Last Updated on April 15, 2021 by Samuel Waihenya
I can confidently say that the Football Index is an amazing platform.
The ability to use one’s general knowledge of the beautiful game in order to make money without the level of risk fraught with traditional bookmakers makes for an enjoyable experience.
And I’m sure the aforementioned sentiment would be echoed by the vast majority of today’s traders.
But despite the positive buzz amongst its community, there are still a few negatives that put a stain on the Football Index’s corporate image.
In today’s article I wanted to talk about why a vocal minority regard the platform as nothing but a scam, and share my experience as a fairly late adopter.
So let’s get started…
Why the Scam Claims Are So Prevalent
In my opinion, one of the most popular reasons as to why you hear Football Index being touted as a scam is because the people that raise the accusations have had a bad experience using the platform.
But that doesn’t give you the full picture.
What you’re not made aware of is the fact that the bad experience was most likely self-imposed.
Let’s take a quick example.
Say you deposited £200 and lost 20% of that money through poor player selection or poor timing of purchases (i.e. buying players at their peak).
Of course you’re going to be fuming right?
It’s then very easy for the afflicted party to go onto social media and have a long ramble about why the company is a scam and what not.
Naturally, being able to have a rant about a bad experience – be it online or in person – can make a person feel better about themselves in spite of what has happened.
However, it also potentially dissuades other people from trying out the platform as they fear falling prey to the same negative fate.
Ultimately, you can see how a lack of understanding of the core principles behind the Football Index can cause a newbie to lose quite a bit of money and subsequently launch scathing attacks at the company via social channels.
This leads me onto my next point…
A Double-Edged Sword
Football Index also don’t’ do themselves many favours when it comes to the referral scheme that they offer.
Despite it being very generous – with the ability to win a £10 cash bonus for each referral – every trader and his nan wants to open up a Football Index related page on Twitter or Facebook and push the £10 profit incentive.
Traders naturally want to earn as much money as they can, and there’s nothing wrong with that in and of itself.
It’s just that…
As an outsider looking in, seeing people on the timeline constantly praising a product and encouraging others to sign up for a £10 bonus just looks like a multi-level marketing scheme at its very finest.
I’m now going to give you a bit of a backstory on something similar…
A Popularity Rise Resembling the Forex Trading Boom
Back when I was at university studying for a Business and Management degree, things were tough financially.
I had a tiny monthly budget that I had to strictly adhere to, as I didn’t have any other form of income besides what my parents could afford to give me every month.
So as a student living as frugally as I possibly could, I tried to look for reliable ways that I could make money online so that I didn’t have to work part time.
And so I stumbled upon Forex trading through a friend who claimed that it was some mystical money-making machine.
Naturally, I became curious.
This led me to download a binary options trading app on my phone and have a play with it in order to learn the ropes.
My friend told me I should only put in real money when I’m confident enough in my ability to trade profitably.
At the time there were many self-proclaimed “forex gurus” who claimed to be making thousands every month!
The reality was that they only did this to get people to sign up to their “trading signals” services, where they would tell you exactly when to buy or sell certain stocks.
I know there was a lot more nuance to it than that, but that was the scam in a nutshell.
A “fake it ‘til you make it” scheme where the trading “gurus” would flaunt their supposed wealth in attempts to hook the unsuspecting people in and make money off of them.
To cut a long story short, I found myself working part time anyway!
So why did I go on a long tangent with this mini novel?
Well, it’s because I believe that the Football Index gets saddled with the scam label in part because of the numerous profit screenshots and 100% ROI posts that you see plastered over Twitter and Facebook timelines.
This bears a strong similarity to the things I witnessed five or so years ago in the Forex trading space, as the people claiming to be making thousands through Forex trading were doing the same thing – posting 100% ROI screenshots claiming to have made significant financial sums.
But the difference between then and now is that vast majority of the Forex lads weren’t actually making the amounts that they claimed they were!
And so, this brings me onto my next point…
Is Football Index legit?
Yes! Yes it all is legitimate and above board!
In fact, the Football Index recently won an award in the ADVFN International Financial Awards 2020 for the “Best Alternative Market”.
People are often wary of investing large sums of money into something without some form of safety net or assurances, and rightly so. You wouldn’t want to put your hard earned money into something and lose it all.
Football Index is still a gambling site by its very nature, so you’re not receiving a licence to print money so to speak, but it’s probably the best goddamn gambling site to have ever been made if you ask me!
You can have a look for yourself at the company’s Trust Pilot reviews, which stand at a total 1,254 and a 4.6 star average at the time of writing.
Even as of the 14 of February, with the Football Index’s total market capitalisation breaking the £100 million barrier, there is still chatter on some social circles that the platform is a scam!
This really does show that the company still has quite a way to go before it gets mainstream, but that should happen quite soon as planned expansion into new territories is already underway.
Praising the platform in a non-harmful way
Today a lot of people – myself included – stand by the saying that:
“If it looks too good to be true, then that’s because it probably is.”
So you end up with a sticky situation…
People who are genuinely enjoying the platform, making very good sums of money and sharing this information with their following on social media, end up triggering other people’s scam receptors as the latter instantly see someone trying to sell them a dream.
That doesn’t in any way mean that it’s bad to share your successes, by all means go for it as you should be proud of reaching certain financial milestones on the platform.
Let’s just be more aware of the impact that posting these images could have on the outsiders looking in.
