The UK’s Competition and Markets Authority (CMA) has been ordered to reopen its investigation into the merger between Spreadex and Sporting Index, following a successful appeal by Spreadex before the Competition Appeal Tribunal (CAT).
Spreadex completed the acquisition of Sporting Index from FDJ on November 6, 2023, but the CMA quickly intervened, issuing an Initial Enforcement Order (IEO) on January 15, 2024, to prevent any integration between the two businesses. The regulator later concluded that the merger posed a risk of reduced competition in the UK’s sports spread betting market, leading to an order for divestiture.
However, Spreadex challenged the ruling, arguing that the CMA’s conclusions were flawed. On March 4, 2025, the CAT quashed the CMA’s decision and directed it to reassess whether the deal creates a substantial lessening of competition (SLC). Until a final ruling is made, the CMA has extended its enforcement measures, requiring both companies to continue operating independently.
The case is a significant test for the UK’s competition regulation in the gambling industry, as it may set a precedent for future mergers. It also highlights the challenges of maintaining a fair and competitive betting market while allowing businesses to expand.
The upcoming CMA review will determine the fate of the merger and could have broader implications for sports betting operators across Europe.
