InformationFootball Index is a real money virtual stockmarket licensed and regulated by the Jersey Gambling Commission and the UK Gambling Commission. This is a betting platform and should not be viewed as an investment vehicle. 

Game Rules

Football Index Game Rules

It is very important that you read and understand these Game Rules before placing a Bet.

PLEASE BE AWARE: we periodically update these Game Rules from time to time, which may include updating the Dividend Table and/or changing the way we pay out Dividends. Such changes may have a material impact on your open Bets, and it may influence how you place Bets and/or otherwise use the Service.

PLEASE ALSO BE AWARE, we use an algorithm to determine Share price changes on the platform. From time to time, we may change our algorithm to accommodate changes in market dynamics and scale. This can affect the movements in the price of Shares, both positively and negatively. In making changes to our price change algorithm, we will always try to act in the best interests of the market as a whole.

You must also read and understand and agree to be bound by our Terms of Use before placing a Bet.

Unless defined in these Game Rules, capitalised words used in these Game Rules are defined in the Glossary.We also recommend you use our Academy to learn more about how to play Football Index.

All times and dates reference the time zone in force in London on any given date (GMT or BST as applicable).


Football Index is a gambling platform which operates like a stock market, allowing users (known as ‘Traders’) to place Bets on the future performance of footballers with real money (which we call buying ‘Shares’). Once you have bought one or more Shares in a footballer, you have the chance to win daily or monthly payouts based on that footballer’s future performance on the pitch or in the media (which we call ‘Dividends’).

Whilst you hold Shares in a footballer, you may have the option of cashing out your Bet at any time by ‘selling’ those Shares to the market (for either a profit or a loss, as further explained below).

Football Index is a licensed and regulated fixed-odds gambling product.

Buying Shares (placing bets)

There are two ways which you can buy Shares on Football Index:

  • 1. Buying Shares at the ‘Published Buy Price’; or

  • 2. ‘Bidding’ to purchase Shares at a specific price you want to pay for those Shares.

  1. Buying Shares at the Published Buy Price

You can buy up to a maximum of 300 Shares in each footballer at the Published Buy Price (defined below) in a single transaction. You can buy as many Shares in footballers as you wish, provided you have sufficient funds in your account. This means that you can hold more than 300 Shares of a given footballer in your Portfolio.

The maximum number of Shares you can buy per single transaction may change from time to time. In certain circumstances, we reserve the right to suspend the ability for Traders to buy Shares, either in relation to a specific footballer or for all footballers on the platform.

As the Bet you are placing is a “fixed odds bet”, we publish a buy price for each footballer that reflects the levels of demand for buying or selling that footballer in the market at a given time (“Published Buy Price”). The higher the demand for a particular footballer in the market, the higher that footballer’s Published Buy Price will be. The Published Buy Price of a footballer will fluctuate over time, depending on the levels of demand for buying/selling that footballer.

Changes to the Published Buy Price are controlled by an algorithm that reflects the volumes of shares being bought or sold in a given footballer. We reserve the right to adapt this algorithm as per clause 9.12 in our Terms of Use, in particular in instances of specific market conditions, changes in market scale and/or certain other events (including but not limited to ‘Share Splits’ or technical changes to the platform).

  1. Bidding at the price you want to pay for the Shares

You also have the option of placing bids to purchase Shares at a specific price you want to pay for those Shares (“Bids”).

You may place a single Bid for up to 300 Shares in a footballer. Where your Bid is successfully matched or partially matched with another seller in the market (as explained below), this forms an ‘Instant Sell’ price for the matched Shares that Football Index will fulfil. This means you will be issued with new Shares at the price you successfully bid for them (issuing you with a new bet), and will allow the corresponding seller to sell those Shares at the matched Instant Sell Price (cashing the seller out of their bet), at all times subject to commission Football Index is entitled to deduct on the transaction.

Placement of Bids

You can place a maximum of 10 (ten) Bids on up to 300 Shares in a given footballer.

