Gambling Commission suspends PlayerFT operator licence6th July 2021 9:42 am GMT
Britain’s Gambling Commission has suspended the operating licence of PlayerFT’s Fiveyards football transfer market platform for failing to integrate with the GAMSTOP national self-exclusion scheme.
The regulator has instigated a review under s116 of the Gambling Act 2005 into PlayerFT following concerns over PlayFT’s operations, which allow customers to buy stakes in football players via the Fiveyards transfer market.
This includes activities that may have been carried out in breach of the conditions of its licence, or that PlayerFT may be unsuitable to carry on the licensed activities, and that “a licensed activity is being carried on in a manner which is inconsistent with the licensing objectives.”
Pursuant to section 118(2) of the Act, the commission has also suspended the company’s operating licence as a direct result of failing to integrate with the national self-exclusion scheme, GAMSTOP.
“We have made it clear to the operator that during the course of the suspension, we expect it to focus on treating consumers fairly and keeping them fully informed of any developments which impact them,” said the regulator.
The suspension does not prevent the operator from allowing customers to access their accounts and withdrawing funds.