Spreadex / Sporting Index merger inquiry
Source: gov.uk (2025-10-03)

The Competition and Markets Authority (CMA) is investigating the completed acquisition by Spreadex Limited of the B2C business of Sporting Index Limited.

Remittal

Administrative timetable

Date of remittal: 4 March 2025
- Administrative timetable (PDF, 121KB) (https://assets.publishing.service.gov.uk/media/68414b914d433cd95b9fe858/___Administrative_timetable_2.pdf) (5.6.25)
Contact

Email: xxx@xxx.xx (mailto:xxx@xxx.xx)

Remedy group appointed

3 October 2025: The CMA has appointed the remedy group:
- Richard Feasey (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/inquiry-chairs-biographies#richard-feasey) (chair)
- Maria Da Cunha (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#maria-da-cunha)
- Anne Fletcher (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#anne-fletcher)
- Paul Muysert (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#paul-muysert)
Final undertakings

3 October 2025: The CMA has accepted final undertakings and the reference has now been fully determined.
- Notice of acceptance of undertakings (PDF, 134KB) (https://assets.publishing.service.gov.uk/media/68df82e7750fcf90fa6ffd88/remittal-notice-of-acceptance-of-final-undertakings.pdf) (3.10.25)
- Final undertakings (PDF, 480KB) (https://assets.publishing.service.gov.uk/media/68df82fdc487360cc70ca0ae/remittal-final-undertakings.pdf) (3.10.25)
Notice of proposal to accept final undertakings

24 September 2025: The CMA gives notice of the proposal to accept final undertakings, and is inviting comments on the proposed draft undertakings by 3pm on 1 October 2025.
- Notice of proposal to accept undertakings (PDF, 133KB) (https://assets.publishing.service.gov.uk/media/68d3a11dc908572e81248bd9/remittal-notice-of-proposal-to-accept-undertakings.pdf) (24.9.25)
- Draft final undertakings (PDF, 403KB) (https://assets.publishing.service.gov.uk/media/68d3a13fca266424b221b1f6/remittal-draft-final-undertakings.pdf) (24.9.25)
Final report on the remittal

19 September 2025: The CMA has published its remittal final report.

Final report (PDF, 1.2MB) (https://assets.publishing.service.gov.uk/media/68cd2f65c908572e81248a5b/Remittal_final_report_1.pdf) (19.9.25)

Appendices and glossary (PDF, 197KB) (https://assets.publishing.service.gov.uk/media/68cd2f8ac908572e81248a5c/Appendices_and_Glossary.pdf) (19..9.25)

Summary of final report (PDF, 168KB) (https://assets.publishing.service.gov.uk/media/68cbdaeeb6d7ea468dbea64a/Summary_of_findings.pdf) (19.9.25)

Press release: CMA publishes final report on Spreadex / Sporting Index deal (https://www.gov.uk/government/news/cma-publishes-final-report-on-spreadex-sporting-index-deal) (19.9.25)

Responses to remittal provisional findings and possible remedies
- Spreadex response to remittal provisional findings (PDF, 376KB) (https://assets.publishing.service.gov.uk/media/6880b745f47abf78ca1d3528/_Spreadex_response_to_remittal_provisional_findings_.pdf) (24.7.25)
- Spreadex response to the remittal notice of possible remedies (PDF, 171KB) (https://assets.publishing.service.gov.uk/media/6880cdcb3f77077624120512/__Spreadex_response_to_the_remittal_notice_of_possible_remedies.pdf) (24.7.25)
Remittal provisional findings

5 June 2025: The CMA has provisionally found competition concerns as part of its remittal investigation of the completed acquisition by Spreadex Limited of the B2C business of Sporting Index Limited.

The deadline for submitting responses to the notice of possible remedies is 19 June 2025.

