The Jersey Gambling Commision has found that former BetIndex founder Adam Cole was no longer fit and proper to hold a licence in Jersey and is prohibited from undertaking or holding himself out as undertaking, any position at all, whether employed or not, in any company licensed by the Commission. 

Football Index went into administration after sustaining “substantial losses”.The platform, which was founded in 2012, operated like a stock market, allowing users to place bets on the future performance of footballers.

When customers bought one or more share in a footballer, they had the chance to win money back depending on their performance on the pitch or in the media. The company which employed up to 50 people was suspended on 11 March 2021.