UK’s CMA Says SpreadEx-Sporting Index Merger Would Eliminate Market Competition

The decision follows a lengthy review process. The CMA initially ruled against the merger in November 2024, a move that SpreadEx appealed to the Competition Appeal Tribunal (CAT). The case was later referred back for further review in March 2025. Per a statement released Friday, an independent CMA panel assessed additional evidence and concluded that the combination would leave no room for rivals in the market.

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According to the CMA’s findings, the absence of competition could lead to negative consequences for customers, including a narrower range of products, weaker service quality, and potentially higher costs. The watchdog stressed that these outcomes would directly impact users of online sports spread betting services if the merger were allowed to proceed.

The independent panel’s chairperson, Richard Feasey, emphasized that the only path forward for the transaction would be for SpreadEx to divest Sporting Index. He explained that selling the subsidiary would “restore competition in the supply of this market.”

Next steps outlined by the CMA include requiring SpreadEx to sell Sporting Index to a buyer approved by the regulator. Alternatively, the CMA said it may accept formal undertakings from SpreadEx to complete the divestment.

Source: SCCG