Sporting Index is a

British British may refer to: Peoples, culture, and language * British people, nationals or natives of the United Kingdom, British Overseas Territories, and Crown Dependencies. ** Britishness, the British identity and common culture * British English ...

-based company specialising in sports

spread betting Spread betting is any of various types of wagering on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome, such as fixed-odds (or money-line) betting or parimutuel betting. ...

. It claims an estimated UK market share of over 70%. The company is best known for spread betting; offering a wide variety of sports, politics and showbiz events, as well as a portfolio of unique virtual games. The betting firm also provides a Fixed Odds service. Business-to-business trading and risk management services are also offered to international betting and gaming operators under the Sporting Solutions brand.

History

Sporting Index was founded in April 1992 with 5 members of staff and a handful of clients. Their first bet was taken on a buy of Tory seats in the 1992 election. This was the first time Sports bettors were about to 'cash out' by opening and closing positions. In July 2001 Sporting Index launched the first fully interactive internet-based sports spread betting website. Since 2004 Sporting Index has also hosted casino and sports related virtual games based on the concept of spread betting. In 2002 UK private equity firm Duke Street Capital backed a

management buyout A management buyout (MBO) is a form of acquisition in which a company's existing managers acquire a large part, or all, of the company, whether from a parent company or individual. Management-, and/or leveraged buyout became noted phenomena of ...

of Sporting Index, led by then CEO Richard Glynn, for £52.7 million. A secondary buyout saw HgCapital acquire the company from Duke Street Capital for a total cash consideration of £75.8 million in October 2005. Sold in 2015 for an undisclosed sum to Swedish businessman Magnus Hedman. In March 2016, Simon Trim was appointed as the new Sporting Index CEO following the departure of Warren Murph

In June 2019, Sporting Index was acquired by French lottery company FDJ (Française des Jeux). In August 2019, Sporting Index launched their new fixed odds product for their UK customers.

Operations

With offices based in

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

and Wigan, the company offers spread bets on a wide variety of sports, political and showbiz events, as well as virtual games and an online casino. Clients transact 24/7 via its mobile phone applications, website and a voice telephony service. Sporting Index is the B2C division of the Sporting Group, in sports betting technology and trading. The Group employs almost 300 staff and has two principal divisions. The Sporting Group's B2B division, Sporting Solutions, supplies sports betting software and data services to bookmakers including Sky Betting and Gaming, Danske Spil, TABCorp and Singapore Pools.

Regulation

Sporting Index is authorised and regulated by the UK's

Financial Conduct Authority The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financ ...

(FCA) and the UK Gambling Commission.

References

{{Reflist Companies based in the London Borough of Lambeth Financial services companies established in 1992 Gambling companies established in 1992 Online gambling companies of the United Kingdom