CMA orders Spreadex to divest Sporting Index after finding UK spread betting monopoly

The UK’s Competition and Markets Authority (CMA) has ordered Spreadex Ltd. to sell Sporting Index after concluding that its completed acquisition of the business-to-consumer operations of Sporting Index Ltd. has resulted in a substantial lessening of competition in the supply of licensed online sports spread betting services in the United Kingdom.

Spreadex purchased Sporting Index from La Française des Jeux (FDJ) in November 2023. The CMA first raised concerns in its Phase 2 final report issued in November 2024, finding the deal would remove Spreadex’s only competitor in the UK sports spread betting market.

Spreadex appealed that decision to the Competition Appeal Tribunal (CAT), which in March 2025 quashed parts of the CMA’s findings and sent the case back for reconsideration.

After reassessing evidence during the remittal process, including submissions from FDJ, other bidders, and market participants, the CMA confirmed its view that Spreadex and Sporting Index were each other’s closest competitors and that no other providers—such as fixed-odds bookmakers or unlicensed operators—offer a meaningful competitive constraint. The regulator said the merger created a monopoly, reducing consumer choice and potentially leading to higher prices, fewer product options, and a worse user experience.

“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,” said Richard Feasey, Chair of the CMA’s independent inquiry group.

Market review and regulatory assessment

The CMA determined that Spreadex and Sporting Index held a combined 100% share of the UK’s licensed online sports spread betting market, with an increment of 20–30% arising from the deal. The regulator rejected Spreadex’s argument that Sporting Index was likely to exit the market absent the sale, concluding instead that FDJ could have sold the business to an alternative bidder willing to continue operations as a competitor.

The authority also assessed whether new market entry or efficiencies could offset the loss of rivalry but found significant barriers to entry, including the cost and complexity of developing a compliant spread betting platform. Claimed efficiencies, such as potential improvements to Sporting Index’s platform under Spreadex ownership, were not considered merger-specific.

Remedy and next steps

The CMA said divestiture of Sporting Index is the only effective way to restore competition. Spreadex may propose a buyer and offer undertakings to facilitate the sale, including transitional service arrangements to support a purchaser in running the business. If it does not agree to a sale, the CMA can impose an order requiring divestment to an approved buyer.

The regulator noted that unwinding a completed deal can be costly but said such remedies are necessary when parties complete transactions without notifying the CMA beforehand. The agency will now consult publicly on the divestiture process before issuing final undertakings or an order to implement the sale.