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.
