The UK Competition and Markets Authority (CMA) has concluded that the acquisition of Sporting Index by Spreadex in November 2023 created a monopoly in the UK licensed online sports spread betting market.
The CMA had initially completed an investigation into the deal in November 2024 and found that the acquisition created a substantial lessening of competition in the supply of licensed online sports betting services in the United Kingdom.
Following that initial investigation, the CMA decided that Sporting Index should be sold through a divestiture remedy, based on a modified version of a remedy proposal submitted by Spreadex.
Spreadex appealed this to the Competition Appeal Tribunal (CAT), and in March 2025, the CAT referred the CMA to revisit its investigation.
Since then, the authority has acquired further evidence and maintains its original finding that the acquisition created a monopoly in the vertical. The independent panel that investigated the deal concluded that it 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.”
Following the conclusion of this new investigation, the CMA will now proceed with one of two next steps: either to accept Spreadex’s intention to sell Sporting Index or to impose an order requiring Spreadex to sell Sporting Index to an approved buyer.