At the time of placement, the price you bid for Shares must be higher than the minimum price threshold allowed on the bid form for those Shares (“Minimum Bid Price”) and lower than the Published Buy Price for those Shares (known as the “Bid Zone”). If those thresholds move and Bids fall outside of the Bid Zone, those Bids will remain open and can still be matched against by sellers.

When you place a Bid, funds equal to the maximum amount you have indicated you will pay for those Shares plusany commission payable in respect of the Bid, will be deducted from your cash balance.

Funds reserved for Bids and commissions are protected in the same way as cash balances until they are matched, as per clause 11.2 of our Terms of Use.


Bids are matched preferentially based on the price of the Bid, meaning a higher price Bid for Shares will be given priority over a lower price Bid for those same Shares. Bids of the same price for Shares in a footballer will be matched in ‘first in first out’ (FIFO) order, oldest first.

In the case that, due to a footballer’s Share price movement, the market ‘crosses’ such that some open Bids are higher than the footballer’s Published Buy Price (a “Crossed Market”), Football Index will not automatically fulfil those Bids. Those Bids will remain open until they are matched against an Instant Sell or cancelled.

Bids can be ‘partially matched’ where less than the total number of Shares subject to a Bid are successfully matched. In the case of a partial match, the Bid will remain open for matching in respect of the remaining unmatched Shares subject to the Bid. The partially matched Bid will retain its original placement date in respect of the unmatched Shares.

From time to time, for example during IPOs, we may make Bid matching or placement unavailable to ensure the stability of the platform.

Duration of Bids

Your open Bids and their status are available in the “Open Bids” section of your Portfolio section of the platform.

Bids will remain open indefinitely until they are successfully matched or cancelled (see below). This means some Bids may never be matched if other Traders do not Instant Sell against that Bid.

Cancellation of Bids

You may cancel your open Bids at any time (unless the market is suspended), however there is a chance that your Bids could be matched or partially matched during the time that you are attempting to cancel your Bid. The Bid will be matched or cancelled depending on which action was received by our matching engine first.

Football Index reserves the right to cancel any and all of your Bids at any time should you infringe these Game Rules, the Terms of Use or any other terms in force. Football Index also reserves the right to cancel any and all Bids in Force Majeure situations (as defined in our Terms of Use) or in the event of major technical issues, ‘black swan’ market events or material changes to the platform. Such widespread cancellations would be exceptional.

In the event of service interruption leading to Traders being unable to cancel their Bids, Bids can still be matched by the matching engine.

Any unmatched Bids (or remaining partially matched Bids) will be cancelled as soon as possible in the event that your account is suspended, closed, subject to a “time out” or self-excluded (either through Football Index or through GAMSTOP) to minimise the possibility of further bets being issued to you.

In the event that a Bid is cancelled the funds held against the bid being successful will refunded to the Trader’s cash balance without deduction.

Commission on Bids

We charge a 2% commission to the buyer on matched Bids, which is deducted from your cash balance at the time the Bid is placed. Funds reserved to pay commissions are refunded in the event a Bid is cancelled.

Commission paid by the buyer on Bids will be waived for a limited period as anintroductory promotion.

Dividends and Expiry of Bids

Shares bought through successfully matched Bids will be eligible for Dividends.

Shares bought through successfully matched Bids will expire after the Share Period (defined below), which will be calculated from the date the Bid was matched and the new bet was issued, not the date of the Bid placement.


From time to time, for example during IPOs, we may make Bid matching, placement or cancellation unavailable for all footballers or for individual footballers, prioritising platform stability.


Your Shares are displayed in a section of your account known as your ‘Portfolio’, which shows the number of Shares you currently hold.

The ‘Portfolio Summary’ displays the total the value of Shares in your Portfolio, calculated on the Published Buy Price of all Shares at the time that screen or page is loaded (“Portfolio Value”).

PLEASE BE AWARE, your Portfolio Value may increase or decrease from the amount you originally paid when purchasing the Shares in your Portfolio. Further, depending on the method and timing of how you choose to sell your Shares, you may not be able to cash out of the total Portfolio Value displayed in your Portfolio Summary. For example, you are likely to receive less than your total Portfolio Value if you choose to sell your Shares using the Instant Sell function.

