Spreadex

Spreadex Limited is a privately held British company operating across two related but separately regulated areas: sports betting and financial trading. Its sports division offers sports spread betting and fixed-odds betting, while its financial division provides financial spread betting and contracts for difference across markets including indices, shares, foreign exchange, commodities and bonds. The company serves customers through online and telephone channels. Spreadex was incorporated in 1999 by Jonathan Hufford, a former City of London dealer. It initially operated from Dunstable in Bedfordshire before relocating to St Albans, Hertfordshire, where the business is headquartered. The company’s original proposition was built around spread betting, a form of wagering or trading in which the customer’s gain or loss is linked to the extent of movement in an underlying outcome or financial instrument. Over time, Spreadex expanded from its original focus into a broader consumer and financial-services platform. A significant stage in its development came in 2006, when Spreadex launched an online sports-betting service. It subsequently introduced an online financial-trading platform and added fixed-odds sports betting in 2010. This combination gave the company exposure both to traditional sportsbook customers and to customers seeking leveraged financial products. Its sports-betting and casino-related activities are regulated by the UK Gambling Commission, while its financial trading and financial spread-betting operations fall under the supervision of the Financial Conduct Authority. The company grew partly through customer-base and business acquisitions. In 2011 it acquired the majority of the client list associated with IG Group’s Extrabet sports operation. In 2012 it purchased the client database of MF Global Spreads, and in 2013 it acquired Cantor Index’s non-equities financial-betting customer base. These transactions broadened Spreadex’s reach without requiring every expansion to come from organic customer acquisition. During the same period the company signed a private-cloud agreement with Computacenter and later moved its registered office to Churchill House in St Albans. Spreadex received external growth recognition during its expansion. It appeared in the Sunday Times PwC Profit Track 100 in 2006, 2007 and 2008, and in 2017 it was included in the Financial Times list of Europe’s 1,000 fastest-growing companies. In 2021, founder Jonathan Hufford stepped down from his executive role but remained as a non-executive director. More recently, Spreadex has been involved in platform and consolidation activity. In May 2024 it made its spread-betting products available through TradingView. Its acquisition of Sporting Index’s consumer business became the subject of a prolonged UK competition review. The Competition and Markets Authority referred the transaction for an in-depth investigation in April 2024, published provisional competition concerns in July 2024, and reconsidered the case after the Competition Appeal Tribunal quashed the CMA’s Phase 2 decision in March 2025. The CMA’s September 2025 remittal report again found competition concerns, and in October 2025 the regulator accepted undertakings requiring divestment of the Sporting Index business. Spreadex has also faced regulatory enforcement on the gambling side. In May 2025 the Gambling Commission imposed a £2.022 million penalty package after finding anti-money-laundering and social-responsibility failings. The regulator also issued a formal warning and added a third-party audit requirement to the company’s operating licence. The action illustrates the compliance obligations carried by Spreadex’s consumer gambling business alongside the conduct and financial-risk requirements applicable to its FCA-regulated products.