The deadline for submitting responses to the remittal provisional findings is 26 June 2025.
- Remittal provisional findings (PDF, 1,122KB) (https://assets.publishing.service.gov.uk/media/684184e3578282a4b102c07e/Remittal_provisional_findings_.pdf) (5.6.25)
- Appendices and glossary (PDF, 173KB) (https://assets.publishing.service.gov.uk/media/684184b641cb2525c1211cc5/_Appendices_and_glossary_2.pdf) (5.6.25)
- Summary of remittal provisional findings (PDF, 162KB) (https://assets.publishing.service.gov.uk/media/68414c9e1d85c6606009cd81/Summary_of_remittal_provisional_findings_.pdf) (5.6.25)
- Notice of provisional findings on remittal (PDF, 141KB) (https://assets.publishing.service.gov.uk/media/68414c8439a53c0dca9fe838/Notice_of_provisional_findings_on_remittal_.pdf) (5.6.25)
- Notice of possible remedies (PDF, 246KB) (https://assets.publishing.service.gov.uk/media/68414c6dcb73e8b12647b44e/Notice_of_possible_remedies_.pdf) (5.6.25)
Conduct of the remittal

14 March 2025: The CMA has published its conduct of the remittal document in which it sets out the way in which it intends to conduct the remittal process, particularly with regard to scope of the remittal, information-gathering and consultation.

If you wish to provide written comments on the matters set out in this document please send these to the CMA by 28 March 2025.
- Conduct of the remittal (PDF, 120KB) (https://assets.publishing.service.gov.uk/media/67d3efca1078db33c5dab275/conduct_of_the_remittal.pdf) (14.3.25)
Interim order

5 March 2025: The CMA served an interim order under section 81 of the Enterprise Act 2002 on Spreadex.Com Limited, Spreadex Limited and Sporting Index Limited.
- Interim order (PDF, 249KB) (https://assets.publishing.service.gov.uk/media/67c863d3d0fba2f1334cf29c/interim-order.pdf) (5.3.25)
- Appointment of monitoring trustee (PDF, 119KB (https://assets.publishing.service.gov.uk/media/683dc17a1b807cfa6995e083/Spreadex_Sporting_Index_appointment_of_monitoring_trustee.pdf) (3.6.25)
Remittal group appointed

Following the remittal by the Competition Appeal Tribunal, the Remittal Group was appointed on 4 March 2025.
- Richard Feasey (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/inquiry-chairs-biographies#richard-feasey) (chair)
- Maria Da Cunha (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#maria-da-cunha)
- Anne Fletcher (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#anne-fletcher)
- Paul Muysert (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#paul-muysert)
Remittal update

5 March 2025: On 4 March 2025, the Competition Appeal Tribunal quashed the CMA’s Phase 2 decision on a substantial lessening of competition and the final decision as to remedy, and referred the case back to the CMA to reconsider and make a new decision or decisions in respect of these matters.

Phase 2

Administrative timetable

Referral date: 17 April 2024

Statutory deadline: 4 December 2024
- Administrative timetable (PDF, 121KB) (https://assets.publishing.service.gov.uk/media/6706550292bb81fcdbe7b559/Administrative_timetable_9_October_2024.pdf) (9.10.24)
Notice of extension of statutory period to accept final undertakings

13 February 2025: The CMA has extended the statutory period to accept final undertakings. The extended period will therefore end on 28 March 2025.
- Notice of extension (PDF, 117KB) (https://assets.publishing.service.gov.uk/media/67acd37088ce626360cd21d5/notice-of-extension.pdf) (13.2.25)
Notice of proposal to accept final undertakings

16 January 2025: The CMA gives notice of the proposal to accept final undertakings and is inviting comments on the proposed draft undertakings by 5pm on 31 January 2025.
- Notice of proposal to accept undertakings (PDF, 128KB) (https://assets.publishing.service.gov.uk/media/6788d80893d4eae3088bd29b/Notice_of_proposal_to_accept_undertakings.pdf) (16.1.25)
- Draft final undertakings (PDF, 397KB) (https://assets.publishing.service.gov.uk/media/6788d5ca976cb51ae15734bf/Final_undertakings_16_January_2025.pdf) (16.1.25)
Final report

