To ask the Secretary of State for Digital, Culture, Media and Sport, if he will support a public inquiry into Football Index.
31 March 2021
The Gambling Commission has suspended the licence of BetIndex Ltd, the operators of Football Index, and a live investigation is ongoing. The Secretary of State and I have met the Gambling Commission twice to receive urgent reports and are monitoring the situation very closely. Further information, including an update on the status of customer funds, can be found on the Commission’s website: https://www.gamblingcommission.gov.uk/news-action-and-statistics/news/2021/BetIndex-update.aspx
It is a condition of a gambling operating licence that customers should be able to withdraw funds from their accounts. The Commission acted to suspend BetIndex’s licence on learning that the operator planned to freeze access to funds. Operators who hold customer funds must tell customers whether funds are protected in event of insolvency and the level of the protection offered. Football Index provides a medium level of customer funds protection, which means customer funds are kept in accounts separate from business accounts, and arrangements are made to ensure assets in the customer accounts are distributed to customers in the event of insolvency.
The government has launched a Review of the Gambling Act 2005 and has called for evidence on a range of issues across the sector, including the powers and resources of the Gambling Commission. The call for evidence closes on 31 March, and we will be led by the evidence received.