Football Index Falls Into Administration

BetIndex Limited the operators of Football Index have entered administration following the previous weekend uproar by investors on the restructuring of players values to try and save the company.

The entire platform is now suspended and there is no indication if it will ever re-emerge after administrators Begbies Traynor took over the business.

In an announcement by the company on Thursday evening Football Index said, “after discussions with ‘external’ legal and financial advisors, the decision was made to help find an ‘agreeable way forward.”

The company went on to say, “Until such time as the administrators are in office, the platform will remain suspended and no trading or payment transactions, such as deposits and withdrawals, will be possible,”

‘Once in office, the administrators will be in contact with customers, creditors, and other stakeholders. This interim step of suspending the platform is merely to ensure that everyone’s rights are preserved in relation to funds held by BetIndex Limited.’

The platform that is licensed by the UK Gambling Commission and had extensive advertising budget are also sponsors of Queens Park Rangers Football Club, there is no update on whether the football club will continue to advertise them at present.

Over last weekend Football Index completely changed their terms and conditions resulting in players on the platform value dive to be worth just pennies when before were worth several pounds.

At the time of the terms change the company said it was to, “protect the long-term sustainability of the platform.”

It has been reported that many of the investors have lost thousands in the fall of Football Index when the platform restructured the value of its football traded players.

Caesars set to complete William Hill acquisition by 1 April

Caesars expects to complete its proposed acquisition of William Hill by 1 April after the bookmaker confirmed all necessary regulatory approvals should be obtained in the coming weeks.

In September 2020, Caesars lodged a bid worth £2.9bn (€3.39bn/$4.03bn) to acquire the entire issued and to-be issued share capital of William Hill that it does not already own.

The agreement, which was approved by William Hill shareholders in November, will see Caesars purchase William Hill’s 1.08bn shares for £2.72 each. Caesars said it plans to retain William Hill’s US betting arm, with the rest of the business set to be sold.

Caesars had previously said it had hoped to complete the acquisition during the second quarter of 2021, and an update published today (10 March) by William Hill suggests this timetable is on track.

William Hill said Caesars expects any remaining approvals to be obtained from the relevant US gaming authorities and other gambling regulators on or about 23 March.

In anticipation, Caesars and William Hill have scheduled a Scheme Court Hearing, at which the court will be asked to sanction the acquisition. The hearing will take place on 30 March.

Should the court approve the deal, and Caesars and William Hill satisfy all other required conditions, then the acquisition is expected to complete on 1 April. William Hill’s shares would then be cancelled on 6 April, in line with the terms of the deal.

Apollo Global had also put forward an offer to acquire William Hill, but the bookmaker’s board unanimously agreed to approve the Caesars deal in September.

The acquisition follows Caesars’ acquisition by Eldorado Resorts in a $17.3bn reverse-merger deal, putting 55 casinos under the operator’s control.