A mass email has been sent to those that had money stuck inside the system to reclaim any outstanding balances within 40 days.
Should the 40-day limit expire, customers will have one chance to claim back any balances when the dividends are paid to the creditors – but consumers are being urged to take repayments now rather than waiting for the dividend process to get underway.
Football Index’s trading was halted in March 2020 when the Gambling Commission withdrew its operating licence, leaving millions of pounds of customer money stuck inside the system.
Following that, the company went into administration as authorities investigated the business for operating as a suspected Ponzi scheme. Last year, the Gambling Commission provided a rare update on the investigation and the money intended to be returned to consumers.
“In respect of ‘Trust Deed monies’ – the money put aside by the company to cover customer stakes in the event of financial difficulties – these funds are currently being held by the Viscount of Jersey. Following a decision in the courts earlier this month, repayment of the monies to customer wallets is continuing as planned, with a court hearing having taken place on the 22 June in Jersey to recognise the High Court Order.
“The next steps will see customers being notified by email when the monies are released. At that point, customers will be able to log into their Football Index account and make a withdrawal request.”
Those steps have now taken place, with consumers finally able to withdraw deposits made – over two years after the company stopped trading.