{"id":168851,"date":"2021-03-29T06:43:45","date_gmt":"2021-03-29T13:43:45","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=168851"},"modified":"2021-03-29T14:20:40","modified_gmt":"2021-03-29T21:20:40","slug":"footstock-goes-belly-up-as-football-index-domino-effect-kicks-in","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/","title":{"rendered":"Footstock Goes Belly-Up as Football Index Domino Effect Rips Soccer Trading"},"content":{"rendered":"

Soccer trading platform Footstock announced Friday it had entered insolvency proceedings. The move comes just four weeks after the demise of Football Index<\/a>, a site whose business model it emulated.<\/p>\n

\"Footstock\"
English former soccer player turned TV pundit Chris Kamara was the face of Footstock, which emulated the Football Index business model. (Image: Footstock)<\/figcaption><\/figure>\n

In an announcement to players, the Germany-based platform said on its website it had surrendered its UK gambling license and ceased trading \u201cwith immediate effect.\u201d<\/p>\n

The company blamed the recent collapse of Football Index for \u201csignificant setbacks\u201d and \u201cunprecedented circumstances that have crushed our company in this crucial period of growth.\u201d<\/p>\n

“<\/strong>Expected and necessary funding being put on ice, we can no longer run our Seedrs campaign, and valuable partners are pausing cooperations,\u201d it said.<\/p>\n

Like Football Index, Footstock billed itself as a combination of fantasy sports, betting, and stock-market speculation. Users would trade \u201cshares\u201d in professional soccer players, whose value would fluctuate based on metrics like on-pitch performances or real-world transfer market value. Users would receive \u201cdividends\u201d based on the performance of their shares.<\/p>\n

Panic is Contagious<\/strong><\/h2>\n

But there is some debate about whether this business model could ever be sustainable in the long-term, since it relies on a constant influx of new liquidity from new players. Critics have compared the model to a Ponzi scheme<\/a> that was destined to implode.<\/p>\n

On March 4, Football Index announced it was slashing dividends to ensure the \u201clong-term sustainability\u201d of the platform. Panic-selling ensued, causing the price of shares to nosedive overnight.<\/p>\n

\n

According to The Times<\/em>, Football Index\u2019s players collectively lost around \u00a390 million ($125 million) in 24 hours.<\/strong><\/p>\n<\/div>\n

Footstock makes no mention of its users losing money and blames its financial disarray on expected funding falling through. But it\u2019s hard to believe that user anxiety triggered by the Football Index crash is not responsible. Panic is contagious, after all.<\/p>\n

\u2018Daylight Robbery\u2019<\/strong><\/h2>\n

One Twitter user described \u201cwaking up to a #Footstock collection value of \u00a30.00 when it was over \u00a3200 yesterday, and being told I have no cards when I have over a hundred.\u201d<\/p>\n

\u201cInsane, that this is allowed to happen,\u201d they continued. \u201cDaylight robbery.\u201d<\/p>\n

While Footstock and Football Index are required to keep customer funds separate from operating funds as a condition of their licensing, the UK Gambling Commission offers no extra protection to those funds in the event of an operator\u2019s insolvency.<\/p>\n

The commission has been criticized for failing to examine the viability of Football Index\u2019s business model during the licensing process. Many believe the operator should have never been licensed at all.<\/p>\n

\u201cWhat was the Gambling Commission doing the times when this dreadful practice was exploiting and conning punters?\u201d<\/strong>\u00a0<\/strong>Labour MP Carolyn Harris asked\u00a0The Athletic <\/em>earlier this month.<\/p>\n","protected":false},"excerpt":{"rendered":"

