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An independent CMA panel has decided Spreadex should sell Sporting Index after finding the deal harmed competition for licensed online sports spread betting services.

The Competition and Markets Authority (CMA) has accepted the proposed sale of Sporting Index, to address the competition concerns it had found in the licensed online sports spread betting market, with some modifications and enhancements.

Last year, Spreadex acquired the ‘business-to-consumer’ business of Sporting Index from Sporting Group Holding Limited (Sporting Group). Spreadex and Sporting Index both provide sports fixed odds betting and sports spread betting services to customers based in the UK.

Sports spread betting involves customers betting on a range of outcomes of sporting events rather than the standard ‘win or lose’ outcomes offered by fixed-odds betting. In spread betting, the closer a customer’s bet is to an outcome, the more money they stand to win, and the further away from the outcome they are, the more they stand to lose. This means that, in contrast to fixed odds betting, customers’ wins and losses could be far higher than the amount they bet.

After conducting an in-depth Phase 2 investigation into the deal, the CMA’s independent panel has concluded the deal created a monopoly in the UK licensed online sports spread betting market, eliminating competition in that market. The panel concluded that the merger could lead to a worse user experience, a more limited range of products and/or higher prices for consumers in the UK. 

The panel has concluded that, with some modifications and enhancements, the sale remedy proposed by Spreadex is sufficient to remedy the competition concerns and restore competition in this market that is lost as a result of the deal.

The CMA now has 12 weeks to either accept Final Undertakings from Spreadex, or to make a Final Order requiring Spreadex, to sell Sporting Index to a suitable CMA-approved buyer.

Richard Feasey, the chair of the independent panel reviewing the merger, said:

This deal eliminates competition in the supply of licensed online sports spread betting services in the UK.

Sports spread betting – like any other market – needs competition to drive good customer experience, maintain choice and keep prices competitive. To achieve this, we have decided that Spreadex should sell Sporting Index, so that customers can choose between two firms for the best user experience and prices, rather than having to use only one.  

Further details are available on the SpreadEx / Sporting Index case page.

Notes to Editors:

1. Whilst this decision marks the end of the CMA’s investigation, it will closely monitor the progress made in implementing the remedy.
2. The CMA launched its formal Phase 1 investigation in February 2024. This review identified a realistic prospect that the deal would lead to a ‘substantial lessening of competition’ – focusing on the potential impact on consumers and businesses in the UK – and therefore required an in-depth, Phase 2 investigation. Phase 2 investigations last 24 weeks and allow an independent panel of experts to probe in more depth initial concerns identified at Phase 1. In this case, the panel decided to extend the statutory timetable by eight weeks, due to the nature and complexity of the potential remedy, and a further eight days, due to Spreadex’s failure to respond on time to a request for documents and information.
3. Sporting Group Holdings Limited (Sporting Group) is a subsidiary of La Française des Jeux (FDJ) and was the holding company of Sporting Index (the business-to-consumer business) and Sporting Solutions (the business-to-business business). After Spreadex acquired Sporting Index, FDJ retained its ownership of Sporting Solutions, which it subsequently agreed to sell to another company in August 2024. 
4. For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk.