Latest news with #Spreadex
Reuters
3 days ago
- Business
- Reuters
UK regulator flags competition concerns again over Spreadex-Sporting Index deal
June 5 (Reuters) - Britain's competition watchdog on Thursday renewed its concerns about Spreadex's 2023 acquisition of Sporting Index's consumer arm, saying the two companies together have a monopoly over the UK's licensed online sports spread-betting market. The Competition and Markets Authority (CMA) reopened its investigation into the deal in March after its order last November requiring Spreadex to sell the business it acquired from Sporting Group in 2023 was overturned by the Competition Appeal Tribunal (CAT) following an appeal by Spreadex. The CMA, which acknowledged errors in its initial findings due to misinterpretations of third-party evidence, has now provisionally concluded in its latest investigation that Spreadex and Sporting Index do not face any meaningful competition from other types of betting providers. Spreadex had argued that Sporting Index would have exited the market without the deal, but the CMA believes it could have been sold to another buyer and remained a competitor. Spreadex declined to comment on the regulator's latest findings. The company has until June 19 to respond with possible remedies, the CMA said.
New Indian Express
01-06-2025
- New Indian Express
Man duped of Rs 22 lakh in trading scam, one held
CHENNAI: The Greater Chennai Police's north zone cyber crime unit on Saturday said they have arrested a man for cheating a person of Rs 22 lakh by promising huge returns in trading. The victim Dillibabu (35) is a resident of Sembium. The complaint states that O Muthumanickam (55) befriended him on a chatting application and convinced him of huge returns on investment. Muthumanickam collected around Rs 22.7 lakh from the victim and spent it on sports betting and trading websites like Spreadex. However, the victim did not get any returns or the original investment back, after which he filed a police complaint. The accused was taken into custody from a house on East Coast Road near Uthandi and sent to prison.
North Wales Chronicle
15-05-2025
- Business
- North Wales Chronicle
Online gambling firm Spreadex fined £2m for social responsibility failings
The online firm failed to carry out appropriate checks on a customer who hit a daily deposit limit of £3,340 on 12 occasions over 14 days, the Gambling Commission said. Despite the high spending over a short period, Spreadex's social responsibility interactions consisted of four pop-up messages without any human interaction. Anti-money laundering failures included failing to ask for 'source of funds' information from a customer who deposited around £64,000 into the business within a short period. The customer went on to lose £50,000 within one month. Spreadex Limited – which operates from – will pay a £2,022,000 penalty for the failings, which happened between September 2022 and November 2023, and also have to undergo a third-party audit. It is the second enforcement action against Spreadex after it paid a £1.36 million regulatory settlement in 2022, again for social responsibility and anti-money laundering failures. The Gambling Commission's head of enforcement John Pierce said: 'The conclusion of this case marks the second time Spreadex Limited has been subject to enforcement action. 'Its failure to uphold anti-money laundering standards, delays in necessary interventions, and weaknesses in social responsibility measures were unacceptable. Spreadex Limited to pay £2 million for social responsibility and anti-money laundering failures. To read more visit our website 💻 — Gambling Commission (@GamRegGB) May 15, 2025 'The operator placed undue reliance on customer assurances about the source of funds, rather than obtaining evidence from independent and verifiable sources, as we would expect. Operators must not only implement and maintain robust anti-money laundering policies, procedures, and controls, but also act swiftly in response to any indicators of suspicious activity. 'During the review, it was found that one customer, showing markers of harm, was using products across areas overseen by two different regulators. As the gambling regulator, we stress the importance of licensees understanding and managing cross-channel usage in their anti-money laundering and social responsibility policies.' He added: 'Operators should be in no doubt: repeated regulatory failings will result in escalating enforcement action.'
South Wales Guardian
15-05-2025
- Business
- South Wales Guardian
Online gambling firm Spreadex fined £2m for social responsibility failings
The online firm failed to carry out appropriate checks on a customer who hit a daily deposit limit of £3,340 on 12 occasions over 14 days, the Gambling Commission said. Despite the high spending over a short period, Spreadex's social responsibility interactions consisted of four pop-up messages without any human interaction. Anti-money laundering failures included failing to ask for 'source of funds' information from a customer who deposited around £64,000 into the business within a short period. The customer went on to lose £50,000 within one month. Spreadex Limited – which operates from – will pay a £2,022,000 penalty for the failings, which happened between September 2022 and November 2023, and also have to undergo a third-party audit. It is the second enforcement action against Spreadex after it paid a £1.36 million regulatory settlement in 2022, again for social responsibility and anti-money laundering failures. The Gambling Commission's head of enforcement John Pierce said: 'The conclusion of this case marks the second time Spreadex Limited has been subject to enforcement action. 'Its failure to uphold anti-money laundering standards, delays in necessary interventions, and weaknesses in social responsibility measures were unacceptable. Spreadex Limited to pay £2 million for social responsibility and anti-money laundering failures. To read more visit our website 💻 — Gambling Commission (@GamRegGB) May 15, 2025 'The operator placed undue reliance on customer assurances about the source of funds, rather than obtaining evidence from independent and verifiable sources, as we would expect. Operators must not only implement and maintain robust anti-money laundering policies, procedures, and controls, but also act swiftly in response to any indicators of suspicious activity. 'During the review, it was found that one customer, showing markers of harm, was using products across areas overseen by two different regulators. As the gambling regulator, we stress the importance of licensees understanding and managing cross-channel usage in their anti-money laundering and social responsibility policies.' He added: 'Operators should be in no doubt: repeated regulatory failings will result in escalating enforcement action.'
Leader Live
15-05-2025
- Business
- Leader Live
Online gambling firm Spreadex fined £2m for social responsibility failings
The online firm failed to carry out appropriate checks on a customer who hit a daily deposit limit of £3,340 on 12 occasions over 14 days, the Gambling Commission said. Despite the high spending over a short period, Spreadex's social responsibility interactions consisted of four pop-up messages without any human interaction. Anti-money laundering failures included failing to ask for 'source of funds' information from a customer who deposited around £64,000 into the business within a short period. The customer went on to lose £50,000 within one month. Spreadex Limited – which operates from – will pay a £2,022,000 penalty for the failings, which happened between September 2022 and November 2023, and also have to undergo a third-party audit. It is the second enforcement action against Spreadex after it paid a £1.36 million regulatory settlement in 2022, again for social responsibility and anti-money laundering failures. The Gambling Commission's head of enforcement John Pierce said: 'The conclusion of this case marks the second time Spreadex Limited has been subject to enforcement action. 'Its failure to uphold anti-money laundering standards, delays in necessary interventions, and weaknesses in social responsibility measures were unacceptable. Spreadex Limited to pay £2 million for social responsibility and anti-money laundering failures. To read more visit our website 💻 — Gambling Commission (@GamRegGB) May 15, 2025 'The operator placed undue reliance on customer assurances about the source of funds, rather than obtaining evidence from independent and verifiable sources, as we would expect. Operators must not only implement and maintain robust anti-money laundering policies, procedures, and controls, but also act swiftly in response to any indicators of suspicious activity. 'During the review, it was found that one customer, showing markers of harm, was using products across areas overseen by two different regulators. As the gambling regulator, we stress the importance of licensees understanding and managing cross-channel usage in their anti-money laundering and social responsibility policies.' He added: 'Operators should be in no doubt: repeated regulatory failings will result in escalating enforcement action.'
