Adam Cole will step down as chief executive of the football stockmarket betting platform.
UK.- The stockmarket-style online betting platform Football Index has announced that its co-founder Adam Cole will step back from the daily running of the business, leaving his position as chief executive at the end of the year.
He will be replaced by chief marketing officer Mike Bohan as Football Index seeks to “reset” its business.
Cole will remain as chairman of Football Index, while co-founder Ciaran Rowan will stay on as chief operating officer.
Cole said: “This year has been an exceptional one for all of us during which we have seen some unprecedented effects on our lives.
“It has taught us all to embrace change and as we near its end and look towards 2021 with hope, I feel it’s important to reflect on where we have come from and as we move into our sixth year, consider where we are headed next.
“After five years of watching the platform grow, I am delighted to be handing over the reins to Mike and Ciaran and look forward to seeing what this new chapter has in store for Football Index.”
Bohan said: “This reset will only be as successful as we make it and listening to our traders is more important than ever at this stage in our journey.
“We are aware that many traders have spoken at length about the importance of liquidity providers, and as a product that has appeal both from the perspective of trading and football gambling, we have had interest from both sectors.
“At the moment, we are working hard to get these relationships in a good place. With a clear focus on decision making that is underpinned by intelligent strategy and an appreciation for how the product works, we are looking forward to taking the platform to new heights in 2021.”
Cole and Rowan founded Football Index in 2015, creating a platform that allows users to trade on the future success of football players in a manner similar to a stock market.
Traders place fixed-odds bets for the chance to win daily payouts – ‘dividends’ – which are calculated based on player performance on match days and their position in the platform’s Media Rankings.
The UK government has begun a comprehensive review of national gambling legislation.
Sweden’s regulator, meanwhile, has sought to clarify the country’s new restrictions on sports betting due to confusion among operators.