Football Index Collapse 2021-11-18
2021-11-18
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Response quality
Questions & Answers
Q1
Direct Answer
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Context
Football Index collapsed, affecting many constituents who lost substantial amounts of money. The Gambling Commission revoked BetIndex's operating licence.
What steps the Government is taking to help ensure that those responsible for the collapse of Football Index are held to account.
The Gambling Commission has revoked BetIndex's operating licence and senior members of that company have surrendered their personal management licences. The Gambling Commission has also referred the company to the insolvency service to consider whether the directors breached insolvency or even fraud laws.
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Assessment & feedback
Response accuracy
Q2
Partial Answer
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Context
Many constituents have lost substantial amounts of money on the Football Index. There is a need for better understanding and protection against such complex betting propositions.
Will the Minister explain further what is being done to help the Gambling Commission to understand these complex betting propositions in order to ensure better protections for customers, such as my constituents?
The Government commissioned a detailed report by Malcolm Sheehan QC that was published towards the end of September. The report looked to ensure that all the relevant lessons are learnt, so that people who gamble are protected. Regarding those who lost money to BetIndex, the wind-up proceedings are ongoing at the moment and it is likely that some amounts will be available to be reimbursed to creditors, which would include customers.
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Assessment & feedback
The answer did not provide specific details on how the Government is helping the Gambling Commission understand complex betting propositions beyond commissioning a report.
Response accuracy