When people gamble in a regulated market, they should have the confidence they are doing so on the basis of the outcome of a wager. It should not also be a gamble on the solvency or sustainability of the licensed operator
#FootballIndex
@Zidave1 “The Gambling Commission clarified that products using financial terms would not normally be granted a licence” that reads like an admission of culpability!
This is the detailed financial assessment? Seriously? Why does ‘open stakes’ not even get a bullet point? Or was that not asked about? #FootballIndex @andrewjonrhodes
Update: Gam Com have refused to discuss so-called "detailed financial assessment" of #footballindex with me
I believe it contains serious errors and omissions
Gam Com appear to hold no concurrent info relating to it - such as details of checks or official sign-off
@IndexRover Good attitude to have that. Yeah I’ve got friends who are being intelligent after the fact, saying it was an obvious Ponzi. They normally go quiet when I say it was regulated though!
@IndexRover The truth will out in the end mate. In the meantime you could send him some of the most recent articles, none of them are comprehensive but all of them are damning.
@josephmdurso We’ve not been anywhere near good enough this season, but he’s got more than enough credit in the bank for me for bringing some of the joy back after the Moyes, LVG and Mourinho eras. Hope he can turn it round.
@tradex404 Interesting. What sort of budget do you think you need to finish in the reward places? I’ve just put together a very low budget team (less than £200) this week of limited cards, all of which should at least play on the weekend.
@IndexBig @andrewjonrhodes I liked:
‘The Commission did not license a Ponzi scheme’
Then later:
‘BetIndex was not recruiting enough customers to compensate for depleting its financial position in this way and ultimately collapsed as a result’.
Has this information been out there before? It paints a very ugly picture when you consider the amount of money being spent elsewhere on the final year. #footballindex
@Cal_Lewis_7 It never occurred to me that the marketing budget would be derived from the stakes of open bets. I always assumed it came from commission, minting and the Seedrs funding. Absolutely criminal that they were allowed to spend this money when the open bets weren’t covered.
‘Had it not used player deposits for its expansion project, it would have had more money available to reimburse its customers.’ #FootballIndex
https://t.co/9Wq9YbI37n