Former CEO of Football Index, Adam Cole, has been deemed a persona non-grata by the Jersey Gambling Commission, citing the executive’s past rack record. In consequence, Cole may not be able to hold a position with any commission-licensed entity.
An official press release gave the details of this decision, stating that “with effect from Wednesday, 6 April 2022, Mr. Cole 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”. However, Cole can apply to the Commission to have the decision withdrawn or altered.
This blacklisting comes after the Commission suspended Football Index’s license back in March 2021, pending an investigation into its activities. The Commission ruled Football Index’s parent company BetIndex was no longer fit to hold a license in Jersey, a British Crown Dependency, and revoked its license in October. Cole was investigated afterwards, concluding he should be blacklisted from participating in or working with gambling businesses.
Cole was chair of Football Index during the time the company lost £124 million ($157 million) of customer open bets, after having previously stepped from the chief executive position at the time when the financial crash occurred.
The UK Gambling Commission took part of the blame for not thoroughly monitoring the exponential growth of BetIndex, which consumers and some lawmakers suggested was one of the reasons for the outcome. This scandal even saw people call for a new, “more responsible” regulator in replacement of the UK Gambling Commission.
After the company announced it would have to reduce dividends on athlete performances and media coverage, the financial collapse began. Shortly after that, it went into administration and was investigated, resulting in its failure and loss of consumer funds.
UKGC’s CEO, Andrew Rhodes released a statement earlier in 2022, where he aimed to tackle questions that had arisen in relation to the commission’s role and responsibilities, and the brand’s actions. He assured the UKGC did not license a Ponzi scheme, with the independent report concluding Football Index was not operating one. “There was nothing about Football Index’s operating model when we first licensed it that made it different to other operators, except its reliance on a single product rather than a diverse portfolio”, he stated.
