The Gaming Commission (UKGC) has suspended the license of PLAYERFT LTD, the operator of FIVEYARDS, while it initiates a review of the operator's business practices pursuant to Section 116.
In justification, the UKGC stated that it was concerned that the firm was engaging in inappropriate activities and that it was "unfit" to conduct licensed activities under the Gambling Act 2005.
The regulator has also confirmed that the license suspension is a direct result of the company's failure to tap into the UK's national multi-operator self-exclusion scheme, GAMSTOP.
On 31 March 2020, connecting to GAMSTOP became a requirement for operators licensed in the UK under the Licensing Rules (LCCP).
“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 that may affect them,” the UKGC said.
PLAYERFT LTD, headquartered in London, holds a UK Live Event Betting License and Associated Software License issued in June 2020.
Consumers may continue to access accounts and withdraw funds from the FIVEYARDS website, with the suspension effective immediately.
FIVEYARDS uses an operating model similar to Football Index where customers can buy players and receive financial rewards based on their actual performance.
Upon completion of the review, the UKGC will provide the company with a list of corrective actions that may result in the reinstatement of the license by the regulator.
Matchbook's license was suspended in the UK in February 2020 as part of a section 116 review and was later fined £740,000. However, the exchange's bookmaker later re-opened in the UK after a "significant improvement" in its compliance practices.