HgCapital puts its money on Sporting Index

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SPREAD betting firm Sporting Index is gearing up for expansion after being acquired by investment firm HgCapital in a £75.8 million deal.

The group, which allows punters to bet on sporting events online, over the telephone or through Sky television, said it could move into new countries and product areas.

London-based Sporting Index was founded in 1992 and has around 45,000 customers. It lets people gamble on how well teams or individuals will perform during an event, betting on a range or "spread" of possible outcomes.

HgCapital did not say whether the deal marked a windfall for the management team, but confirmed they would hold on to a "meaningful" stake and remain with the business, led by Sporting Index chief executive Richard Glynn.

The deal marks a fat profit for investment firm Duke Street Capital, which paid 53m for a major stake in the business in 2002.

Mr Glynn said: "Sporting Index is now positioned to capitalise on the many opportunities created by this investment."

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