The UK’s Competition and Markets Authority (CMA) has concluded that Spreadex’s purchase of Sporting Index has created a monopoly in the licensed online sports spread betting market, leaving only one specialist provider in the sector.
The CMA first flagged concerns in November 2024, warning that the merger could substantially reduce competition. Spreadex had offered to sell Sporting Index to address these concerns, but the company appealed to the Competition Appeal Tribunal (CAT). In March 2025, the CAT sent the case back to the CMA for further review.
After considering additional evidence, an independent CMA panel confirmed that the merger would likely harm UK consumers by limiting product choices, reducing competition, and potentially leading to higher prices. Richard Feasey, chair of the panel, said:
“We found that the merger substantially lessens competition by removing Spreadex’s only competitor in the sports spread betting market. The only effective solution is for Spreadex to sell Sporting Index, giving customers a choice between two independent businesses rather than just one.”
The CMA will now either accept undertakings from Spreadex to sell Sporting Index or require the company to divest it to a suitable buyer approved by the regulator.
What is sports spread betting?
Unlike fixed-odds betting, sports spread betting allows customers to wager on a range of outcomes in sporting events. The closer a bet is to the actual outcome, the higher the potential winnings, but losses can also exceed the original stake.
Sporting Group Holdings, a subsidiary of La Française des Jeux (FDJ), previously owned Sporting Index, which Spreadex acquired in 2023. During the investigation, the CMA imposed interim orders to ensure the two businesses continued to compete independently while the review was ongoing.
