Gambling
Soccer ‘Stock Market’ Loses License, Seeks Credit Protection
- Football Index operator says it plans to enter administration
- London club QPR confirms it’ll drop logo from players’ jerseys
Manchester City and Southampton at the Etihad Stadium in Manchester.
Photographer: Clive Brunskill/AFP/Getty Images
The operator of Football Index, the soccer gambling website that calls itself a “virtual stock market,” moved to protect itself from creditors prior to having its license suspended by the U.K. betting regulator following a backlash over a recent move to cut payouts to clients.
Jersey-based BetIndex Ltd. said in a statement on Thursday night it was “pursuing a restructuring arrangement” to be conducted through an administration with insolvency practitioner Begbies Traynor Group Plc. Administration is a form of bankruptcy in the U.K.