We may redefine the calculation of Portfolio Value and profit as displayed to you in your Portfolio Summary, but we will always communicate these changes to you in advance.

How do you win?

There are fundamentally two ways of winning money on Football Index:

  1. By buying Shares in footballers you think will earn you Dividends over time. See Dividendsbelow.

  2. By buying Shares in footballers that other Traders also buy, meaning they increase in value (as a result of increased demand), enabling you to cash out of your Bet(s) early by ‘selling’ those Shares to the market for a profit. See Selling Sharesbelow. 

Be aware that you may also make a LOSS if you sell Shares that have decreased in value since you purchased them (as a result of decreased demand for those Shares in the market), or due to commission being charged on a sale, or where you ‘Instant Sell’ for a lower price than the Published Buy Price (explained below). The price change algorithm may change from time to time as mentioned in our Terms of Use.


Whilst you hold valid Shares in a footballer, you have the chance to win payouts based on that footballer’s performance on the pitch or in the media (which we call ‘Dividends’). Dividends payments fall into four categories:

  1. Match Day Dividends 
    Within the Live Rankings section of our Website/App, we have a subsection titled ‘Match Day’. Here, you will find a list of footballers ranked in order of their overall Match Day Score, calculated by reference to our Match Day performance matrixwhich is informed by performance data supplied by our third party data provider.

    Only footballers playing in Europe’s top 5 leagues (Premier League, La Liga, Bundesliga, Serie A and Ligue 1), the main two European club football tournaments (Champions League and Europa League) and the main two international team competitions (World Cup and European Championship, including qualifiers) (together, “Eligible Competitions”), are eligible to win Match Day Dividends.  We reserve the right to add to, or remove from, the Eligible Competitions at any time. In order to be eligible to receive Match Day Dividends, you must purchase the Shares before the Dividend Deadline.

    On a Match Day, we will rank all the participating footballers by their Match Day Score in four separate categories (DEF/GK, MID, FWD, STAR). The top-ranking footballers for each category will be eligible for Match Day Dividends on that Match Day. The amount of Match Day Dividends paid out depends on whether the Match Day is classified as either Bronze, Silver or Gold – depending on the number and prestige level of fixtures that day (see Dividend Tablefor more information). As of the start of the 20/21 Premier League season, Goalkeepers will be added as a fifth category, and not ranked in the same category as Defenders.

In the event of a tie in the Match Day rankings between one or more footballers, the footballer with the more recent date of birth will rank higher. If the date of birth is the same, the footballer with the first name alphabetically will rank higher.

Footballer playing positions are categorised based on data from our third party data provider, and may be updated in the event the data provider changes the position category of a given footballer on their database. For example, if you hold Shares in Joshua Kimmichand he is changed from a DEFENDER to a MIDFIELDER by our third party data provider, your Shares in Joshua Kimmichwill then be eligible to win Match Day Dividends in the ‘MID’ category rather than the ‘DEF’ category. Outfield players that are subbed into goal are considered with their outfield position for any rankings.

We reserve the right to correct or adjust Match Day performance data up until dividends for that Match Day are paid out. However, we will notadjust Match Day Scores or re-allocate Match Day Dividends after the applicable Match Day dividends have been paid for any reason (including where a match result is overturned/voided, or where a goal/assist is later awarded to a different player).

To receive Match Day Dividends, you must hold the Shares until you have been credited with the Match Day Dividends.

For further information on Match Day Dividends, see

  1. Media Dividends
    Within the Live Rankings section of our Website/App, we have a subsection titled ‘Media’. Here, you will find a list of footballers ranked in order of their daily Media Score, calculated by our proprietary algorithm which monitors all UK online football news headlines (“Media Scoring Algorithm”).

  • On Match Days, the footballer with the highest Media Score by 12:00am will win the Media Dividend for that day.

  • On Non-Match Days, the top three footballers with the highest Media Scores by 12:00am will each win Media Dividends for that day.

    All footballers on Football Index are eligible to win Media Dividends (from either the Top 200 or the Squad). For information on the amount of Media Dividends payable for Match Days and Non Match Days, see the Dividend Table. In order to be eligible to receive Media Dividends, you must purchase Shares in the relevant footballer before the Dividend Deadline.