22 November 2024: The CMA has published its final report.
- Final report (PDF, 1.7MB) (https://assets.publishing.service.gov.uk/media/6740611853373262c0d825d3/_Final_report_2.pdf) (22.11.24)
- Appendices and glossary (PDF, 197KB) (https://assets.publishing.service.gov.uk/media/68cd2f8ac908572e81248a5c/Appendices_and_Glossary.pdf) (22.11.24)
- Summary of final report (PDF, 159KB) (https://assets.publishing.service.gov.uk/media/6740599402bf39539bdee83b/Summary_of_final_report.pdf) (22.11.24)
- Press release: Spreadex required to sell Sporting Index (https://www.gov.uk/government/news/spreadex-required-to-sell-sporting-index) (22.11.24)
Notice of extension of statutory period
- Termination of extension (PDF, 84KB) (https://assets.publishing.service.gov.uk/media/670537d33b919067bb482e28/Termination_of_extension.pdf) (9.10.24)
- Notice of extension (PDF, 129KB) (https://assets.publishing.service.gov.uk/media/66fa6e7d3b919067bb482929/1._Notice_of_extension.pdf) (30.9.24)
Responses to the provisional findings
- Spreadex / Sporting Index response to the provisional findings (PDF, 341KB) (https://assets.publishing.service.gov.uk/media/66e7e90261763848f429d735/Response_to_the_provisional_findings.pdf) xx-xxxx-xxxx)
- Annex 1 to Spreadex / Sporting Index response (PDF, 120KB) (https://assets.publishing.service.gov.uk/media/66e7e91be47cfc6de429d74c/Annex_1_to_Spreadex_s_Response.pdf) xx-xxxx-xxxx)
Responses to the notice of possible remedies
- Spreadex / Sporting Index response to the remedies notice (PDF, 199KB) (https://assets.publishing.service.gov.uk/media/66d962bc608fb761b68110e4/__Spreadex__Sporting_Index_response_to_the_Remedies_Notice__.pdf) (5.9.24)
- Spreadex / Sporting Index annex 1 to the response to the remedies notice (PDF, 264KB) (https://assets.publishing.service.gov.uk/media/66d962db561701fa1c214e2d/__Spreadex__Sporting_Index_Annex_1_to_the_response_to_the_Remedies_Notice__.pdf)(5.9.24)
- Star Sports (PDF, 190KB) (https://assets.publishing.service.gov.uk/media/66d962ef293afcbf8a8110d4/__Star_Sports__.pdf) (5.9.24)
- 10star (PDF, 163KB) (https://assets.publishing.service.gov.uk/media/66d96295561701fa1c214e2c/__10star__.pdf) (5.9.24)
Notice of extension of statutory period
- Notice of extension (PDF, 113KB) (https://assets.publishing.service.gov.uk/media/66a21a8cab418ab055592cf9/Notice_of_extension__.pdf) (25.7.24)
Provisional findings

25 July 2024: The CMA has provisionally found competition concerns as part of its in-depth investigation of the completed acquisition by Spreadex Limited of the B2C business of Sporting Index Limited.

The deadline for submitting responses to the notice of possible remedies is 8 August 2024. The deadline for submitting responses to the provisional findings is 15 August 2024.
- Notice of provisional findings (PDF, 138KB) (https://assets.publishing.service.gov.uk/media/66a21aaf0808eaf43b50d6e9/Notice_of_provisional_findings__.pdf) (25.7.24)
- Provisional findings (PDF, 1057KB) (https://assets.publishing.service.gov.uk/media/66a250f2a3c2a28abb50d734/Provisional_findings_report___.pdf) (25.7.24)
- Appendices and glossary (PDF, 194KB) (https://assets.publishing.service.gov.uk/media/66a251aace1fd0da7b592d2f/Appendices_and_Glossary___.pdf) (25.7.24)
- Summary of provisional findings (PDF, 154KB) (https://assets.publishing.service.gov.uk/media/66a21b13fc8e12ac3edb0475/Summary_of_provisional_findings__.pdf) (25.7.24)
- Notice of possible remedies (PDF, 232KB) (https://assets.publishing.service.gov.uk/media/66a21b30ce1fd0da7b592cdf/Notice_of_possible_remedies__.pdf) (25.7.24)
- Press notice: Spreadex and Sporting Index merger raises provisional competition concerns (https://www.gov.uk/government/news/spreadex-and-sporting-index-merger-raises-provisional-competition-concerns) (25.7.24)
Directions to appoint a monitoring trustee

11 July 2024: On 29 April 2024, pursuant to an initial enforcement order dated 15 January 2024, the CMA directed Spreadex.Com Limited and Spreadex Limited to appoint a monitoring trustee.
- Directions to appoint a monitoring trustee (PDF, 129KB) (https://assets.publishing.service.gov.uk/media/668fa743fc8e12ac3edafad9/Directions_to_appoint_a_monitoring_trustee.pdf) (11.7.24)
Issues statement

