Government publishes independent report into regulation of Football Index

“An independent review into the Football Index product, which collapsed in early 2021, has been published.

The purpose of the review was to consider the Gambling Commissions actions and whether the Football Index product needed to be also regulated under the financial services regulations.

The Government press release states the review found that:

1. “In the first instance, BetIndex did not properly notify the Gambling Commission of the nature of the product in its licence application, nor did it inform the regulator of changes to the product after launch as it was required to.
2. The Gambling Commission could have better responded to the challenges that the novel product raised once launched, with earlier scrutiny, including of the language used by the product, quicker decision-making and action, and better escalation of issues.
3. While Football Index was never regulated by the FCA, areas for improvement for the FCA have been identified, including in speed of response to requests from the Commission and consistency of messaging on regulatory responsibilities.”

It also confirms that the Gambling Commission has “updated its framework for how it assesses risk so that product novelty is properly considered, as well as committing to consulting on tighter rules for the terminology used to describe gambling products….”

There is therefore still a future for innovative gambling products. It is evident that the products must be clear in respect of the nature of the product, and the way they are marketed to customers.

The full report can be read here.”