An independent investigation is to be launched after football fans lost almost £100m when a big betting firm collapsed into administration amid questions over how it was regulated, according to UK's Sunday Times newspaper.
Ministers are understood to be "deeply concerned" at the failure of Jersey-based Football Index, which promoted itself as a "football stock market", and the government is set to establish a probe into the circumstances behind its tumble into insolvency, it reported on 11 April.
A government source was quoted as saying that "something appears to have gone very wrong here", adding: "This case further reinforces the need for our comprehensive review of gambling laws. This independent investigation into Football Index will feed into that work and if we need to make changes to regulation to protect people, we will."
The Football Index, which is owned by BetIndex, ceased trading abruptly in March following notices from both the Jersey and UK gambling watchdogs.
