Ministers launch probe into Football Index collapse after fans lost £58m of open bets
Collapse: ‘Football stock market’Football Index sponsored Championship club Queens Park Rangers
Ministers have launched an investigation into Football Index after it collapsed into administration last month.
The self-styled ‘football stock market’ was likened to a Ponzi scheme, and is believed to be the biggest failure of a gambling business in British history.
Fans lost £58million of open bets, with some claiming they had gambled their ‘life savings’ on the site.
The Gambling Commission was accused of being asleep at the wheel after it failed to take action for over a year, despite being warned that Football Index was ‘an exceptionally dangerous pyramid scheme’.
More than 10,000 victims have added their names to a potential group claim against the firm and its directors, who include founder Adam Cole, a former pornographer.