Football Index Was Not A Ponzi Scheme Says UKGC Chief
The United Kingdom’s Department of Digital Culture, Media and Sport (DCMS) released an independent review last month regarding the collapse of sports betting brand, Football Index, as well as its operating company BetIndex. They found that the company operated as a ponzi scheme.
They also found that the UK Gambling Commission (GC) was slow in regulating its activities. In response, GC’s interim chief executive, Andrew Rhodes recently published a blog article responding to the DCMS review findings.
Rhodes intended his blog post to shed some light into any misunderstandings relating to Football Index’s collapse, as well as GC’s actions in regulating it. He stated that the UK sports betting brand was not a Ponzi scheme, contrary to what the review had stated.
He also added that they found that Football Index’s operating model was similar to other operators at the time of their licensing.
Centre for the Study of Financial…