Merger Update: Spreadex / Sporting Index

CMA publishes final report on Spreadex / Sporting Index deal

Independent CMA panel found Spreadex's purchase of Sporting Index would reduce specialist betting providers from 2 to 1.

The Competition and Markets Authority (CMA) has concluded the deal created a monopoly in the UK licensed online sports spread betting market, effectively eliminating competition in that sector.

The CMA published its original Phase 2 decision on this case in November 2024, finding the deal would substantially lessen competition in the UK's licensed online sports spread betting market. Whilst it offered undertakings to sell Sporting Index as part of this investigation, Spreadex subsequently appealed to the Competition Appeal Tribunal (CAT) and in March 2025 the CAT referred the Phase 2 decision back to the CMA for reconsideration.

Having obtained further evidence and considered all the evidence in the round, the independent panel leading the investigation 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. 

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

"We found that the merger substantially lessens competition by removing Spreadex's only competitor in the sports spread betting market in the UK. We also found that the only effective remedy would be for Spreadex to sell Sporting Index to restore competition in the supply of licensed online sports spread betting in the UK. Doing so would mean customers in the UK have greater choice between two independent businesses, rather than one." 

The CMA will now proceed with one of two next steps: either to accept undertakings that may be offered by Spreadex to sell Sporting Index; or to impose an order requiring the sale of the business to a suitable CMA-approved buyer.

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

Notes to Editors:

1.   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.

2.   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). Spreadex acquired Sporting Index in 2023. 

3.   When the CMA is investigating a merger, the Enterprise Act 2002 enables it to take steps to prevent action which might prejudice the reference or might impede remedial action justified by the CMA's ultimate decision. In this case, the CMA exercised this power and imposed on Spreadex interim orders to maintain the pre-merger competitive conditions and ensure that Spreadex and Sporting Index would compete independently pending the outcome of the CMA's investigation.

4.   For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk.