The UK government announced a review looking into Football Index, the ‘football stock market’ gambling website. It stated that it underwent a collapse last month, leaving many consumers out of pocket.
Since virtual shares of footballers unexpectedly fell in value, users compared the platform to a “Ponzi scheme.” The UK Gambling Commission, the body in charge of regulating the site, has come under fierce criticism following reports of advance warnings about the platform’s stability.
“The failure of the product impacted a large number of customers. Some also lost huge sums,” said the secretary of state for Digital, Culture, Media, and Sport