is anyone interested in pursuing their losses caused be betindex labs & mr cole ?



  • so i am in the process of seeking legal advice regarding FI's mismanagement of this financial product and tampering with traders open bets

    they claim these changes were to our benefit but unfortunately thousands of people have ended up losing a LOT of money so its now quite clear the changes to the platform were not beneficial to users

    in their own terms and conditions they also promise to give us 30 days notice if they were to ever implement such massive changes to the platform , i think we were lucky to have around 24 hours notice prior to IS removal ( not that we could even use IS as they had suspended it from the beginning of April )

    i believe there has been gross mismanagement here and i believe if FI was considered a "bookmaker" they would never have gotten away with this as freely as they have done up to this point .....many have been left in a state of utter bewilderment over their recent actions

    if a bookmaker was to change the open ante post bet 3/4 of the way through the season to reflect completely different circumstances to when the bet was placed and therefore severely negatively impacting the consumers odds there would be regulators queuing out of the door to investigate

    FI have been running wild in the grey area they've engineered between gambling & investing and its high time they got held accountable for their actions

    its not getting any better and this bunch of cowboys need hauling down to the sheriffs office

    if anyone is interested in joining a class action lawsuit to pursue their losses feel free to message me



  • issue is i've not actually lost anything....

    the bet has significantly changed yes, so happy for a lawsuit to be made on that basis but I wonder... Will i only get my original bet back? which will suit FI more than me... the fact i'm playing nowadays purely on profit having taken more than i deposited out makes it kind of tricky to judge!!!!

    Just because i was 'up more' than i am now, whether it be down to 'goalposts changing' or not, i doubt whether personally I have a case?



  • I think you'll find the answer will be your 'bet' still has 3 years to run



  • @dannypea a class action is not about individual accounts its whether FI have collectively negatively impacted the value of the consumers bet ( which they have ) without warning or consultation

    the end result if the class action wins will mean betindex labs will be liable to provide compensation payments across all complainants

    ( and id imagine there will be quite a few )



  • Id lump the farce that is MB in there as that really does change with the wind, but I can't see this going anywhere. The terms are the terms and you've signed up to them!

    You'll spend more on lawyers then you'll get back, but if you help me recoup some of my losses, than thanks in advance! Cheers ears.



  • @thelossadjustor said in is anyone interested in pursuing their losses caused be betindex labs & mr cole ?:

    @dannypea a class action is not about individual accounts its whether FI have collectively negatively impacted the value of the consumers bet ( which they have ) without warning or consultation

    the end result if the class action wins will mean betindex labs will be liable to provide compensation payments across all complainants

    ( and id imagine there will be quite a few )

    Perhaps they will argue your bet is still running, They have pretty much doubled the amount of dividends you can win since you took out your bet.
    Ans as said below.........although ports may be lower now than in Feb 2020..........would they be obliged to return your value at that time.....or only any loss ?

    'quite a few' will be playing with mostly profit,

    Even bookies T+Cs say they can refuse to pay out any bet that they wish to



  • @Munchie63 they would be obliged to compensate for losses accrued prior to irresponsible introduction of the order book system and suspension/removal of instant sell



  • @thelossadjustor said in is anyone interested in pursuing their losses caused be betindex labs & mr cole ?:

    @Munchie63 they would be obliged to compensate for losses accrued prior to irresponsible introduction of the order book system and suspension/removal of instant sell

    did the T+C's you agreed to stipulate their would always be an IS price available on every player ?
    Not being argumentative, serious question. Because a brief will want to look right through those before going in front of a judge and getting slapped about

    I wonder how many had losses before IS was removed....rather than post-covid



  • not the point its about FI adhering to their own terms and conditions which stipulate "minor changes may be made ( in our view to improve the platform) we will give 30 days notice in the event of making any significant changes

    they've me a plethora of changes to the product in the last 6 months most of which havent benefitted existing bets and none of which have been given within correct notice periods as stipulated in their own T&C's



  • It could be argued that they fundamentally change everyone's bets when they produce new dividend tables. But of course no one looks to take legal action against that because it tends to (and certainly this Summer/Autumn) significantly increases the dividend pay-outs to traders.

    That said, it doesn't surprise that some people are looking at legal action. FI changes have had such a negative impact that inevitably people are going to feel aggrieved.

    For me personally, having withdrawn slightly more than I've deposited since Oct 2017, it's not worth it. Particularly given the huge dividend yields now available.



  • well not really because we would all be expecting it , dividends are the foundations of the entire platform thats the whole point of making the bet ......the fact that FI also offered to underpin them foundations by offering the IS function allowing prices to reach ridiculous levels that could never be sustained by dividends alone and then removed that feature without warning is seriously irresponsible and has caused tremendous damage to the product

    the footie has been contracting month on month since they made these changes



  • @dannypea

    I understand the dilemma... but it's not your original stake.... It's your port cost. For example, if you put £1,000 in, bought Henderson, turned that in to £7,000. Sold Henderson, bought Kane your port cost is now £7,000, so if that Kane is now worth £4,000 you're £3,000 down.

