Sporting Index

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Sporting Index Ltd
Private Limited Company
Industry Financial Services
Founded 1992
Headquarters London, UK
Key people
Mark Redwood (Non-exec Chairman)
Simon Trim (CEO)
Ronnie Whelan (Business Development Director)
Martin Pates (Finance Director)
Paul Turner (Marketing Director)
Robert Cowie (CTO)
Number of employees
225
Website www.sportingindex.com

Sporting Index is a British-based company specialising in sports spread betting. It claims an estimated UK market share of over 70%.[1] Sporting Index provides internet and telephone spread betting under the Sporting Index and Bethilo trademarks as well as wholesale services to a growing number of international betting and gaming operators under the Sporting Solutions brand.[citation needed]

History[edit]

Sporting Index was founded in April 1992 with 5 members of staff and a handful of clients.[citation needed]

In July 2001 Sporting Index launched the first fully interactive internet-based sports spread betting website.[2] Since 2004 Sporting Index has also hosted casino and sports related virtual games based on the concept of spread betting.

During the 1999 Cricket World Cup Sporting Index's traders underestimated the total number of wides in the tournament which ended up costing the company £500,000 after the public were advised on the bet in betting newspaper Racing Post.[3][4]

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.[5] A secondary buyout saw HgCapital acquire the company from Duke Street Capital for a total cash consideration of £75.8 million in October 2005.[6]

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.[1]

Operations[edit]

With offices based in London, the company does international betting, taking bets via its websites, mobile phone applications and through voice telephony.[citation needed]

The group's B2B division, Sporting Solutions, supplies a number of leading bookmakers including William Hill and the Tote.[7]

Regulation[edit]

Sporting Index is authorised and regulated by the UK’s Financial Conduct Authority (FCA).[8]

References[edit]

  1. ^ Kollewe, Julia (2005-10-19). "Sporting Index bought by Hg Capital for £76m". The Independent. 
  2. ^ "Cool deal for Sporting Index". The Gambling Press Online. 
  3. ^ Hay, Phil (2003-01-06). "Day experts were wide of the mark". Sporting Life. 
  4. ^ "Bookies on the back foot". BBC Sport. 2003-03-08. 
  5. ^ Goodman, Matthew (2002-12-08). "Sporting Index in £55m sale". The Sunday Times. 
  6. ^ "HgCapital puts its money on Sporting Index". Edinburgh Evening News. 2005-10-19. 
  7. ^ "Sporting Index picks boss". Sunday Times. 2011-01-09. 
  8. ^ "Sporting Index". FSA Register.