The Jersey based gambling company Football Index has gone into administration after sustaining "substantial losses".
The platform, which was founded in 2012, operated like a stock market, allowing users to place bets on the future performance of footballers.
When customers bought one or more share in a footballer, they had the chance to win money back depending on their performance on the pitch or in the media.
The company which employs up to 50 people was suspended on 11 March.
Football Index says that by going into administration there is a chance for it to be rescued and continuing in a "restructured form".
As it is a Jersey company, bosses will need to apply to Jersey's Royal Court for an order to ask that the High Court of England & Wales takes jurisdiction in this matter.
That hearing is scheduled at the Jersey Royal Court on Thursday 18 March.
Football Index urges anyone who is concerned about their well-being, or the well-being of another user to access mental health resources.