Business
Spreadex eliminated its ‘only competitor’ with Sporting Index deal, CMA says
A UK watchdog has found gambling firm Spreadex’s takeover of rival spread betting firm Sporting Index created a monopoly in the market by eliminating its “only competitor”.
The Competition and Markets Authority (CMA) said Spreadex must sell Sporting Index following a fresh review of the deal.
A spokesman for Spreadex said it disagreed with the “entirely disproportionate” decision regarding its acquisition of a “failing firm”.
The CMA found that having a monopoly in the market could lead to a worse experience for users, a more limited range of products, and higher prices for consumers.
The acquisition, which took place in 2023, reduces the number of specialist betting firms from two to one, the regulator said.
Richard Feasey, chairman of the independent panel reviewing the merger, said: “We found that the merger substantially lessens competition by removing Spreadex’s only competitor in the sports spread betting market in the UK.
“We also found that the only effective remedy would be for Spreadex to sell Sporting Index to restore competition in the supply of licensed online sports spread betting in the UK.
“Doing so would mean customers in the UK have greater choice between two independent businesses, rather than one.”
Sports spread betting involves betting on a range of outcomes for a sports event, rather than fixed-odds bets which involve a standard “win or lose” scenario.
The closer a bet is to an outcome, the more money a consumer can win. But it also means it is possible for consumers to lose more than their initial stake.
The CMA launched a fresh investigation into the deal after Spreadex appealed its decision to the Competition Appeal Tribunal in March.
A panel had found last year that the deal harmed competition in the market and that a sale should take place.
Following Friday’s final report, Spreadex can now assure the regulator that it will sell Sporting Index, or the CMA could order the sale to a buyer that it approves of.
A spokesman for Spreadex said it was “extremely disappointed” in the CMA’s decision.
It said: “We have co-operated and engaged positively with the CMA throughout what has now been a 20-month review period into an immaterial transaction involving a failing firm serving a very small number of customers in a tiny sub-section of the UK sports betting market.”
Spreadex said it recognised the “importance of the CMA’s role in protecting and promoting competition in the UK economy” but that it believed the review was “wholly disproportionate to the benefits it is purported to provide either the UK economy or consumers”.
“Sporting Index’s customers have greatly benefited from Spreadex’s infrastructure, resources, improved services, and increased oversight since the acquisition,” it said.
“Spreadex strongly disagrees with this entirely disproportionate decision and are reviewing all available options.”
Caitlin Klein,in Jersey, St Helierand
Julia Gregory,in Jersey
Chris Craddock/BBCA charity which supports vulnerable people in Jersey says it has “the Christmas spirit right through the year”.
The Grace Trust which helps between 700 to 750 people a year struggling with poverty, loneliness or addiction issues said it was seeing “a much wider range” of people from all layers of society, including more older people needing community support.
General manager Vinni Jones said the charity aimed to put a smile on people’s faces from its drop-in base at Lewis Street in St Helier.
It helped 500 people at the food bank every year and also ran singing, art and Saturday lunches.
‘Just come down’
He said there were extra festive goodies at the food bank and 92 people recently sat down to an “absolutely brilliant” Christmas meal at St Paul’s Centre with 20 volunteers on hand to help out.
Entertainment was provided by Fiddler’s Green and the trust’s Parklife choir.
Mr Jones said they saw more people at Christmas because it can be a challenging time.
“Just come down, knock on the window and we’ll give you what we’ve got.”
‘Offer understanding’
He explained that “we can offer a lot more than simply the food and Christmas goodies” and said people are often surprised at all the activities on offer and encouraged them to have a go.
He said the charity also had a fund to help younger mums and links with other agencies so it can offer toy vouchers at Christmas.
Support was also available year round for struggling islanders.
“It’s just a matter of being able to offer that understanding and to talk about January, talk about February for them. We’ll still be here for you,” Mr Jones said.
The government has also reminded islanders about mental health support over Christmas.
There is 24 hour support available from the Adult Mental Health crisis team, on 445 290 and online support from Together All.
Business
‘Made strong entry’: Amit shah hails semiconductor sector’s growth despite being ‘bit late’; confident of ‘exports soon’ – The Times of India
NEW DELHI: India would soon establish itself in the semiconductor industry by starting exports, even though it’s entry was late, said Union home minister Amit Shah.“We have made a strong entry into the semiconductor industry, although a bit late. In no time, we will not only become self-reliant in the semiconductor sector, but will also start exporting it,” he said, addressing the ‘Abhyudaya Madhya Pradesh Growth Summit’.Speaking at the summit, Shah highlighted Madhya Pradesh’s attractive geographical location and fertile land.He also inaugurated industrial projects worth Rs 2 lakh crore, on the occasion of former Prime Minister Atal Bihari Vajpayee‘s 101st birth anniversary. He remembered Vajpayee as “a great orator, a sensitive poet, a leader dedicated to public welfare and remained ‘ajatashatru’ (person without enemies) in politics.”He noted that even small investments in the state could yield substantial returns. He praised Madhya Pradesh’s transformation from a power-deficient state to one with surplus electricity. He also commended the state’s achievements in cleanliness, saying it has surpassed other states in this aspect.During the event, Shah also paid tributes to Pandit Madan Mohan Malviya on his birth anniversary and C Rajagopalachari on his death anniversary. The Growth Summit attracted 25,000 beneficiaries and thousands of entrepreneurs and investors. Officials confirmed that the industrial projects launched during the event will create 193,000 new jobs.Shah’s visit also included inaugurating the Gwalior Fair and dedicating the renovated Atal Museum to the public, further marking the celebrations of Vajpayee’s birth anniversary.
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Christmas spirit offered ‘right through the year’
‘Made strong entry’: Amit shah hails semiconductor sector’s growth despite being ‘bit late’; confident of ‘exports soon’ – The Times of India
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