UK government announces Football Index review

UK government announces Football Index review

Article brief provided by The Athletic
  • Joey D'Urso, The Athletic
April 21, 2021 2:00 AM
  • Joey D'Urso, The Athletic

The UK government today announced a review looking into Football Index, the ‘football stock market’ gambling website that underwent a stunning collapse last month, leading many consumers hugely out of pocket.

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The platform has since been likened to a ‘Ponzi scheme’ after virtual shares in footballers suddenly plummeted in value. The UK Gambling Commission, the body responsible for regulating the site, has come under fierce criticism following reports of advance warnings about the platform’s stability.

“It is reported that many thousands of customers are affected by the product’s collapse, with some having lost very large sums,” said John Whittingdale, secretary of state for Digital, Culture, Media and Sport.