    In the event of a tie, the footballer with the latest story unique to that footballer (out of the footballers who are tied) will be ranked higher. We reserve the right to remove Media Score stories attributed to any footballer, in particular where the story does not relate to footballing events orwhere the Media Scoring Algorithm has incorrectly attributed a story to a similarly named (but different) footballer – for example, where the Media Scoring Algorithm incorrectly attributes a media story to Pepeinstead of Nicolas Pepe.

To receive Media Dividends, you must hold the Shares until you have been credited with the Media Dividends. 

For further information on Media Dividends, see

  1. In-Play Dividends
    “In-Play Dividends” are Dividend payouts awarded on Match Days when a footballer completes certain key actions for their team. The payouts vary per position.

1p per Goal for a Forward or Midfielder

2p per Goal by a Defender or Goalkeeper

1p per Assist by any position

1p per Starting Goalkeeper Clean Sheet over the full game (including extra time, not including penalty shootouts)

A Share is only eligible for In-Play Dividends if the share has been purchased no more than 30 days before 23:59:59 on the start of the Match Day.

Customers will be eligible for payouts according to the position of the footballer, for each share that they hold at midnight on a Match Day when a player is attributed one of the events listed under ‘In-Play’ on the dividend table, Definitions for the events can also be found on the performance matrix page.

Matches in the following competitions are eligible: English Premier League, Spanish La Liga, French Ligue 1, German Bundesliga, Italian Serie A, UEFA Champions League, UEFA Europa League, UEFA European Championship Qualifiers and UEFA European Championship Finals.

The 30-Day limit is inclusive, so the oldest Shares eligible for a match played on November 30th, 2019 must have been bought after 00:00:01 on November 1stand must be held at 23:59:59 on November 30th.

  1. Team of the Month Dividends
    “Team of the Month Dividends” are dividends paid out on a monthly basis according to the top performing footballers against the Football Index Scoring Matrix.

The payout structure is listed in the dividend table and is based on a ‘3-4-3’ football formation, awarding dividends to the top 3 forwards, the top 4 Midfielders, the top 3 Defenders, and the top Goalkeeper. The Payouts vary according to rank within each position, and are listed in the Dividend Table.

Footballers are ranked according to the total of their top 3 Match days scores in a given calendar month. For example, if Lionel Messi played four games in a month, scoring 250, 250, 250 and 150, he would score 750 points. If he had only played two games with scores of 250 and 150, his score would be 400 points.

In the event of any tie, the younger player will be ranked higher.

The Team of the Month Dividend Deadline is 23:59:59 on the 21stday of a given month. You must hold shares until 23:59:59 on the last day of the calendar month. If your shares expire before the end of a given month, you will not be eligible for that dividend.

Team of the Month Dividends will only be payable if there are a minimum of 5 Match Days completed in that calendar month.

In the case of a major international tournament, we may offer a similar “Team of the Tournament” dividend on a promotional basis applied to the whole tournament, rather than per calendar month. We reserve the right to amend this dividend in or around the Euro 2021 or World Cup 2022, as this may impact adjacent months. We will announce any changes within 90 days of relevant fixtures being announced for each season.

Matches in the following competitions are eligible: English Premier League, Spanish La Liga, French Ligue 1, German Bundesliga, Italian Serie A, UEFA Champions League, UEFA Europa League.

Payment of Dividends

Dividends are paid in accordance with the Dividend Table. 

Dividends will be paid out at the “Pay Out Time” - typically between 09:00am and 11:00am on the day immediately following the day on which the applicable Dividend falls due, or such other time as we credit your account with the applicable Dividends. In the case of Team of the Month Dividends, the payment will be on the second working day of the subsequent month.

We may pay additional Dividends for promotional reasons, and review and update the Dividend Table from time to time. The Dividend Deadline is defined in our glossary. We may postpone or change the Dividend Deadline for promotional reasons before or during a football match to allow users to buy Shares which may be eligible for Dividends. We will keep you informed of any changes to the Dividend Deadline either by email, via the Website and/or on the App.


