Gambling watchdogs scrutinize football stock market collapse

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Gambling watchdogs scrutinize football stock market collapse

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None Merkel s Legacy Comes to Life on Britain s Arab Street Britain s banks and gambling watchdogs were heavily criticized in a government ordered report following the collapse of Football Index, a service which branded itself as a soccer stock market. The Financial Conduct Authority expressed inconsistent views about whether the product from Jersey-based BetIndex Ltd. fell within its regulatory remit, according to the report by Malcolm Sheehan, a senior-ranked U.K. lawyer known as a Queen s Counsel.

The FCA approach appeared to have depended at times about whether it had resources available to investigate, rather than jurisdiction, the report said.

However, the report said that client numbers and amounts wagered may have fallen had the Gambling Commission prevented the Football Index from using investing terminology. As of March 9, there were 128 million pounds $174 million in open betting on the platform, the report noted.

The website allowed users to place bets on future performance of soccer players through a user interface designed to look like a stock market order book. It called trades officers and winnings dividends. The FCA said in a statement that the report rightly identifies that the football index product gave rise to issues of legal difficulty and complexity for both the FCA and the Gambling Commission. The FCA said it's implementing changes, as set out in its July business plan.

The Gambling Commission stated and agree that we should have drawn a line under our efforts sooner, but this does not mean those customers would not have lost money in the event of the BetIndex company collapse, the Gambling Commission said in its response to the report.

The line between games and other types of products, such as financial services or computer games, has become increasingly blurred, it added.

Football Index had an agreement with Nasdaq to provide the exchange Group with a cloud-based trading system, and was also sponsor for the English soccer clubs Queens Park Rangers and Nottingham Forest.

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