Spreadex

Spreadex
Privately Held
Industry Financial Services
Founded 1999
Headquarters St Albans, Hertfordshire, UK
Key people
 Jonathan Hufford Managing Director
Products • Financial spread betting
• Sports spread betting
• Fixed-odds betting
• Casino
Number of employees
 100+
Website www.spreadex.com

Spreadex Ltd is a British-based company that offers financial spread betting, sports spread betting, and sports fixed-odds betting.

History

Spreadex commenced trading in 1999 in Dunstable, Bedfordshire.[1]

The business was founded by former City dealer Jonathan Hufford.[1] He decided to set up his own company with the intention of making spread betting more accessible.[2]

In May 2006, Spreadex launched an online sports betting service and followed that by launching a financial online trading platform soon after.[1]

Spreadex was listed in the Sunday Times PriceWaterhouseCoopers Profit Track 100 for three years in succession. In 2006, Spreadex finished 34th;[3] in 2007, they finished 23rd,[4] and in 2008, they finished in 49th place.[5]

In February 2008, Spreadex moved to offices in St Albans, Hertfordshire and followed this by opening an office in Liverpool in 2010.[6]

In February 2010, Spreadex piloted a JetMiles scheme which allowed their clients to earn flight time in a private jet from their trading.[7]

In May 2010, Spreadex launched a full fixed odds sports betting service allowing bets to be placed in both fractional and decimal format.[8]

In June 2011, Spreadex acquired the client database of extrabet, the sports betting arm of IG Group.[9]

In September 2011, Spreadex introduced an online Casino featuring table, card, slot, video poker, instant win games, and a live dealer service.[10]

In January 2012, Spreadex purchased the client database of bankrupt company MF Global Spreads from administrator KPMG.[11]

In November 2012, Spreadex won the Investment Trends award for Best Customer Service for the second year running.[12]

In March 2013 Spreadex purchased the non-equities business of rival spread betting firm Cantor Index.[13]

In April 2013, Spreadex was the first firm to launch leveraged trading on Bitcoin.[14]

In July 2014, Spreadex reported record annual accounts, £18.5m profit before tax from a turnover of £35.4m. This was a 30% increase from the previous year.[15]

In October 2014, to accommodate the firm's growing workforce, Spreadex moved to a larger, newly refurbished office in St Albans. The location of the office remains a short train journey from Central London.[16]

The same month, Spreadex released its new financial fixed odds markets, also referred to as "Speed Markets",[17] allowing clients to place fixed risk bets on financial markets.

In April 2016, the firm won the City of London Wealth Management Award for Best Spread Betting Provider.[18]

In July 2016, Spreadex reported record annual accounts. Results for the year ending May 31, 2016, show that Spreadex saw turnover leap from £40.5million to £50.3million. Pre-tax profits soared from £22million to £27.1million.[19]

Operations

Spreadex has operated from St Albans, Hertfordshire since February 2008 after originally being located in Dunstable. Spreadex takes bets via telephone, mobile, and their website.[20]

Spreadex owns financial spread betting company (www.shortsandlongs.com) which was launched in October 2008.[21] The client database of ShortsandLongs was transferred to Spreadex in March 2012 to consolidate its business.[22]

Spreadex also operates a fixed odds betting pitch at Kempton Park Racecourse.[23]

Regulation

Spreadex Ltd is authorised and regulated by the UK’s Financial Conduct Authority (FCA).[24]

Spreadex Ltd is licensed and regulated by the Gambling Commission to provide fixed-odds and casino betting, licence no 000-008835-R-104580-004.[24]

In relation to casino betting outside of the UK, Spreadex Ltd is operating under an Alderney Gambling Control Commission approved Business Association with AGCC Class II License Holder, Net Entertainment Alderney Ltd, License #084.[24]

References

This article is issued from Wikipedia - version of the 10/12/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.