Spreadex was incorporated in the United Kingdom in 1999 by Jonathan Hufford, a former City of London dealer. The company began in Dunstable, Bedfordshire, and later moved its headquarters and registered operations to St Albans in Hertfordshire. Its early identity was closely associated with spread betting, but the business subsequently developed into a combined sports-betting and financial-trading provider. In 2006, Spreadex launched an online sports-betting service. The move brought its sports proposition to a wider audience and marked an important shift from a primarily traditional or telephone-oriented model toward digital distribution. The company later introduced an online financial-trading platform, extending its activity into financial spread betting and other leveraged products. In 2010, it added fixed-odds sports betting, giving customers an alternative to spread-based wagering. Spreadex’s expansion was accompanied by recognition in UK growth rankings. It appeared in the Sunday Times PwC Profit Track 100 in 2006, 2007 and 2008. Its customer base and product reach were also enlarged through a sequence of transactions: in 2011 it acquired most of the client list connected with IG Group’s Extrabet sports business; in 2012 it purchased the client database of MF Global Spreads; and in 2013 it acquired Cantor Index’s non-equities financial-betting customer base. These deals strengthened both its sports and financial-betting franchises. The company invested in technology and infrastructure during this period. In 2013, Spreadex signed a private-cloud agreement with Computacenter. It later moved its registered office to Churchill House in St Albans. In 2017, the company was included in the Financial Times list of Europe’s 1,000 fastest-growing companies. Governance changed in 2021, when Jonathan Hufford stepped down from his executive role while remaining on the board as a non-executive director. The company continued to operate in both sports betting and financial trading, with access available online and by telephone. Its gambling activities are regulated by the Gambling Commission, and its financial products are regulated by the Financial Conduct Authority. In May 2024, Spreadex expanded the distribution of its financial products by making spread betting available through TradingView. Its proposed acquisition of Sporting Index’s business-to-consumer arm then became a major regulatory matter. The CMA referred the acquisition for a Phase 2 investigation in April 2024 and published provisional findings in July that raised concerns about competition in UK licensed online sports spread betting. In March 2025, the Competition Appeal Tribunal quashed the CMA’s Phase 2 decision and sent the case back for reconsideration. The CMA’s September 2025 remittal final report again found competition concerns, and in October 2025 the regulator accepted undertakings requiring the divestment of the Sporting Index business. Spreadex’s regulatory history also includes a May 2025 Gambling Commission enforcement action. The Commission identified weaknesses in anti-money-laundering controls and social-responsibility processes, imposed a £2.022 million penalty package, issued a warning and required an additional third-party audit condition on the operating licence. The case underscores the compliance risks facing a company operating across both gambling and regulated financial trading.

• 2025

  Gambling Commission enforcement action

  [1]Spreadexen.wikipedia.org

  The Gambling Commission imposed a £2.022 million penalty package and additional licensing measures after identifying anti-money-laundering and social-responsibility failings.

• 2024

  TradingView distribution begins

  [1]Spreadexen.wikipedia.org

  Spreadex made its spread-betting products available through TradingView.

• 2021

  Founder leaves executive role

  [1]Spreadexen.wikipedia.org

  Jonathan Hufford stepped down from his executive position and remained on the board as a non-executive director.

• 2017

  Named among Europe’s fastest-growing companies

  [1]Spreadexen.wikipedia.org

  Spreadex was included in the Financial Times list of Europe’s 1,000 fastest-growing companies.

• 2013

  Cantor Index customer base acquired

  [1]Spreadexen.wikipedia.org

  Spreadex acquired Cantor Index’s non-equities financial-betting customer base and signed a private-cloud agreement with Computacenter.

• 2012

  MF Global Spreads customer database acquired

  [1]Spreadexen.wikipedia.org

  Spreadex purchased the client database of MF Global Spreads.

• 2011

  Extrabet client list acquired

  [1]Spreadexen.wikipedia.org

  Spreadex acquired the majority of the client list associated with IG Group’s Extrabet sports business.

• 2010

  Fixed-odds betting added

  [1]Spreadexen.wikipedia.org

  The company expanded its sports offering by introducing fixed-odds betting.

• 2006

  Online sports betting launches

  [1]Spreadexen.wikipedia.org

  Spreadex launched an online sports-betting service and appeared in the Sunday Times PwC Profit Track 100.

• 1999

  Spreadex is incorporated

  [1]Spreadexen.wikipedia.org

  Spreadex was founded and incorporated in the United Kingdom by Jonathan Hufford, initially operating from Dunstable, Bedfordshire.

A UK multi-product betting and trading provider combining sports wagering with leveraged financial-market products. Its proposition spans spread betting, fixed-odds betting and contracts for difference, with services delivered online and by telephone.

• Sports betting

  Sports spread betting

  Spreadex’s sports spread-betting service allows customers to take positions linked to sporting outcomes and the size of the resulting movement. It is one of the company’s core sports products and is offered through online and telephone channels in its UK market.

• Sports betting · 2010

  Fixed-odds sports betting

  Introduced in 2010, fixed-odds betting provides conventional sportsbook-style wagers in which the potential return is determined by quoted odds at the time of the bet. It complements Spreadex’s spread-betting proposition.

• Financial trading

  Financial spread betting

  Financial spread betting gives customers exposure to movements in financial markets without directly purchasing the underlying instrument. Spreadex offers access across asset classes including indices, shares, foreign exchange, commodities and bonds.

