October a Record Month for Spreadex

UK spread betting firm Spreadex Ltd has said that the combination of a more competitively priced product and a redesigned website have helped the company record its highest ever betting volumes across both its spread betting and sports betting businesses.

The company recorded its highest monthly bet numbers in the firm's 10 year history during October, with the number of bets increasing by nearly 9% versus the previous high.

"Like most firms, 2009 has been a tough one for us with many of our customers being, quite rightly, extremely cautious with their trading after the tumultuous events at the back end of last year when the markets were in freefall," said Spreadex spokesman Andy MacKenzie.

"But with the FTSE having added 50% from its March lows before last week's pullback, we've seen more and more people gaining confidence in the market conditions, culminating in last month's record high levels of bet numbers."

MacKenzie said that while some spread betting firms have raised their margin rates recently, Spreadex has actually reduced spreads, margins and minimum trade levels, helping the company gain customers from its competitors.

The record bet volumes were also replicated at the company's sports betting business, where volumes reached their highest level since the football European Championships in June 2008.