CMA orders Spreadex to sell Sporting Index, raising questions for sports sponsorships.
The UK Competition and Markets Authority (CMA) has ruled that gambling company Spreadex must sell its acquisition of Sporting Index.
Spreadex acquired Sporting Index in 2023, in a deal which brought together two of the UK’s specialist sports spread betting firms. Sports spread betting lets customers wager on a range of outcomes in a sporting event.
At the time, the deal was presented as a way to bolster services and infrastructure for Sporting Index’s customers. However, on September 19, the CMA ruled the merger had substantially lessened competition. The decision follows 20 months of scrutiny into the acquisition and its impact on the market.
“We found that the merger substantially lessens competition by removing Spreadex’s only competitor in the sports spread betting market in the UK,” said Richard Feasey, Chair of the independent panel reviewing the merger.
“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.”
A Spreadex spokesperson told Insider Sport: “Spreadex are extremely disappointed with the CMA’s decision. We have co-operated and engaged positively with the CMA throughout what has now been a 20-month review period into an immaterial transaction involving a failing firm serving a very small number of customers in a tiny sub-section of the UK sports betting market.
“Whilst we recognise the importance of the CMA’s role in protecting and promoting competition in the UK economy, the significant level of public resources, time and money spent on this review feels wholly disproportionate to the benefits it is purported to provide either the UK economy or consumers, particularly given Spreadex informed the CMA of its intention to purchase Sporting Index four months prior to completing the transaction.
“As part of the UK sports betting market, Spreadex faces significant ongoing competitive pressure from leading firms and continues to enhance and invest in its spread betting services as a result. Sporting Index’s customers have greatly benefited from Spreadex’s infrastructure, resources, improved services, and increased oversight since the acquisition.
“Spreadex strongly disagree with this entirely disproportionate decision and are reviewing all available options.”
The CMA will now either accept undertakings from Spreadex to sell Sporting Index or impose an order requiring the sale to a CMA-approved buyer.
Potential impact on sports sponsorship
The CMA’s decision to force Spreadex to sell Sporting Index may seem like a niche regulatory move, but it could have wider implications for the sports sector.
Spreadex is a sponsor of Blackburn and Millwall FC, having renewed its partnership with the latter club in July 2025 ahead of the 2025/26 season.
If the company faces financial or reputational pressure following the CMA’s ruling, it may reconsider its marketing spend, including high-profile sponsorships. For clubs like Millwall, which operate outside the Premier League’s top financial tier, these deals are vital sources of revenue and visibility.
On the other hand, if Sporting Index is sold to a new owner, that company may ramp up sponsorships to re-establish its brand, potentially bringing fresh investment.
Correction 20/09: This article originally stated Spreadex was a front-of-shirt sponsor of Millwall. For the 2025/2026 season they are the official betting partner of the club. The article has been amended to reflect this.
