LONDON, UNITED KINGDOM , July 30, 2021 /EINPresswire.com/ — It is just over a fortnight since Football Index closed its self-styled “Football stock market”, a few hours before the Gambling Commission suspended the company’s licence. Launched in October 2015, Football Index offered its users the opportunity to buy what it described as “shares” in professional footballers, which would then earn “dividends” – from 1p to 14p per share – over a three-year period according to a structure, which it devised, based mainly on a player’s performances on the pitch.
In its appearance, its terminology and its marketing, Football Index mimicked an investment platform, selling genuine shares in real-world businesses. The only suggestion on its home page that it was, in fact, a regulated betting site was an easy-to-miss strapline warning it “should not be viewed as an investment vehicle”, added at the insistence of the Advertising Standards Authority in September 2019. But its “shares” were bets. A user who spent £10 on a share in Bruno Fernandes was betting they would make more than £10 in dividends from the Manchester United player over the next three years.
They could also – in theory at least – “cash out” of a bet by selling the share to another user. But unlike a punter with a regular bookie, staking £10 or £20 per week, a customer buying in to Football Index for the first time was obliged to put three years’ worth of gambling money up front and wait for their returns – again, more like an investment platform than a bookmaker.
Football Index claimed to have around 500,000 account holders, and estimates of the amount of money trapped in the exchange when it collapsed range from £60m to £90m.
We can now report that over 50,000 clients have decided to place funds into a more notable and secure trading platform…
Blockchain Algorithms have been gaining market share in the Sports Investment market due to their patented trading algorithms that have allowed clients to benefit from sporting events around the world.
Blockchain Algorithms are only going to become bigger due to the huge news out of the US last year as the Supreme Court ruled that the Professional and Amateur Sports Protection Act (PASPA) is unconstitutional, changing the future of sports betting in the United States. Before this ruling it was illegal to gamble in the United States except in certain states and cities such as Las Vegas and Atlantic City.
Blockchain Algorithms are on course to become the first Sports Trading company to benefit from this ruling as they have announced plans that will see them partner with some newly established Sport Exchanges in the US and the UK in order to get the best possible prices on trades for their clients at BlockchainAlgorithms.
Further Acquisitions Planned
This deal has given Blockchain Algorithms opportunity to further dominate the Sports Trading Market and is now firmly positioned as the nearest competitor to the United States.
With plans already in place to acquire other rival Trading Software Development companies over the course of the next 12 months we are certain to see Blockchain Algorithms dominating the broadsheets.
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