16 May 2024: The issues statement sets out the scope of the inquiry. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions. The deadline for submissions on the issues statement is 5pm, 29 May 2024.
- Issues statement (PDF, 213 KB) (https://assets.publishing.service.gov.uk/media/6645b7814f29e1d07fadc8f3/Issues_Statement.pdf) (16.5.24)
Inquiry group appointed

17 April 2024: The CMA has appointed the inquiry group:
- Richard Feasey (Chair) (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/inquiry-chairs-biographies#richard-feasey)
- Maria Da Cunha (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#maria-da-cunha)
- Anne Fletcher (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#anne-fletcher)
- Paul Muysert (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#paul-muysert)
Terms of reference

17 April 2024: The CMA has referred the completed acquisition by Spreadex Limited of the B2C business of Sporting Index Limited for an in-depth investigation.
- Terms of reference (PDF, 104KB) (https://assets.publishing.service.gov.uk/media/661f93909bf3b7616bbd3d5d/____Spreadex_Sporting_Index__Terms_of_reference_5.pdf) (17.4.24)
Phase 1

Statutory timetable

Reference decision

17 April 2024: The CMA has referred the completed acquisition by Spreadex Limited of the B2C business of Sporting Index Limited for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this Merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.
- Decision to refer (PDF, 108KB) (https://assets.publishing.service.gov.uk/media/661f93789bf3b7616bbd3d5c/_____Spreadex_Sporting_Index_Decision_to_refer_5.pdf) (17.4.24)
Reference unless undertakings accepted

4 April 2024: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. The transaction will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.
- Full text decision (PDF, 305KB) (https://assets.publishing.service.gov.uk/media/662a5f7155e1582b6ca7e66f/Full_text_decision.pdf) (29.4.24)
- Summary of phase 1 decision (PDF, 152KB) (https://assets.publishing.service.gov.uk/media/660e5a4097e60600112b226f/Summary_of_phase_1_decision.pdf) (4.4.24)
- Press release: Spread betting deal raises competition concerns (https://www.gov.uk/government/news/spread-betting-deal-raises-competition-concerns) (4.4.24)
Launch of merger inquiry

6 February 2024: The CMA announced the launch of its merger inquiry by notice to the parties.
- Commencement notice (PDF, 88KB) (https://assets.publishing.service.gov.uk/media/65c0bac3704282000d7521af/SpreadEx_Notice_-_Commencement_notice.pdf) (6.2.24)
Invitation to comment: closed

6 February 2024: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

Written representations about any competition issues should be provided by the deadline set out above.

Initial enforcement order

15 January 2024: The Competition and Markets Authority has served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on Spreadex.Com Limited and Spreadex Limited.
- Initial Enforcement Order (PDF, 146KB) (https://assets.publishing.service.gov.uk/media/65a54a83640602000d3cb686/SpreadEx_Initial_Enforcement_Order.pdf) (16.1.24)
Amendments / consents granted
- Derogation 23 May 2024 (PDF, 128KB) (https://assets.publishing.service.gov.uk/media/665844230c8f88e868d33391/Derogation_letter.pdf) (30.5.24)
- Derogation 7 March 2024 (PDF, 143KB) (https://assets.publishing.service.gov.uk/media/65eed55b62ff4898bf87b254/A._Derogation_7_March_2024.pdf) (11.3.24)
- Derogation Variation 19 January 2024 (PDF, 143KB) (https://assets.publishing.service.gov.uk/media/65aea43b9f121a0014b4b860/Derogation_Variation_19_January_2024___.pdf) (23.1.24)
- Derogation 15 January 2024 (PDF, 263KB) (https://assets.publishing.service.gov.uk/media/65a7b06ded27ca000d27b0e3/A._Derogation_15_January_2024.pdf) (17.1.24)
Your name and contact details are your personal data. In collecting, receiving, storing, accessing and using your personal data, the CMA, as controller, is processing your personal data. The CMA processes personal data in accordance with data protection law. The CMA is processing your personal data so that it can contact you again, should it need further help or information from you, in order to carry out its merger work under Part 3 of the Enterprise Act 2002. For more information about how the CMA processes personal data and your rights relating to that data, read our Privacy Notice (https://www.gov.uk/government/organisations/competition-and-markets-authority/about/personal-information-charter).