Last updated on July 15th, 2023 at 12:53 pm
The Gambling Commission will review the 888 Holdings UK license. It came after the UKGC intervened in a leadership bid from three industry veterans. Also, shares of the company dropped by over 25 percent after it released a statement that scared investors.
According to bookie pay per head software experts, 888 Holdings owns William Hill in the UK. After the UK regulator voiced its concerns, it broke off discussions with potential leadership group. The three individuals used to be part of Entain, a rival gaming company. In addition, Entain is being investigated for various offenses, including bribery.
888 Holdings has been in trouble since January, when it removed its CEO, Itai Pazner, from his position. According to online bookie software experts, the firing came after an internal investigation into anti-money laundering breaches.
888 Holdings UK License
888 Holdings has since been looking for new management. Also, it seemed like the company found it in FS Gaming. It is a venture formed composed of three former Entain executives.
In June, FS Gaming purchased 6.5% of 888. Also, they suggested appointing Lee Feldman as chairman, Kenny Alexander as CEO, and Stephen Morana as finance chief. All of them held similar positions at Entain. After the transaction, The Gambling Commission is speculated to have taken notice of the investment.
The regulator mentioned that throughout Alexander, Feldman, and Morana’s time at Entain, the business was in discussions with the Crown Prosecution Service. Authorities have been investigating their involvement in suspected offenses involving bribery in its Turkish activities. Also, Entain warned in May that the company may face a significant financial penalty from the inquiry, including HMRC.
During a night out in 2021, Alexander stole a delivery driver’s vehicle from outside a kebab restaurant and drove off in it. He was fined £1,000. Also, the offense is worse than the top bookie mistakes. The Gambling Commission’s action was not likely motivated by this. 888 stated that the Gambling Commission had requested updates on their conversations with the gentlemen.
