SBC News Spreadex buys spread betting pioneer Sporting Index from FDJ

Spreadex buys spread betting pioneer Sporting Index from FDJ

Spreadex has acquired long-standing rival Sporting Index, agreeing on buyout terms with owner Groupe FDJ.

As reported by Racing Post on Monday, FDJ agreed to sell Sporting Index to spread betting rival Spreadex, with the latter choosing to “remain tight lipped on deal terms.”

Founded in 1992, Sporting Index is recognised as the pioneering company in spread betting, providing odds on the accuracy of a wager, rather than a standard “win or lose” outcomes offered by fixed-odds betting. 

Significantly for the UK market, Sporting Index was the first operator to offer a ‘cash-out’ option by providing market opening and closing positions for its spread betting customers.

Of distinction, Sporting Index’s political markets were often referenced by media, allowing punters to predict the outcome of General Elections against the accuracy of polls.

Since 1992, the company has undergone several ownership changes over the years, with its value ranging from £53m to £76m during past sales between private equity funds. 

In 2019, Sporting Index came under the ownership of FDJ, as the French lottery group acquired parent company Sporting Group to launch its B2B technology unit, primarily through the trading and risk management services offered by Sporting Solutions.

Acquirer Spreadex was founded in 1999 by city figurehead Jonathan Hufford, who headquartered the business in St Albans, Hertfordshire. Last year,  Spreadex reported corporate profits of £27m (financial year ending 2022), as the business returned to normalised trading following COVID-19 pandemic.  

The Racing Post was informed by Spreadex that it plans to continue operating both brands separately and has already introduced new product features for Sporting Index.

SBC News Spreadex buys spread betting pioneer Sporting Index from FDJ

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