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Football Index customers free to withdraw account funds

Administrators of Football Index have confirmed that their customers will be able to withdraw funds from their accounts. Customers of the collapsed betting platform lost an estimate of £3.5 million when the platform first crashed but now have the chance to withdraw their funds from Football Index as of yesterday afternoon. Players have been unable to access funds in their account since the platform’s operator BetIndex went into administration back in March.

Reimbursing players

As a result of a court ruling last month, Football Index must now reimburse all users of the platform. Although this ruling only applied to users account balances rather than any other money such as the value of active bets. Players have been advised by Football Index to allow between two and ten working days from the date of the withdrawal request for the money to appear in their bank account. Withdrawals will also only be possible via the operator’s website, as it has recently suspended its mobile apps. Football Index have also said it will directly contact any customers who require any additional information to withdraw funds, in order to make the process as easy as possible.

Collapse in administration

Administrators of the betting platform began the claims process in back in April, and the government announced an inquiry into the platform’s collapse shortly after. The case was then taken to the High Court, where the amount that was to be reimbursed to players from Football Index’s player protection account was decided. This account contained around £4.5 million, but as a result of the court ruling only £3.5 million is to be paid out to players. However, the status of funds that were spent on bets that remain active, known as players portfolios, has not yet been determined.