Sporting Index
| Company type | 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
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 Touchbet which is owned by 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
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
Sporting Index is authorised and regulated by the UK’s Financial Conduct Authority (FCA).[8]
References
- ^ Kollewe, Julia (19 October 2005). "Sporting Index bought by Hg Capital for £76m". The Independent.
- ^ "Cool deal for Sporting Index". The Gambling Press Online.
- ^ Hay, Phil (6 January 2003). "Day experts were wide of the mark". Sporting Life.
- ^ "Bookies on the back foot". BBC Sport. 8 March 2003.
- ^ Goodman, Matthew (8 December 2002). "Sporting Index in £55m sale". The Sunday Times.
- ^ "HgCapital puts its money on Sporting Index". Edinburgh Evening News. 19 October 2005.
- ^ "Sporting Index picks boss". Sunday Times. 9 January 2011.
- ^ "Sporting Index". FSA Register.