Former Labour deputy leader Tom Watson has broken his year-long silence to express profound shame over his involvement with the catastrophic collapse of Football Index, the betting platform that wiped out millions of pounds from thousands of British investors.
In an exclusive interview, Watson revealed the heavy burden of guilt he carries for promoting the company that would eventually be described as a "Ponzi scheme" by devastated customers who lost their life savings.
The Price of Endorsement
Watson, who served as Shadow Secretary of State for Digital, Culture, Media and Sport between 2016 and 2019, had publicly endorsed Football Index and even participated in promotional events for the platform. The former MP now admits he failed to recognise the warning signs that ultimately led to one of Britain's biggest gambling scandals.
"I feel ashamed that I didn't see it," Watson confessed. "When you've been in the position I was in, and you meet entrepreneurs, you want to believe they're creating something innovative."
A Nation of Victims
The collapse of Football Index in March 2021 left approximately £90 million in customer funds trapped in the platform. An estimated 280,000 users saw their investments evaporate overnight when the company entered administration.
Many victims were young football fans who had been attracted by promises of high returns from "buying shares" in professional footballers. The platform's complex model combined elements of sports betting and financial trading, creating what regulators would later describe as dangerously misleading for consumers.
Regulatory Failure Exposed
The scandal prompted a major parliamentary inquiry and exposed significant gaps in the UK's gambling regulation. The Gambling Commission faced severe criticism for its handling of the situation, with many questioning why warning signs weren't identified earlier.
Watson's admission comes as the government prepares its long-awaited Gambling Act review white paper, expected to introduce sweeping reforms to protect consumers from similar collapses in future.
The former politician now acknowledges that his involvement, however well-intentioned, contributed to the credibility of a platform that would ultimately cause financial ruin for thousands of British families.
