Minister asks Gambling Commission to explain Football Index action
March 16, 2021, 12:29 pm

Minister asks Gambling Commission to explain Football Index action

Queens Park Rangers’ strip previously displayed the Football Index logo.

John Whittingdale holds talks with betting regulator over self-styled ‘stock market of football’The new gambling minister, John Whittingdale, has demanded that the betting regulator explain what it is doing about Football Index, the self-styled “stock market of football” that suspended trading and began insolvency proceedings last week leaving customers potentially facing huge losses.

Whitehall sources said Whittingdale had held “frank” discussions with the Gambling Commission, which is without a permanent leader following the surprise immediate resignation of its chief executive this week.

The intervention is Whittingdale’s first since he recently took responsibility for overseeing a landmark government review of the sector, an appointment that attracted criticism due to his past friendly stance towards the industry.The collapse of Football Index, which invited customers to buy and sell “shares” in football players, has left customers complaining that they are unable to retrieve thousands of pounds from their accounts.

The Gambling Commission suspended the operating licence of Football Index last week, a few hours after the beleaguered company suspended “trading” on its platform.

The company, which sponsored both Nottingham Forest and Queens Park Rangers football clubs, is due to appoint insolvency specialists Begbies Traynor to act as administrators, raising uncertainty over whether account holders will be able to retrieve funds.

The Gambling Commission, which monitors the industry, has been accused of being “asleep at the wheel” over the affair.Football Index’s collapse could not have come at a worse time for the regulator, which on Monday announced the sudden departure of chief executive Neil McArthur for unrelated reasons.

As well as the immediate difficulty presented by Football Index, the commission is wrestling with multiple complex and potentially controversial issues.

It is in the midst of a review into whether gambling firms should impose strict affordability checks to prevent punters losing too much, a measure that could meet with significant pushback from the industry.

The government’s gambling review is also under way, led by Whittingdale, while the commission is also overseeing the fourth bidding process to run the national lottery licence.

The Department for Digital, Culture, Media and Sport (DCMS) is understood to be considering an increase in budget for the regulator, which faced criticism from the National Audit Office for perceived weakness due to underfunding.

The collapse of Football Index has also proved embarrassing for the gambling industry, which is under particular scrutiny due to the government review.

Industry lobby group the Betting & Gaming Council (BGC) said earlier this week that it had suspended the membership of Football Index.The BGC chief executive, Michael Dugher, has previously welcomed the partnership between Nottingham Forest, the team he supports, and Football Index.

https://twitter.com/MichaelDugher/status/1296364837707145216

He also praised the company in November last year for donating its space on the club’s shirt for one match to the YGAM charity, to mark Safer Gambling Week.

source: Rob Davies

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.