Perhaps detail – along with the ROI screenshot – how you achieved your success and outline why the platform is legitimate.
This way, the platform grows from strength to strength through new signups, all whilst slowly ridding itself of the scam label in the meantime.
Now for the readers still considering whether to join the platform, I’m going to take the rest of this article to convince you.
How does the Football Index work?
In a nutshell, the Football Index is a gambling platform where people can purchase virtual shares in footballers and see their share values rise or fall based on footballing or media performance in the real world.
The founder – Adam Cole – sought to establish a market where people can profit from their existing football knowledge in a way that is safer and more rewarding than spending it at the bookies.
He had a big dream.
And boy oh boy did he meet and exceed it.
Needing just over £800,000 to start up, the company was able to raise over £1m to get the platform developed and ready for launch.
You can also see that the pre-valuation value of the company was just short of £5 million pounds.
Today, that figure is probably nearing the £1 billion pound mark!
For a more detailed explanation of everything you need to know about this beast of a platform, you can read my Football Index Explained article.
Is the Football Index growing?
The product is still in its infancy, with expansion to other countries like Germany and Spain planned in the near future.
With over 500,000 registered members, the platform continues to grow from strength to strength as people put in even more of their savings into the world’s biggest “football stock market”.
There are a few well known traders holding portfolios massively in excess of £100,000.
As you can clearly see from the video above, the platform receives plenty of support and promotion from a growing community on Twitter, not to mention the other popular social media platforms like Facebook and Instagram.
If that doesn’t sound convincing enough for you however, keep on reading…
Football Index and the Gambling Commission
These regulatory bodies are not your run of the mill guys, as they have very strict compliance procedures.
If the Football Index broke any of these terms or failed to comply with any of their policies, they would lose their license which could spell the end for the platform we know and love.
When you log into the platform, you can see Football Index’s operator license number within the page footer. Clicking on that number will redirect you to Football Index’s gambling commission account profile page.
You can see their details from the screenshot below:
As you can see here, the company does not have any impending sanctions against its name. This indicates that they’re adhering to the regulatory requirements set out by the commission.
This is in stark contrast to betting websites like 888sport, who have been fined heavily in the past for allowing people with gambling addictions to continue to use their slot machines.
Because the company is in the Sportsbook Betting Website category, it is monitored heavily along with the other traditional bookmakers like bet365.
Now I’m sure you’ve also probably heard of the Gamble Aware scheme. This scheme is in effect to ensure that people aren’t encouraged to spend more than they can afford to lose.
Football Index has to comply with this scheme as part of their daily operation, and you’ll often see them posting messages via their social channels urging people to gamble responsibly.
They uphold these standards very well in my view.
As a new trader, this information should hopefully give you that extra nudge to set up an account for yourself (click image below to register), knowing that the company does not employ any shady means to try and get players hooked or spend more than they can afford to.
Social Media: A Strong Indicator of the Trading Platform’s Legitimacy
There are also a number of other ways to decipher whether a website is a scam or not.
But the one that I would like to highlight in this article is social media.
This is because social media is much more authentic and isn’t something that a scammer – or group of scammers for that matter – can hijack as easily.
A strong community backbone is a huge trust signal as the collective belief for a product allows potential buyers to feel at ease when making a purchase.
Football Index has a verified Twitter account with over 55,600 followers at the time of writing.
They also have an official customer support account which is verified and has over 10,500 followers as well.
Their social presence isn’t limited to Twitter however, as they’re also fully engaged on YouTube and Facebook too!
Despite the fact that it’s easy to make any website look legitimate through buying followers, if you have a quick look through all their social pages you’ll notice a steady stream of positive comments from people enjoying the platform.
There’s always a good buzz around the community, also partly because of their continued involvement in it through regular promotions and giveaways like these…
… Or the weekly PB predictor game which generates quite a lot of traction when the football is on.
How does the Football Index make money?
In the world of gambling, you often hear the phrase:
“The house always wins”
Which holds true in the case of Football Index as well.
At the end of the day, Football Index is a business of its own, with its own overheads and internal policies.
They’re in this to make money for themselves, as much as they want spearhead the future of football betting.
The company earns a 2% commission for every completed trade on the platform. In other words, every time you sell a player, Football Index takes a tiny cut of that sale for themselves.
That’s it. No undercover fees or shady deals.
I covered the overall selling process in more detail in my Football Index explained article, but that’s the gist of it.
Can you make a living on the Football Index?
The answer to this question is… it really depends.
A trader with a massive 6 figure portfolio shouldn’t have too many difficulties making a living on the Football Index, provided they invest the majority of that money into the top media and performance dividend footballers.
The consistent stream of income from these dividends should allow a trader with a significantly large investment to earn a comfortable living.
On the flip side however, a person with a 3 figure or 4 figure portfolio would certainly find this much more difficult to achieve. It’s widely accepted that the Football Index is a platform where the more you put in, the more you can expect to receive in return.
But don’t let the above dissuade you, particularly if you’re looking to start small.
Give it a go and once you’re more confident and settled on a strategy that’s working for you, you can then increase the level of your deposits accordingly.
This has been a fairly long post, but I felt that it was important to drill down into the reasons as to why the company still gets a bit of negative press.
If I haven’t made it clear enough as to why the Football Index isn’t in fact a scam, then I do sincerely apologise!
The platform is safe and it’s brilliant.
There is so much money to be made in the future with the right trading strategy.
So if you’re convinced of its legitimacy, take the plunge and start trading today!