shlomo Posted March 23, 2021 Share Posted March 23, 2021 https://www.mirror.co.uk/money/football-index-collapse-lost-23000-23759415?utm_source=facebook.com&utm_medium=social&utm_campaign=mirror_main&fbclid=IwAR09UQZnHw_FqrMVHHwH88lL2GbUeYKLNRdc1mhYNMfVcPy04pVCbFBBuoc Tens of thousands of football fans have seen their life savings disappear since gambling giant Football Index collapsed into administration on March 11. It's sparked calls for a public enquiry into a scandal that's cost some people every penny they own. Around 30,000 people are thought to be affected by firm’s collapse, suggesting average losses of nearly £3,000 each. For others, it’s much more. Grandad Neil Kirk, 63, first invested in Football Index in 2019. Two weeks ago, when the gambling empire buckled, his £23,000 savings completely disappeared. It sounded really impressive, I had a very good knowledge of football and players and the marketing blurb stressed this knowledge could make you money," Neil, from Middleton, Leeds, said. In 2019, Neil "dipped his toes in the water by investing £300". After this, he said it "quickly became addictive". "Initially, I picked a few very good youth players with good reputations and one or two proven players. Trent Alexander Arnold was one of them. "While I did make a few losses at the start, I found the whole concept highly appealing. It was addictive. "I had an excellent impression of the company. It talked of plans to expand and regularly gave bonuses," he said. "The communication was spot on." Neil said despite Football Index being classed as a gambling site "very few who used it classed it as gambling". "It was considered more of a massive investment vehicle. There was a forum where members spoke of the massive profits being made. It made you want to invest as much as possible in order to make more money," he said. He spoke of "whales" - people who were making vast amounts from their enormous investments. Quote Link to comment Share on other sites More sharing options...
Locke Posted March 23, 2021 Share Posted March 23, 2021 Good. If you're dumb enough to "invest" in this, society is better off for you losing your money. Quote Link to comment Share on other sites More sharing options...
anonguest Posted March 23, 2021 Share Posted March 23, 2021 (edited) 52 minutes ago, Locke said: Good. If you're dumb enough to "invest" in this, society is better off for you losing your money. How? SInce now some may likely become dependent on welfare state payments on one form or another? Surely the real 'crime' is that these people weren't being socially responsible and spending their money into the real economy? 😉 Edited March 23, 2021 by anonguest Quote Link to comment Share on other sites More sharing options...
msi Posted March 23, 2021 Share Posted March 23, 2021 15 minutes ago, anonguest said: How? SInce now some may likely become dependent on welfare state payments on one form or another? Surely the real 'crime' is that these people weren't being socially responsible and spending their money into the real economy? 😉 You price in risk against rewards. Suddenly spiv'ing off money becomes harder to do and more productive areas get cash. Quote Link to comment Share on other sites More sharing options...
Locke Posted March 23, 2021 Share Posted March 23, 2021 20 minutes ago, anonguest said: SInce now some may likely become dependent on welfare state payments on one form or another? That's probably how this geezer got hold of the cash in the first place. Ought to be abolished in any case. 21 minutes ago, anonguest said: Surely the real 'crime' is that these people weren't being socially responsible and spending their money into the real economy? 😉 No, the real crime is that the government has used overwhelming hyperviolence to take control of the currency and set up society wide ponzi schemes. The responsible thing to do would have been to buy silver bullion, some Bitcoin and some allocation to energy/municipal stocks. 7 minutes ago, msi said: You price in risk against rewards. Suddenly spiv'ing off money becomes harder to do and more productive areas get cash. Correct. It's hard to get a read on you MSI. Sometimes you show deep understanding like this, but I also remember you being in favour of communist government policy. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 23, 2021 Share Posted March 23, 2021 2 hours ago, shlomo said: https://www.mirror.co.uk/money/football-index-collapse-lost-23000-23759415?utm_source=facebook.com&utm_medium=social&utm_campaign=mirror_main&fbclid=IwAR09UQZnHw_FqrMVHHwH88lL2GbUeYKLNRdc1mhYNMfVcPy04pVCbFBBuoc Tens of thousands of football fans have seen their life savings disappear since gambling giant Football Index collapsed into administration on March 11. It's sparked calls for a public enquiry into a scandal that's cost some people every penny they own. Around 30,000 people are thought to be affected by firm’s collapse, suggesting average losses of nearly £3,000 each. For others, it’s much more. Grandad Neil Kirk, 63, first invested in Football Index in 2019. Two weeks ago, when the gambling empire buckled, his £23,000 savings completely disappeared. It sounded really impressive, I had a very good knowledge of football and players and the marketing blurb stressed this knowledge could make you money," Neil, from Middleton, Leeds, said. In 2019, Neil "dipped his toes in the water by investing £300". After this, he said it "quickly became addictive". "Initially, I picked a few very good youth players with good reputations and one or two proven players. Trent Alexander Arnold was one of them. "While I did make a few losses at the start, I found the whole concept highly appealing. It was addictive. "I had an excellent impression of the company. It talked of plans to expand and regularly gave bonuses," he said. "The communication was spot on." Neil said despite Football Index being classed as a gambling site "very few who used it classed it as gambling". "It was considered more of a massive investment vehicle. There was a forum where members spoke of the massive profits being made. It made you want to invest as much as possible in order to make more money," he said. He spoke of "whales" - people who were making vast amounts from their enormous investments. Quote Link to comment Share on other sites More sharing options...
