The UK Competition and Markets Authority (CMA) has published a notice of its proposal to accept final undertakings from Spreadex Limited, Spreadex.Com Limited, and Sporting Index Limited, following its inquiry into Spreadex’s completed acquisition of the business-to-consumer (B2C) operations of Sporting Index.
Spreadex acquired the B2C business from Sporting Group Holdings Limited, a subsidiary of La Française des Jeux, in November 2023. The CMA initially imposed an enforcement order in January 2024 to prevent pre-emptive integration. In April 2024, the merger was referred for an in-depth Phase 2 investigation.
In November 2024, the CMA concluded that the deal created a relevant merger situation and raised concerns of a substantial lessening of competition (SLC) in the supply of licensed online sports spread betting services in the UK. Spreadex appealed, and in March 2025 the Competition Appeal Tribunal quashed parts of the CMA’s decision, remitting the case for reconsideration.
On 19 September 2025, the CMA issued its Remittal Final Report, again finding that the merger resulted in an SLC and determining that a divestiture remedy was necessary. The proposed undertakings require Spreadex to divest the Sporting Index business and associated assets to an approved purchaser, with oversight from a monitoring trustee. The undertakings also set out provisions for potential appointment of a divestiture trustee, independent technical monitor, and hold separate manager to ensure effective implementation and safeguard competition.
The CMA has invited written representations on the proposed undertakings by 3pm on 1 October 2025. Following consultation, the CMA may make modifications before formally accepting the undertakings under section 82 of the Enterprise Act 2002.
Once accepted, the undertakings will become legally binding, with enforcement through civil proceedings or financial penalties for non-compliance. A non-confidential version of the undertakings will be made available on the CMA’s website