There are currently over 3,000 footballers listed on Football Index, split into two categories:

Top 200
A list of the top 200 highest priced footballers on Football Index. Footballers are promoted and relegated from the Top 200 at 00:00 each day, based on their Buy Price.

Squad List
A list of all remaining footballers. 

Selling Shares

You have the option of cashing out your Bet early by ‘selling’ your Shares (for either more or less than you originally paid for the Shares). You can do this in two ways: 

  1. Sell Order
    By selecting the amount of Shares you want to sell, clicking ‘Add Sell Order’ and then clicking ‘Confirm Sell Order’ – those Shares will be listed in the Sell Queue for other Traders to ‘buy’ (called a ‘Sell Order’). We will cash out the Bet subject to finding one or more Traders who will buy the Shares in your Sell Order.

Sell Orders are fulfilled in ‘first in first out’ (FIFO) order, oldest first.

We cannot guarantee the price at which those Shares will sell to the market. Your Shares will be sold at the Published Buy Price at the time the Sell Order is completed for each Share, rather than the price when you first placed the Sell Order. However, you may set a lowest price at which you accept another Trader to buy Shares in your Sell Order (“Reserve Price”). You may cancel your Sell Order at any time. If the price of any Share drops below your Reserve Price, we run a process that regularly checks and attempts to cancel your Sell Orders as soon as feasibly possible.

  1. Instant Sell
    We publish a sell price at which you may instantly cash out your Bet early (‘Instant Sell Price’), rather than entering the Sell Queue.

The Instant Sell Price is calculated based on the Volume Weighted Average Priceof the 300 highest priced open Bids placed by other Traders for Shares in that footballer.

If total Bids on the platform relate to less than 300 Shares of a given footballer, the amount of Shares available to be Instant Sold for that footballer at the given Instant Sell Price will be displayed in the Instant Sell screen.

If there are no Bids placed in respect of Shares in a footballer at all, Instant Sell will not be available for that footballer and the ‘Sell’ button will not show an Instant Sell Price.

You can choose to sell your Shares at the published Instant Sell Price by selecting the amount of Shares you want to instant sell and then clicking ‘Instant Sell’. The ‘Instant Sell’ will be matched against one or more relevant Bid(s), allowing you to sell your Shares (and cash out of your Bet) at the Instant Sell Price offered. We will deposit the monies into your Football Index account cash balance, subject to charging our standard commission. In certain circumstances, we reserve the right to suspend Instant Sell, either in relation to a specific footballer or for all footballers on the platform.

In some circumstances, unmatched Bids may be matched to another Trader seeking to Instant Sell those same Shares, or the Bid may be cancelled during the course of your attempt to Instant Sell (known as “Slippage”). In these circumstances, we will attempt to match your Instant Sell against any remaining open Bids in the market, however the Instant Sell Price matched and volume of Shares sold may vary.

The difference between the Published Buy Price and the Instant Sell Price is called the ‘Spread’. The Spread may vary, especially in relation to footballers whose Share prices are experiencing high levels of volatility.

Order of sale of Shares in your Portfolio

This means where you have purchased multiple Shares in the same footballer on different dates and you choose to list those Shares in the Sell Queue, the oldestShares in your Portfolio (i.e. those you bought first) will be sold first.

Commission on Share Sales

Whether you submit a Sell Order or Instant Sell, we charge a 2% commission fee to the seller based on the value of each Share sold (minimum commission of 1p from each completed sale transaction).

Share Period

A Share lasts for three (3) years from the date you place the Bet (the “Share Period”).  Upon the expiry of the Share Period, the Bet will expire – meaning you will lose the initial stake you paid for the Share, any increase in price since you bought that Share, and the right to benefit from any further Dividends payments. In advance of the Share Period expiration, it is open to you to take steps to sell the expiring Share(s) and buy new Shares in the same footballer. New Shares purchased in a footballer will have a fresh 3-year Share Period.  In-Play Dividends are only paid for the first 30 days of the Share period.