    And then the question is.... what value are you using to determine the value of your shares? If you have 10 shares of Van Dijk, you can sell them for £1.02 at this minute in time, which means that's their actual value.

    So I guess my question is... based on your current Port Cost... and what you could actually get for your shares... are you still up?



  • Let’s assume you are right and are entitled to a full refund (whatever that figure is).

    If it’s a class action - FI will go bust, have minimal funds to pay, you’ll get pennies on the pound.... probably worse than the current state!!!

    I don’t see how you WIN - even if you win you lose



  • @ocs123 said in is anyone interested in pursuing their losses caused be betindex labs & mr cole ?:

    It could be argued that they fundamentally change everyone's bets when they produce new dividend tables. But of course no one looks to take legal action against that because it tends to (and certainly this Summer/Autumn) significantly increases the dividend pay-outs to traders.

    That's not always true.

    For example, when they changed the MB structure so that more than the top 200, it killed Pogba's price and his MB potential. That's why he's gone from being £25 to £2.50 since those changes.



  • @Dan-The-Man said in is anyone interested in pursuing their losses caused be betindex labs & mr cole ?:

    @ocs123 said in is anyone interested in pursuing their losses caused be betindex labs & mr cole ?:

    It could be argued that they fundamentally change everyone's bets when they produce new dividend tables. But of course no one looks to take legal action against that because it tends to (and certainly this Summer/Autumn) significantly increases the dividend pay-outs to traders.

    That's not always true.

    For example, when they changed the MB structure so that more than the top 200, it killed Pogba's price and his MB potential. That's why he's gone from being £25 to £2.50 since those changes.

    Eh you’re forgetting a 3:1 share split



  • @NewUser184462 said in is anyone interested in pursuing their losses caused be betindex labs & mr cole ?:

    @Dan-The-Man said in is anyone interested in pursuing their losses caused be betindex labs & mr cole ?:

    @ocs123 said in is anyone interested in pursuing their losses caused be betindex labs & mr cole ?:

    It could be argued that they fundamentally change everyone's bets when they produce new dividend tables. But of course no one looks to take legal action against that because it tends to (and certainly this Summer/Autumn) significantly increases the dividend pay-outs to traders.

    That's not always true.

    For example, when they changed the MB structure so that more than the top 200, it killed Pogba's price and his MB potential. That's why he's gone from being £25 to £2.50 since those changes.

    Eh you’re forgetting a 3:1 share split

    The share split dropped his price by a third... but the dividends are higher now than they were at the time of the share split. He's not winning MB as much because people who weren't eligible to win it are taking those wins... and because the likes of Thiago Silva, Henderson, Fabinho, etc, can win MB, the value is now found elsewhere in the market. Much like how when they added keepers as a category, they diverted more money away from the likes of Pogba.

    It's a one-two punch.



  • to me at its core its heavy & irresponsible market interference



  • @Dan-The-Man

    You say 25 to 2.50

    When that’s 3 shares to 1. Lying just undermines your point



  • @NewUser184462 said in is anyone interested in pursuing their losses caused be betindex labs & mr cole ?:

    @Dan-The-Man

    You say 25 to 2.50

    When that’s 3 shares to 1. Lying just undermines your point

    It's not a lie. It's just not the point you thought I was making.

    I'm not saying if you bought Pogba at £25, they've drained you 90%. I'm saying, they've driven his price down by changing the dividend structure.



  • @Dan-The-Man said in is anyone interested in pursuing their losses caused be betindex labs & mr cole ?:

    @NewUser184462 said in is anyone interested in pursuing their losses caused be betindex labs & mr cole ?:

    @Dan-The-Man said in is anyone interested in pursuing their losses caused be betindex labs & mr cole ?:

    @ocs123 said in is anyone interested in pursuing their losses caused be betindex labs & mr cole ?:

    It could be argued that they fundamentally change everyone's bets when they produce new dividend tables. But of course no one looks to take legal action against that because it tends to (and certainly this Summer/Autumn) significantly increases the dividend pay-outs to traders.

    That's not always true.

    For example, when they changed the MB structure so that more than the top 200, it killed Pogba's price and his MB potential. That's why he's gone from being £25 to £2.50 since those changes.

    Eh you’re forgetting a 3:1 share split

    The share split dropped his price by a third... but the dividends are higher now than they were at the time of the share split. He's not winning MB as much because people who weren't eligible to win it are... and because the likes of Thiago Silva, Henderson, Fabinho, etc, can win MB, the value is now found elsewhere in the market. Much like how when they added keepers as a category, they diverted more money away from the likes of Pogba.

    It's a one-two punch.

    That's a point... did they give 30 days notice to introducing goalkeeper divs? Seem to remember it was just plonked onto the market with the dividend review and started immediately.

    I think there have been several huge breaches of the 30 day notice in the last year. They might be in trouble here...

    Today the FOOTIE crossed 50% drop since order books introduced. Don't think we should just let them get away with it so easily.

    50 fucking %.

    Halved.


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