Spreadex snap up spread betting rival Sporting Index for undisclosed sum

The Sporting Index trading floor in 2017
The trading floor at Sporting Index, which has been bought by Spreadex

Spreadex have bought their rival spread betting brand Sporting Index from French gambling giant Francaise des Jeux (FDJ).

The deal was completed on Monday but both sides were keeping tight-lipped about the details of the acquisition when contacted by the Racing Post.

A spokesperson for Spreadex said on Tuesday: "Sporting Index Ltd has been sold to Spreadex Ltd. The sale completed yesterday."

FDJ, which claims to be the number one gambling operator in France, the second largest European lottery and fourth largest in the world, bought Sporting Index's parent company Sporting Group in June 2019.

Sporting Group also includes sports betting technology and trading service provider Sporting Solutions and FDJ has retained ownership of that part of the business.

No purchase price has been announced but the spokesperson for Spreadex added: "We plan for both brands to continue and we’ve already put some extra product features in place for the Sporting Index brand, which we hope the customers will enjoy."

Sporting Index began trading in 1992, with Compton Hellyer as founding chairman, and went on to become the leading name in sports spread betting.

The company has changed hands a number of times in the interim. In 2002 private equity firm Duke Street Capital backed a management buyout led by chief executive Richard Glynn for £53 million and three years later another private equity group HgCapital acquired the company for £76m.

It was subsequently sold in 2015 for an undisclosed sum to Swedish businessman Magnus Hedman before FDJ acquired the business.

Spreadex were formed in 1999 by former City trader Jonathan Hufford and are based in St Albans, Hertfordshire.

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