Sporting Index

Last updated

Sporting Index Ltd
Type Private Limited Company
Industry Financial services
Founded1992
Headquarters London, UK
Key people

Andy Wright (CEO) [1]
Craig Artley (Finance Director)
Derren Maggs (Managing Director of Sporting Index)
Number of employees
300
Websitewww.sportingindex.com

Sporting Index is a British-based company specialising in sports spread betting. It claims an estimated UK market share of over 70%. [2] 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.[ citation needed ]

Contents

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.[ citation needed ]

In July 2001 Sporting Index launched the first fully interactive internet-based sports spread betting website. [3] 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 of Sporting Index, led by then CEO Richard Glynn, for £52.7 million. [4] A secondary buyout saw HgCapital acquire the company from Duke Street Capital for a total cash consideration of £75.8 million in October 2005. [5]

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 Murphy.

In June 2019, Sporting Index was acquired by French lottery company FDJ (Française des Jeux). [6]

In August 2019, Sporting Index launched their new fixed odds product for their UK customers. [7]

Operations

With offices based in London 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. [8]

Sporting Index is the B2C division of the Sporting Group, in sports betting technology and trading. [9] 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.[ citation needed ]

Regulation

Sporting Index is authorised and regulated by the UK's Financial Conduct Authority (FCA) [10] [11] and the UK Gambling Commission. [12]

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References

  1. ↑ Insider, Gambling (13 May 2021). "Andy Wright appointed as Sporting Group CEO". www.gamblinginsider.com. Retrieved 22 September 2021.
  2. ↑ Kollewe, Julia (19 October 2005). "Sporting Index bought by Hg Capital for £76m". The Independent. Archived from the original on 28 November 2009. Retrieved 14 September 2017.
  3. ↑ "Cool deal for Sporting Index". The Gambling Press Online.
  4. ↑ Goodman, Matthew (8 December 2002). "Sporting Index in £55m sale". The Sunday Times. Archived from the original on 11 June 2011. Retrieved 25 June 2010.
  5. ↑ "HgCapital puts its money on Sporting Index". Edinburgh Evening News. 19 October 2005.
  6. ↑ "FDJ Acquires Sporting Group". IGaming Business.
  7. ↑ Allen, Brad. "Sporting Index launches new fixed-odds product set". EGR.
  8. ↑ Hynes, Mike; Hynes, Mike (1 January 2021), "The Smartphone: A Weapon of Mass Distraction", The Social, Cultural and Environmental Costs of Hyper-Connectivity: Sleeping Through the Revolution, Emerald Publishing Limited, pp. 71–84, doi:10.1108/978-1-83909-976-220211005/full/html, ISBN   978-1-83909-976-2 , retrieved 28 June 2023
  9. ↑ "Sporting Group doubles down on B2B business following Sporting Index sale". sbcnews.co.uk.
  10. ↑ "FCA to gain new powers to protect UK communities' access to cash". Financial Times. 18 May 2022. Retrieved 20 May 2022.
  11. ↑ "4Rabet Terms and Conditions in India 2022". -. 4 April 2022. Retrieved 20 May 2022.
  12. ↑ "Sporting Index". FSA Register. Archived from the original on 13 June 2011. Retrieved 5 July 2010.
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