Former postman Posted March 23, 2021 Share Posted March 23, 2021 Fancy bunging your life savings into a fantasy football ponzi scheme. Facepalm Quote Link to comment Share on other sites More sharing options...
anonguest Posted March 23, 2021 Share Posted March 23, 2021 1 hour ago, Locke said: That's probably how this geezer got hold of the cash in the first place. Ought to be abolished in any case. That's a nit of a sweeping assumption. Maybe it was his own hard earned cash/life savings and, like millions before him here and everywhere, the shmuck blew it all on something stupid. 1 hour ago, Locke said: No, the real crime is that the government has used overwhelming hyperviolence to take control of the currency and set up society wide ponzi schemes. The responsible thing to do would have been to buy silver bullion, some Bitcoin and some allocation to energy/municipal stocks. I get the impression that this sort of thing would have been beyond this guy's knowledge/intellect ? 1 hour ago, Locke said: Quote Link to comment Share on other sites More sharing options...
Locke Posted March 23, 2021 Share Posted March 23, 2021 8 minutes ago, anonguest said: I get the impression that this sort of thing would have been beyond this guy's knowledge/intellect ? Well and now he and his offspring have learned not to gamble what you cannot afford to lose. Nothing wrong with being slow, but slow and greedy leads to this scenario. Quote Link to comment Share on other sites More sharing options...
spyguy Posted March 23, 2021 Share Posted March 23, 2021 22 minutes ago, Postman said: Fancy bunging your life savings into a fantasy football ponzi scheme. Facepalm These stories always start with xxx dipping their toes in .. You know, show these are rational, cautious people, not idiots. Then end with xx then invested his pension, withdrew house equity and put it all in ... Quote Link to comment Share on other sites More sharing options...
shlomo Posted March 23, 2021 Author Share Posted March 23, 2021 3 hours ago, Locke said: Good. If you're dumb enough to "invest" in this, society is better off for you losing your money. I actually feel sorry for him, he was way out of depth, the world is full of sharks Quote Link to comment Share on other sites More sharing options...
Locke Posted March 23, 2021 Share Posted March 23, 2021 1 hour ago, shlomo said: I actually feel sorry for him, he was way out of depth, the world is full of sharks And this guy didn't know that? Lol. He probably bragged to his mates about how much dosh he was making just cos of footie innit Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted March 23, 2021 Share Posted March 23, 2021 Unpopular idea but I do believe stupid people need protecting from their own gullibility. Just because someone’s been born slower, had a harder life, not won the lottery of family support or genetics, doesn’t mean they’re fair game. I detest scammers, they prey on the weak. Quote Link to comment Share on other sites More sharing options...
crescent Posted March 23, 2021 Share Posted March 23, 2021 7 hours ago, shlomo said: Neil said despite Football Index being classed as a gambling site "very few who used it classed it as gambling". The website is clear - it states it is a betting site - no ambiguity Quote Link to comment Share on other sites More sharing options...
Huggy Posted March 23, 2021 Share Posted March 23, 2021 (edited) https://www.bbc.co.uk/news/business-56401707 Never invest/gamble more than you can afford to lose Don't put all of your eggs in one basket etc etc etc etc 🙄 I started writing this hours ago but fell asleep as I care about these peoples' plights so little. My BTC profits are 6 figures, and I would punt a hundred quid, if that, on something like this. Just for a laugh. These people are talking thousands & tens of thousands, and that's a massive problem if it gives you a -100% ROI and it's the majority of your investment portfolio. That money in my Premium Bonds is losing me 1% per year after inflation 😉 I can handle those kinds of losses. Edited March 23, 2021 by Huggy Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted March 23, 2021 Share Posted March 23, 2021 (edited) The real crime and criminals are the bankster cartels. With criminally low interest rates is it any wonder that people are looking to ‘invest’ elsewhere and get caught up in some scams. Edited March 23, 2021 by MonsieurCopperCrutch Quote Link to comment Share on other sites More sharing options...
