funds from BetIndex to its customers continues as planned. The next step will see customers being notified by email when the funds are released. Then, they will be able to log into their Football Index accounts and request withdrawals.
The UK Gambling Commission is fully engaging with the Government’s independent review, which is being led by Malcolm Sheehan QC. In addition, the regulator said that it will continue to provide the customers with further updates whenever it has more information to share with them.