Straight after I posted last week’s update expressing concern about the behaviour of Football Index, I found I had received several emails from people I know in the betting world, including the publisher of our esteemed organ, drawing my attention to an article written by a very well known marketeer and trader. A few days later The Guardian published an article that was also extremely critical of the Index.
I’ve read all of the above mentioned material. I can’t say I agree with everything in them, certainly the suggestion that it’s some sort of Ponzi scheme is way way off. But they do raise several very real concerns.
As I’ve said for months that Football Index has its issues, as the trial has gone on I’ve said it has Major Issues in how it’s being run but I really don’t think there’s anything shady going on. I think it’s almost entirely down to over ambition and poor management.
I received this week’s newsletter from F.I.I. yesterday. They also play down all the criticism, in fact I think they downplayed it a little too much for my taste. There was a little too much “Everything’s going to be fine, this is a great time to invest” for me. They are too quick to blame everything on people bashing Football Index purely to defend and protect Betfair for their own business reasons. I don’t really buy that either. Betfair trading is so different to this.
The truth is that Football Index is a very decent business model but has been poorly run over the last year or so and it remains to be seen if the damage done, and the customers lost, can be reversed successfully by the new boss.
I’ve spent £4,018.25 on the portfolio, it’s currently worth £1,748.83, made £750.12 in sales, and been paid £373.42 in dividends. Meaning an On Paper loss of £1,145.88
My brow remains furrowed, my eyes resemble those of a Quahogian gentleman spotting some suspicious poultry