Market Makers

From time to time, Share sales and purchases may be fulfilled as a result of shares being bought or sold by a “Market Maker”. For example:

  • the Sell Queue may include Sell Orders listed by a Market Maker selling Shares they previously bought or Shares they are selling as part of a self-exclusion Portfolio closure;

  • The Instant Sell Price may contain Bids by a Market Maker;

  • Bids may be fulfilled by a Market Maker opting to Instant Sell against that Bid; and/or

  • Market Makers may purchase Shares listed in the Sell Queue at the Published Buy Price.

In these Game Rules, reference to “Traders” shall include reference to Market Makers in addition to other users on the platform. Market Maker Bids, Sell Orders, Buys and Instant Sells are not given any preference in execution order or behaviour over other customers and influence prices in the same way as other customers.


We introduce new footballers onto Football Index from time to time, which is referred to as an Initial Player Offering (IPO). These IPOs will be published on Football Index at a price at our discretion. We will announce IPOs on The Football Index News Blog by 8:00pm the day before release, but exact timings of the IPO will not be disclosed.

Traders can request players to be added to the market via email to our Customer Support team at or by tweeting us at @FootballIndex.

Your Transaction History

A time-stamped record of the Bets you have placed are stored in the ‘Transaction History’ of your account (each Bet transaction may be archived after 3 months).

Removal of players from the platform

We reserve the right to remove a footballer from Football Index where a footballer:

  • Retires

  • Dies

  • Is declared missing for over 3 weeks

  • Is sentenced to prison

  • Does not play any competitive football for a full calendar year

  • Becomes a player-manager (or any playing member of staff)

Where any of the above events occur, all open Bets on that footballer will immediately expire – meaning you will lose the initial stake you paid for the Shares, any profits you have made in respect of those Shares, and the right to benefit from any further Dividends payments. You will not be able to place any further Bets on that footballer.

We reserve the right to suspend Instant Sell and trading immediately in respect of the affected footballer and we will endeavour to remove that footballer from the platform within 48 hours (or such other timeframe as we in our sole discretion decide is appropriate). These footballers will not be eligible for Media Dividends or Match Day ranking unless subsequently confirmed to be available for selection as a professional footballer of relevant standing.

Betting Integrity

To preserve the integrity of Football Index, some behaviours are subject to monitoring and may have consequences. These include but are not limited to:

Price manipulation: Manipulation of the market by spoofing or otherwise manipulating Sell Orders and Bids for your own or other Traders’ unfair benefit is forbidden and may be deemed a material breach of our terms.

Bonus Abuse, Fraud and Money Laundering: Consistent or highly correlated matching of your trading activity against other Traders displaying fraudulent behaviour or characteristics, customers displaying a high risk of money laundering or customers redeeming promotions may be deemed a material breach of our terms.

Self-trading: It is not allowed to buy or bid for Shares while you have listed Sell Orders for that footballer. It is not allowed to Instant Sell or place Sell Orders for a footballer while you have unmatched Bids for that footballer. You may not Instant Sell Shares in a footballer while you have listed Sell Orders for that footballer. Circumventing these systematic controls with coordinated trading with other Traders shall be deemed a material breach of our terms. You may cancel your Sell Orders or Bids to carry out a trade that would otherwise be systematically blocked, however doing this consistently, frequently or at high volume could be identified as spoofing.

Market Suspension

From time to time, in the case of scheduled announcements, scheduled or emergency maintenance, technical issues, widespread or regional connectivity issues, major market events or other Force Majeure events (as defined in our Terms of Use), Football Index may suspend individual footballer markets or all markets. This means that you will be unable to Buy, Bid, Instant Sell, add Sell Orders to the Sell Queue, or cancel Sell Orders or Bids during such time. Sometimes it may take some time for this status to change and not all Traders experience the same restrictions immediately. Football Index will announce scheduled suspension of all markets by email and on our blog and through social media channels at least the previous calendar day and will communicate other suspensions on social media, in our customer support help centre and by other means depending on the duration of the suspension. Suspensions of an individual footballer market may not be announced. When a market is suspended the user will be able to see prices but will receive a message when they attempt to make a trading transaction.

Last updated: 9/7/2020 at 17:00 BST.