The Viscount of Jersey is expected to release Football Index funds from its player protection account from June 22.
Jersey.- A court in Jersey has set a date for the recognition of the High Court of England and Wales’ ruling on the administration of Football Index.
It has set a date for June 22, which is expected to trigger the repayment of £3.5m from Football Index’s player protection account.
The funds are held by the Viscount of Jersey, who will release them when the High Court ruling is recognised. It is expected that it will take between five and eight working days for funds to reach Football Index operator Betindex’s payment provider’s account.
Players will then receive notification by email and will receive the funds in their Football Index accounts. Players can access their account via the website only because the Football Index app was suspended when BetIndex entered administration.
Players will be able to withdraw the funds by the same methods that Football Index offered before the platform was suspended. Withdrawals can take up to ten working days.
UK gov appoints Malcolm Sheehan QC to Football Index review
The independent government inquiry is to look into how the platform collapsed and whether more could have been done to try to prevent it. This is likely to involve examination of the Gambling Commission’s role.
The Gambling Commission suspended BetIndex’s sports betting licence after it entered administration in March. The British gambling regulator has been criticised for not acting earlier after it emerged that it had concerns about Football Index’s viability months before its collapse.