Pmax2020 Posted March 23, 2021 Share Posted March 23, 2021 The ads for ‘football index’ were continually played on talksport and I used to chuckle to myself at how anyone could be so stupid to get involved in it. The overwhelming majority of football players naturally fall in price. Add to that injuries, form and transfers, and it’s easy to see how the odds were stacked against the punters. Quote Link to comment Share on other sites More sharing options...
Insane Posted March 23, 2021 Share Posted March 23, 2021 31 minutes ago, Huggy said: That money in my Premium Bonds is losing me 1% per year after inflation How much is it losing you if you factor in Inflation ? I would like to know how they get the inflation figures as the 1.1% rise I got this year does not come close to what I am seeing prices for essentials rise. Quote Link to comment Share on other sites More sharing options...
dryrot Posted March 23, 2021 Share Posted March 23, 2021 8 hours ago, shlomo said: [deleted] "It was considered more of a massive investment vehicle. There was a forum where members spoke of the massive profits being made. It made you want to invest as much as possible in order to make more money," he said. He spoke of "whales" - people who were making vast amounts from their enormous investments. Sounds like b*tc**n Quote Link to comment Share on other sites More sharing options...
shackleford Posted March 24, 2021 Share Posted March 24, 2021 14 hours ago, Pmax2020 said: The ads for ‘football index’ were continually played on talksport and I used to chuckle to myself at how anyone could be so stupid to get involved in it. Yes, the Talksport ads, plus the shirt sponsorship at Forest and QPR, seem to be getting quoted by some of the victims as key reasons why they thought the company was legit and trustworthy. As if commercial radio stations and football clubs conduct some kind of financial and ethical deep dive into their sponsors and don't just accept money from anyone. Idiots. Quote Link to comment Share on other sites More sharing options...
Locke Posted March 24, 2021 Share Posted March 24, 2021 16 hours ago, PeanutButter said: Unpopular idea but I do believe stupid people need protecting from their own gullibility. Just because someone’s been born slower, had a harder life, not won the lottery of family support or genetics, doesn’t mean they’re fair game. I detest scammers, they prey on the weak. Look, I agree. I do. They are scum of the Earth. However, everything has a cost and the cost of using a State to protect people from themselves is several orders of magnitude greater than the protection afforded. I think smart, ethical people ought to look out for people who do not have the same mental speed. And indeed, I'm sure lots of people were warning about this being a scam and laying out the arguments. The "investors" would have ignored these kind people and then bragged about their albeit temporary profits. Being slow does not preclude one from becoming wise and lessons like this are how people become wise. Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted March 24, 2021 Share Posted March 24, 2021 15 hours ago, Huggy said: https://www.bbc.co.uk/news/business-56401707 Never invest/gamble more than you can afford to lose Don't put all of your eggs in one basket etc etc etc etc 🙄 I started writing this hours ago but fell asleep as I care about these peoples' plights so little. My BTC profits are 6 figures, and I would punt a hundred quid, if that, on something like this. Just for a laugh. These people are talking thousands & tens of thousands, and that's a massive problem if it gives you a -100% ROI and it's the majority of your investment portfolio. That money in my Premium Bonds is losing me 1% per year after inflation 😉 I can handle those kinds of losses. What is BTC? Quote Link to comment Share on other sites More sharing options...
shlomo Posted March 24, 2021 Author Share Posted March 24, 2021 17 minutes ago, Locke said: Look, I agree. I do. They are scum of the Earth. However, everything has a cost and the cost of using a State to protect people from themselves is several orders of magnitude greater than the protection afforded. I think smart, ethical people ought to look out for people who do not have the same mental speed. And indeed, I'm sure lots of people were warning about this being a scam and laying out the arguments. The "investors" would have ignored these kind people and then bragged about their albeit temporary profits. Being slow does not preclude one from becoming wise and lessons like this are how people become wise. The guy is not slow, he is a northern factory worker, he was out of his depth Quote Link to comment Share on other sites More sharing options...
Locke Posted March 24, 2021 Share Posted March 24, 2021 9 minutes ago, shlomo said: The guy is not slow, he is a northern factory worker, he was out of his depth 23 hours ago, shlomo said: It sounded really impressive, I had a very good knowledge of football and players and the marketing blurb stressed this knowledge could make you money," Slow. Should have asked one of his smart mates about it, or asked the internet. Plenty of free resources these days. Quote Link to comment Share on other sites More sharing options...
shlomo Posted March 24, 2021 Author Share Posted March 24, 2021 5 minutes ago, Locke said: Slow. Should have asked one of his smart mates about it, or asked the internet. Plenty of free resources these days. Or programmed to be fleeced Quote Link to comment Share on other sites More sharing options...
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