Footstock gives up British gambling licence after Football Index collapse
In an announcement to players, Germany-based Footstock said the reason for its collapse was due to effects across the sector following events at Football Index, which collapsed earlier this month.
“The whole sector has been shaken by recent events,” it said. “As a result, over the last few days, we have suffered significant setbacks.
The business said that following these events, it was unable to acquire funding it expected to receive.
“Expected and necessary funding being put on ice, we can no longer run our Seedrs campaign and valuable partners are pausing cooperations. These unprecedented circumstances have crushed our company in this crucial period of growth. But without funding, Footstock cannot survive.
“Over the last few days, we tried incredibly hard to find a solution that allows us to stay operational.”
The business billed itself as a combination of a player trading platform such as Football Index, fantasy football and EA Sports’ Fifa Ultimate Team game.
While Footstock keeps customer funds separate from its own business accounts, there is no extra protection around these funds in the event of insolvency.
Source: iGB News