Soccer trading platform Footstock announced Friday it had entered insolvency proceedings. The move comes just four weeks after the demise of Football Index, a site whose business model it emulated. In an announcement to players, the Germany-based platform said on its website it had surrendered its UK gambling license and ceased trading \u201cwith immediate effect.\u201d […]<\/p>\n","protected":false},"author":36,"featured_media":168853,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,1074],"tags":[],"acf":[],"yoast_head":"\nFootstock Goes Belly Up as Football Index Domino Effect Kicks In<\/title>\n<meta name=\"description\" content=\"Footstock is the latest soccer trading platform to go into liquidation, four weeks after the collapse of Football Index.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Footstock Goes Belly Up as Football Index Domino Effect Kicks In\" \/>\n<meta property=\"og:description\" content=\"Footstock is the latest soccer trading platform to go into liquidation, four weeks after the collapse of Football Index.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-29T13:43:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-29T21:20:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/chris-kamara.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/\",\"url\":\"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/\",\"name\":\"Footstock Goes Belly Up as Football Index Domino Effect Kicks In\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/chris-kamara.jpg\",\"datePublished\":\"2021-03-29T13:43:45+00:00\",\"dateModified\":\"2021-03-29T21:20:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Footstock is the latest soccer trading platform to go into liquidation, four weeks after the collapse of Football Index.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/chris-kamara.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/chris-kamara.jpg\",\"width\":1200,\"height\":800,\"caption\":\"English former soccer player turned TV pundit Chris Kamara was the face of Footstock, which emulated the Football Index business model. (Image: Footstock)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Sports Betting\",\"item\":\"https:\/\/www.casino.org\/news\/sportsbetting\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Footstock Goes Belly-Up as Football Index Domino Effect Rips Soccer Trading\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\",\"name\":\"Philip Conneller\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png\",\"caption\":\"Philip Conneller\"},\"description\":\"In Philip Conneller\u2019s eight years with Casino.org, he has covered the gaming industry from Las Vegas to Macau and everything in between. He currently focuses his coverage on gaming law, white-collar crime, global money laundering, tribal gaming, politics, and regulation. Philip was the original features editor for poker\u2019s Bluff Magazine and editor for Bluff Europe, which he helped launch. His writing has also been featured in ESPN, Forbes, Time Out, The Sun, and The Daily Star, as well as iGaming Business, eGaming Review, and numerous other industry news and tech websites. His news stories for Casino.org\/news have been linked by The Washington Post, The Daily Mail, People Magazine, and Jimmy Fallon's Tonight Show, among many others. Philip once won $20,000 with 7-2 off-suit. He has been reprimanded for unwittingly playing Elton John\u2019s piano on two separate occasions on both sides of the Atlantic. He became a writer because he is a lousy pianist. Philip lives outside London with his wife and children, where he spends his time agonizing about Arsenal FC. Contact Philip at philip.conneller@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/philip-conneller\",\"https:\/\/www.linkedin.com\/in\/philip-conneller-1495a48\/?originalSubdomain=uk\",\"https:\/\/x.com\/casinoorgphilc\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/phillip-conneller\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Footstock Goes Belly Up as Football Index Domino Effect Kicks In","description":"Footstock is the latest soccer trading platform to go into liquidation, four weeks after the collapse of Football Index.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/","og_locale":"en_US","og_type":"article","og_title":"Footstock Goes Belly Up as Football Index Domino Effect Kicks In","og_description":"Footstock is the latest soccer trading platform to go into liquidation, four weeks after the collapse of Football Index.","og_url":"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2021-03-29T13:43:45+00:00","article_modified_time":"2021-03-29T21:20:40+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/chris-kamara.jpg","type":"image\/jpeg"}],"author":"Philip Conneller","twitter_card":"summary_large_image","twitter_creator":"@casinoorgphilc","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Philip Conneller","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/","url":"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/","name":"Footstock Goes Belly Up as Football Index Domino Effect Kicks In","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/chris-kamara.jpg","datePublished":"2021-03-29T13:43:45+00:00","dateModified":"2021-03-29T21:20:40+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b"},"description":"Footstock is the latest soccer trading platform to go into liquidation, four weeks after the collapse of Football Index.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/chris-kamara.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/chris-kamara.jpg","width":1200,"height":800,"caption":"English former soccer player turned TV pundit Chris Kamara was the face of Footstock, which emulated the Football Index business model. (Image: Footstock)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/footstock-goes-belly-up-as-football-index-domino-effect-kicks-in\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Sports Betting","item":"https:\/\/www.casino.org\/news\/sportsbetting\/"},{"@type":"ListItem","position":3,"name":"Footstock Goes Belly-Up as Football Index Domino Effect Rips Soccer Trading"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b","name":"Philip Conneller","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png","caption":"Philip Conneller"},"description":"In Philip Conneller\u2019s eight years with Casino.org, he has covered the gaming industry from Las Vegas to Macau and everything in between. He currently focuses his coverage on gaming law, white-collar crime, global money laundering, tribal gaming, politics, and regulation. Philip was the original features editor for poker\u2019s Bluff Magazine and editor for Bluff Europe, which he helped launch. His writing has also been featured in ESPN, Forbes, Time Out, The Sun, and The Daily Star, as well as iGaming Business, eGaming Review, and numerous other industry news and tech websites. His news stories for Casino.org\/news have been linked by The Washington Post, The Daily Mail, People Magazine, and Jimmy Fallon's Tonight Show, among many others. Philip once won $20,000 with 7-2 off-suit. He has been reprimanded for unwittingly playing Elton John\u2019s piano on two separate occasions on both sides of the Atlantic. He became a writer because he is a lousy pianist. Philip lives outside London with his wife and children, where he spends his time agonizing about Arsenal FC. Contact Philip at philip.conneller@casino.org.","sameAs":["https:\/\/muckrack.com\/philip-conneller","https:\/\/www.linkedin.com\/in\/philip-conneller-1495a48\/?originalSubdomain=uk","https:\/\/x.com\/casinoorgphilc"],"url":"https:\/\/www.casino.org\/news\/author\/phillip-conneller\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/168851"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=168851"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/168851\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/168853"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=168851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=168851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=168851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}