Government Announces Independent Review of Football Index Collapse | Horse racing news
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Football Index went into effect in March
By Bill Barber
The collapse of the betting operator Football Index is to be the subject of an independent review, the government said on Tuesday.
The Football Index, which mimicked the stock market by allowing customers to buy ‘shares’ of footballers, went into effect in March after the Gambling Commission suspended the company’s operating license shortly. after.
The Gambling Commission has been criticized for failing to act sooner amid warnings about Football Index’s business model, with estimates that its customers have lost up to £ 90million as a result of the ‘collapse.
The government said it would appoint an independent expert to lead the review of the circumstances surrounding the company’s demise, including the decisions and actions of the Gambling Commission.
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John Whittingdale: “We know how difficult it has been”
John Whittingdale, Minister of State for Media and Data, said: “We know how difficult it has been for those affected by the Football Index collapse, with some losing significant sums of money. We are setting up an independent investigation so that we can find out how it happened.
“We are committed to ensuring that regulators have the right tools to protect customers and deal with new products. The gaming landscape is changing rapidly, so we are also taking action by reviewing the gaming law to ensure our laws are digitally responsive. age.”
The government said the findings of the review will be made public this summer and will be part of the evidence informing the broader review of the 2005 gambling law launched last year.
A white paper presenting the findings and reform proposals for the law on gambling will be published by the end of the year, the government added.
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FIRST PUBLICATION AT 3:23 PM, APR 20 2021