Football Index customers able to withdraw cash balances
Monetary value held in player shares still to be determined by administrators as controversy rumbles on
Football Index customers have been informed they can now withdraw cash balances from their accounts following the collapse of the business.
After months of frustration for customers when the business fell into administration and became the subject of a government review by the Department for Digital, Culture, Media and Sport (DCMS), the green light to withdraw existing cash balances has come as a welcome silver lining.
In a statement, Football Index confirmed customers would be granted access to their funds and would be able to withdraw remaining account balances in the usual manner.
The statement read: “Customers are now able to withdraw the cash balance from your Football Index account.
“The process to withdraw funds has not changed. Customers will need to log in to their Football Index account and go to the account area, where they can select to withdraw funds.
“From the date of requesting a withdrawal, customers should allow between two and 10 working days for your withdrawal to be received into your nominated bank account,” the statement concluded.
For now, customers will only be able to withdraw cash balances and not any of the monetary value held in the footballer shares system that Football Index operated on previously.
Andrew Rhodes, Gambling Commission CEO, said: “We were aware of an issue that prevented Football Index customers withdrawing their eWallet funds.
“We’ve been in touch with all parties today in relation to this development and have now received confirmation from the administrators for BetIndex that the issue has been resolved.
“Our enquiries are continuing with both the administrators and [parent company] Index Labs and we have impressed upon both parties the need to make the interests of consumers a priority.
“This action covers the cash balances in eWallets and not the larger funds held in ‘shares’, which have yet to be valued by the administrators and are understandably a major concern for Football Index customers,” he concluded.