The decision, which was backdated to come into effect from 6 April, will prohibit Cole from undertaking or holding any position in any business licensed by the Commission.
However, Cole can apply to the Commission to have the decision withdrawn or altered.
The blacklisting comes after the Commission in March last year suspended Football Index’s licence pending an investigation into its activities. The Commission ruled BetIndex was no longer fit and proper to hold a licence in Jersey and revoked its licence in the following October.
The Commission then investigated the “the fitness and propriety of” Cole, concluding that he should be blacklisted from participating in or working with gambling businesses.
Football Index collapsed in March last year after owner BetIndex went into administration, leading to its licence also being suspended by the Great Britain Gambling Commission.
This came after it was revealed in December 2020 that Cole was to exit his role as chief executive of Football Index at the end of 2020 as part of a “reset” of the business.
The subsequent fallout of the collapse of Football Index led to an independent report into the regulation of Football Index by the Department of Digital, Culture, Media and sport.
This report found that Great Britain’s Gambling Commission was too slow in its regulation of Football Index, and was unaware that operator offered a product it may not have been licensed to offer for more than three years.
In March last year, the GC expressed a similar sentiment. It defended its decision not to suspend the license earlier, citing that doing so could have triggered a swifter collapse.
The GC also stated it was unable to pay back money lost by customers following the collapse of Football Index, saying that the only course of action available to players looking to recover funds is to go via the administrator Begbies Traynor.