On Tuesday, the UK Gambling Commission released an update on the situation regarding BetIndex, which collapsed in March after suspending its platform and entering administration, resulting in customers losing "considerable sums of money."

The UKGC said that although its investigation still ongoing, making the company focus on providing its customers with fair treatment and enough information about any developments affecting them remains among its top priorities. It also stated that it is the "responsibility of BetIndex administrators and the courts to resolve the return of funds to customers affected" by its collapse.

From the report:

Ultimately, alongside the courts, it is for the Administrators to resolve the return of funds to affected consumers from the financial resources still held by the company. This is not something that can be directed by the Gambling Commission, but we are in contact to make sure any legal obligations covered by our remit are met.

In respect of ‘Trust Deed monies’ - the money put aside by the company to cover customer stakes in the event of financial difficulties - these funds are currently being held by the Viscount of Jersey. Following a decision in the courts earlier this month, repayment of the monies to customer wallets is continuing as planned with a court hearing having taken place on the 22 June in Jersey to recognise the High Court Order.

The next steps will see customers being notified by email when the monies are released. At that point customers will be able to log into their Football Index account and make a withdrawal request.

Many Football Index customers are very concerned about the ‘share portfolio’ part of the product. At the present time, there has been no valuation by the Administrators of ‘share portfolios’. The Gambling Commission is not involved in this valuation and it is unconnected to our powers as a regulator.
Read the entire update here: https://www.gamblingcommission.gov.u...e-29-june-2021