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A U.K. gambling website that offers bets on soccer players announced that it was in talks about its liquidity and paused a technology project with stock market giant Nasdaq Inc.
Football Index also said that it would slash payouts to traders, which it calls “dividends,” in a move that caused an angry backlash on social media. The decision was made following consultation with legal and financial advisers, “in order to ensure the long-term sustainability of the platform,” Chief Executive Officer Mike Bohan said in a statement on the platform’s website.
“When it comes to liquidity, I want to assure you all that we have a dedicated liquidity consultant who is engaging with various third parties in the market,” Bohan added.
A company spokesperson declined to comment on the cause of the firm’s current liquidity situation when contacted by Bloomberg, citing “commercial sensitivity.” Football Index cannot provide a “precise timeline” on the talks, however “conversations are ongoing,” the spokesperson said by email.
In September 2019, the U.K. advertising watchdog told Football Index to stop presenting its services as an investment opportunity rather than a gambling product as it upheld a complaint against the firm.
In July that year, Nasdaq announced an agreement to provide Football Index with a cloud-optimized trading engine. Football Index said in Friday’s statement that, while the partnership had reached the testing phase, the company has “made the decision to hit pause on Nasdaq integration till later in the year.”
“We stand ready to continue to develop this exciting project,” the Football Index spokesperson said in the email, while adding that it is has decided to “reprioritise internal resources on projects that will more immediately deliver value for our customers.” They cited current “unique circumstances” faced by its customers and the “broader economic situation created by Covid-19.”
A spokesman for Nasdaq did not immediately respond to an emailed request for comment.
— With assistance by John Viljoen
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March 06, 2021 at 07:05PM
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Soccer 'Stock Market' in Liquidity Talks, Slashes Payouts - Bloomberg
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