UKGC finished 888’s license review

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UKGC finished 888’s license review

The Gambling Commission UKGC finished its license review of 888 with no penalties or conditions.

The UKGC found 888’s risk management satisfactory under the Gambling Act. The review began in July 2023 amid discussions about potential leadership changes involving FS Gaming Investments, which held a 6.6% stake in 888. They aimed to appoint Kenny Alexander as CEO, Lee Feldman as chair, and Stephen Morana as CFO.

Initially acquiring a 4.55% stake in 888 in June, the group later gained the voting rights of another former GVC executive, DAZN CEO Shay Segev.

The licence review was triggered by the potential change in corporate control if FS Gaming acquired more than 10% of 888, requiring approval from the UKGC.

Rejection of the control application might have led to the revocation of 888’s UK licence. However, 888 ended the talks due to UKGC concerns about the investigation into GVC’s Turkish business unit during Alexander’s leadership.

Following Entain’s disclosure in May regarding historical misconduct involving former third-party suppliers and ex-employees, an investigation ensued, centering on potential breaches of the Bribery Act.

In late 2023, Entain reached a £585m Deferred Prosecution Agreement (DPA) with the UK’s Crown Prosecution Service (CPS).

Shortly after ending discussions with FS Gaming, 888 appointed former Fortuna Entertainment CEO Per Widerström as chief executive.