London, September 19, 2025 — The UK Competition and Markets Authority (CMA) has published its final report on Spreadex Ltd.’s purchase of Sporting Index, concluding the deal created a monopoly in the licensed online sports spread-betting market and would likely harm consumers through poorer user experience, a narrower product range, and/or higher prices.
An independent CMA panel found the merger “substantially lessens competition by removing Spreadex’s only competitor,” according to panel chair Richard Feasey, who said the only effective remedy is for Spreadex to sell Sporting Index to restore rivalry. “Doing so would mean customers in the UK have greater choice between two independent businesses, rather than one,” he said.
The watchdog’s latest decision follows a complex procedural path. The CMA’s Phase 2 decision in November 2024 found a substantial lessening of competition; Spreadex then appealed to the Competition Appeal Tribunal (CAT), which in March 2025 remitted the case to the CMA for reconsideration. After gathering additional evidence, the panel reaffirmed that the acquisition eliminated competition in the UK market for licensed online sports spread betting.
The CMA said it will now move to one of two outcomes: accept undertakings from Spreadex to divest Sporting Index, or impose an order requiring the sale to a suitable, CMA-approved buyer. Interim orders already in place require Spreadex and Sporting Index to maintain pre-merger competitive conditions and compete independently pending the remedy.
Sporting Group Holdings Ltd., a subsidiary of La Française des Jeux (FDJ), previously owned Sporting Index, which Spreadex acquired in 2023. Sports spread betting differs from fixed-odds wagering because wins and losses vary with how close a prediction is to the actual outcome, meaning potential gains—and losses—can exceed the original stake.
Source: https://www.gov.uk/government/news/cma-publishes-final-report-on-spreadex-sporting-index-deal
