Sporting Index Group sold to private investor
Spread betting and B2B sports betting solutions firm believed to have been bought by investors linked to Pinnacle Sports acquisition in February
Sporting Index Group owners HgCapital has agreed to sell the spread betting and B2B sportsbook solutions firm to an unnamed private investor in a deal believed to be worth in the region of £40m.
While the identity of the investor has yet to be officially confirmed, eGaming Review understands the acquirer is part of the group that bought a controlling stake in Pinnacle Sports last year.
According to a statement released by Sporting Index this morning, the new owner has pledged to invest in both the operator’s B2C sports spread betting business and the firm’s B2B Sporting Solutions trading services operation.
Sporting Index chief executive Warren Murphy said he was confident the company’s new owner can drive the firm to new heights once the Financial Conduct Authority (FCA) has granted regulatory approval of the deal.
“We have a shared vision for the future and will receive the necessary resources and expertise to help drive the future growth of both Sporting Index and Sporting Solutions,” Murphy said. “We are excited by the opportunities that lie ahead,” he added.
Sporting Index was founded in 1992 as a spread betting firm and last year won the award for Spread Betting Product of the Year at the 2014 eGaming Review Operator Awards.
The firm formed its B2B arm Sporting Solutions in 2007 and provides data and trading tools to the online sports betting sector, with a focus on in-play betting.
HG Capital acquired the group in 2005 from Duke Street Capital for a total cash consideration of £75.8 million.