Bet Index - The world's first football stock market
Time to read: 5 minutes
By Trust Payments
5 Feb 2021
BetIndex Ltd launched Football INDEX as the world’s first football stock market where traders can buy and sell shares in professional footballers with real money. The UK-licensed gambling platform offers customers a chance to bet on the future success of football players, rather than gambling on the short-lived outcome of football matches.
Football INDEX was confidently predicting rapid growth of its business. ‘We started small in 2016,’ explained Neil Kelly, CEO, BetIndex, ‘but …
“… we wanted to work with a payment services provider that would see that we would grow quickly and be a supportive partner right from the initial integration. Trust Payments delivered on that and made the who onboarding very simple and straightforward.”
The growth of Football INDEX accelerated quickly. Its turnover reached into the millions and they recognised the factors that would affect their future growth trajectory.
‘Creating a positive customer experience is essential in our industry, explained Neil, ‘and it has never been more central to attracting and retaining customers, especially for merchants who operate online.’
“A fast, efficient and reliable payment process is key to this – as well as retaining customer trust. Secondly, UK regulations are among the most stringent in the world so keeping up with those is always going to be essential.”
Customer experience and reliability
From the moment a customer arrives on the Football INDEX site and makes a deposit to when they want to withdraw their winnings and leave, payments in and out are critical to in the customer experience.
‘The customer experience with the Trust Payments’ gateway is seamless,’ said Neil.
“There’s no disruption to the user journey when a payment is made. Ultimately that means we retain the customer’s full trust in the Football INDEX experience and our brand.”
With new Visa Direct functionality, Trust Payments can shorten the payout process to minutes rather
than days, creating a more immediate and satisfying customer experience.
Trust Payments’ technology is continually being upgraded and enhanced but reliability is always paramount. ‘We like the fact that Trust Payment always advises us of any technology updates before they are implemented so there are no surprises,’ said Neil, ‘and everything is tested before it goes live.’
Keeping up to date with changes to gaming rules and regulations is part of the job for Trust Payments. Their dedicated team is always looking ahead to what needs to be done to support their clients.
“The regulatory change that excluded payment by credit cards was a big deal for the industry,’ said Neil. ‘Trust Payments took care of that quickly and very efficiently.”
Implementing TRU Fraud
Reducing fraud is always important for gaming operators. In November 2020, Football INDEX switched on the TRU Fraud functionality which means that all transactions are now screened. ‘We have certainly seen more cases of fraud picked up since we switched on the TRU Fraud functionality,’ said Neil.
When fraud becomes apparent, Football INDEX knows it can block cards within 24 hours through their dedicated Account Manager. ‘We very much appreciate the responsiveness of our Account Manager,’ said Neil. ‘I can call at 8.30am and have my issue resolved by 9am.’
Performance, relationship & commercials
While Football INDEX appreciates its close relationship with Trust Payments, they are also a business that is focused on the commercials.
‘We did benchmark Trust Payments against some of their competitors and they came out strongly,’ said Neil, ‘and in the areas where they were not so competitive, they adjusted their approach and both parties have done well out of our relationship. We would certainly recommend Trust Payments.’
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