Football Index customers can finally withdraw funds from accounts

Football Index customers who had accounts with the operator can now withdraw the cash balance held in those accounts.

Football Index’s administrators began the claims process in April before the UK government announced an inquiry into the collapse of the betting platform.

Customers can now withdraw funds

Now, customers who had accounts with Football Index prior to the firm’s collapse can withdraw cash held in their online accounts.

Up until now, customers had been unable to access the funds held in those accounts after the football trading platform went into administration in March.

Today, in an email sent to players, the operator said: “The process to withdraw funds has not changed. Please login to your Football Index Account via the website and go to the Account area, where you can select to withdraw funds.

“In accordance with the UK High Court order on the 8th June 2021, the date of 26th March 2021 has been agreed as the final date on which dividends will be payable. If an adjustment of dividends has been made this will appear in your transaction history.”

Withdrawals can only be made via the Football Index website as its mobile application is still suspended.

Players have been advised to allow between two and ten working days from the date a withdrawal request has been made for the funds to appear in their bank accounts.

£3.5m to be repaid

BetIndex, the parent company of Football Index, had been involved in extensive discussions with the High Court and its administrators Begbies Traynor regarding the final date for the payout of dividends to the company’s customers

Last month, the High Court of England and Wales selected 26 March as the cut-off date for the payment of Football Index dividends which meant that approximately £3.5m would be returned to customers.

This ruling only applied to customer accounts balances rather than money tied up in active bets.

The legal hearing to determine the cut-off date for account funds was necessary as Begbies Traynor said bets that were still open when the operator went into administration would still be open and accruing dividends.

If the dividends were paid until the bets expired, the £4.5m player protection account would have defaulted by 22 April, which would mean no player could receive all of the money owed to them.

The status of customer funds that are still tied up in active bets, which comprise a much larger amount than the total in the £4.5m player protection account, have yet to be determined.

What else is happening with Football Index?

Last month, the UK Gambling Commission published an update explaining it has limited powers in the legal proceedings revolving around the collapsed betting firm and the distribution of funds.

In its update, the Commission said: “The Gambling Commission has certain powers as a regulator and sometimes it is assumed we can do things which we cannot. This does not mean we do not recognise the distress and clear upset that many Football Index customers will be feeling.

“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.”

Prior to this, it was also announced that Malcolm Sheehan QC will lead the Department of Culture, Media and Sport’s (DCMS) independent review into the collapse of the football stock market.

The inquiry aims to determine how the collapse occurred and if more could have been done to prevent it. The decisions made by the Gambling Commission regarding the collapse will also be assessed.