LCG in KAX spread betting collaboration
Spread betting group to launch CitySpreads in October with Gambling.com owner.
London Capital Group (LCG) is set to launch a new spread betting venture in October in partnership with KAX Media, the London-listed company has announced.
CitySpreads will see LCG’s technology partnered with the marketing and advertising expertise of media group KAX, which acquired the gambling.com domain from Media Corporation for £1.5m last year.
KAX Media chief executive Charles Gillespie said of the deal: “LCG stood out as the obvious choice for our expansion into spread betting. We are very excited about the project and look forward to realizing all the potential behind this great name with the great team at LCG.”
The deal is the first to be signed by LCG since the “planned” resignation of chairman Richard Davey earlier this month, and follows a drop in pre-tax profits of almost one third in the company’s recent half-year results.
Simon Denham, chief executive of London Capital Group, said: “We are very excited about this white label and look forward to working with KAX Media to make them a formidable force within the online trading industry.”