CMA Blocks SpreadEx–Sporting Index Merger

CMA Blocks UK Spread Betting Merger

The UK Competition and Markets Authority (CMA) has formally blocked the proposed merger of SpreadEx and Sporting Index, ruling that the combination would remove effective competition in the online sports spread betting sector. The decision marks the latest step in a regulatory review process that has stretched nearly two years.

CMAs Final Ruling

The merger was first announced in November 2023 and quickly became a focus of scrutiny. In November 2024, the CMA issued an initial rejection, citing concerns of market concentration. SpreadEx appealed to the Competition Appeal Tribunal (CAT), which referred the case back for further review in March 2025. Following a fresh investigation, the CMA reconfirmed its original stance, stating that the merger would effectively eliminate competition in the UK sports spread betting market.

Impact on Customers

The CMAs independent panel concluded that a lack of rival operators would reduce innovation, shrink betting product ranges, and could lead to weaker service standards and higher fees for consumers. According to the regulator, these risks directly undermine the customer experience in online sports spread betting, a niche but highly competitive segment of the UK gambling industry.

Divestment as Only Remedy

Richard Feasey, chair of the CMA panel, explained that the only acceptable path would be divestment. In his words, SpreadEx would need to sell Sporting Index to restore competition. Without such a sale, the transaction cannot move forward. The CMA confirmed it may require SpreadEx to dispose of the subsidiary entirely, subject to regulator approval of the buyer. These divestment remedy requirements are standard in cases where mergers threaten to create monopolistic control.

Future Steps and Industry Implications

SpreadEx now faces a regulatory deadline to either divest Sporting Index or withdraw the merger plan entirely. If divestment occurs, the CMA will oversee the process to ensure compliance with UK merger control laws. Analysts have noted that this case underscores the increasing scrutiny applied to gambling consolidation, particularly under Financial Conduct Authority regulation.

Industry observers suggest the decision prevents significant market concentration and sets a precedent for how spread betting acquisitions will be evaluated in the future. For UK operators, the ruling signals that competition authorities will continue taking a tough stance against dominance in the online sports betting landscape.