Furious football fans claim they have lost thousands of pounds in dividends after gambling platform Football Index changed its terms and conditions at the weekend.
The gambling platform values real-life footballers based on performances with dividends payable to customers who buy ‘shares’ in a player whose value then rises, but the changes saw the value of players crash leaving many investors seriously out of pocket.
Football Index, a betting site licensed by the Gaming Commission, announced it was cutting the level of dividend from 14p to just 1p to 2p in most cases, immediately slashing the value of the payer concerned.
Jordan Sancho of Borussia Dortmund, for example, saw his value drop 90% between Friday evening and Sunday.
According to reports this weekend, Football Index actions circumvented its own terms and conditions that say 30 days’ notice is required to make “adverse changes” to the Dividend Table.
Football Index said it made the changes “in order to ensure the long-term sustainability of the platform” and consulted with legal and financial advisors before going ahead.
The company, which is the shirt sponsor for QPR and Nottingham Forest, paid out £11mln in dividends last season.