• Financial trading

  Contracts for difference

  Spreadex provides contracts for difference, leveraged financial instruments whose value reflects changes in an underlying market. The product range covers several asset classes and is part of the company’s FCA-regulated financial-trading operation.

• 2025

  Gambling Commission penalty for compliance failings

  The Gambling Commission found anti-money-laundering and social-responsibility failures at Spreadex Limited. In May 2025 it imposed a £2.022 million penalty package, issued a warning and added a third-party-audit requirement to the company’s operating licence.

  Source

Read more

• 2024

  Make spread betting available through TradingViewProduct launch

  Background

  Spreadex pursued additional digital distribution for its financial products.

  Action taken

  The company made its spread-betting products available through TradingView.

  Aftermath

  TradingView became an additional access channel for Spreadex spread-betting customers.

  Source

• 2024

  Proposed acquisition of Sporting Index consumer businessM&A

  Background

  Spreadex’s proposed acquisition of Sporting Index’s business-to-consumer arm raised concerns about concentration in UK licensed online sports spread betting.

  Action taken

  The transaction was referred by the CMA for an in-depth investigation. After a tribunal challenge and remittal, the CMA accepted undertakings in October 2025 requiring divestment of the Sporting Index business.

  Aftermath

  The transaction remained subject to competition remedies, including divestment requirements.

  Source

• 2013

  Acquire Cantor Index non-equities customer baseM&A

  Background

  Spreadex continued consolidating customer relationships in financial betting.

  Action taken

  The company acquired Cantor Index’s non-equities financial-betting customer base.

  Aftermath

  The deal broadened Spreadex’s financial-betting customer base outside equities.

  Source

• 2012

  Purchase MF Global Spreads client databaseM&A

  Background

  The purchase formed part of Spreadex’s broader expansion in financial spread betting.

  Action taken

  Spreadex purchased the client database of MF Global Spreads.

  Aftermath

  The acquisition added customers and market presence to Spreadex’s financial-betting business.

  Source

• 2011

  Acquire majority of Extrabet sports client listM&A

  Background

  Spreadex sought to expand its sports-betting customer base through the acquisition of most of the client list associated with IG Group’s Extrabet sports business.

  Action taken

  Spreadex acquired the majority of the relevant client list.

  Aftermath

  The transaction increased Spreadex’s presence among customers previously connected with the Extrabet operation.

  Source

• 2025

  Competition Appeal Tribunal quashes CMA Phase 2 decision[1]Spreadexen.wikipedia.org

  M&A · Lawsuit · Regulation

  The Competition Appeal Tribunal quashed the CMA’s 2024 Phase 2 decision concerning the Sporting Index transaction and referred the matter back to the CMA for reconsideration.

• 2025

  CMA remittal report again finds competition concerns[1]Spreadexen.wikipedia.org

  M&A · Regulation

  Following the tribunal’s referral, the CMA’s remittal final report again concluded that the Sporting Index acquisition raised competition concerns in the UK licensed online sports spread-betting market.

• 2025

  CMA accepts undertakings requiring Sporting Index divestment[1]Spreadexen.wikipedia.org

  M&A · Regulation

  The CMA accepted final undertakings requiring the divestment of the Sporting Index business as a remedy for the competition concerns associated with Spreadex’s acquisition.

• 2024

  Spreadex makes spread betting available through TradingView[1]Spreadexen.wikipedia.org

  Product launch

  Spreadex made its spread-betting products available through the TradingView platform, expanding the channels through which customers could access its financial trading services.

• 2024

  CMA refers Spreadex acquisition of Sporting Index consumer business for investigation[1]Spreadexen.wikipedia.org

  M&A · Regulation

  The Competition and Markets Authority referred Spreadex’s proposed acquisition of Sporting Index’s business-to-consumer arm for an in-depth competition investigation.

• 2024

  CMA identifies provisional competition concerns in Sporting Index transaction[1]Spreadexen.wikipedia.org

  M&A · Regulation

  The CMA’s provisional findings stated that the transaction raised concerns about competition in the supply of licensed online sports spread-betting services in the United Kingdom.

1. 1Spreadexen.wikipedia.org