British Gambling Commission to take no further action against 888
The regulator has completed its licence review.
UK.- The board of 888 Holdings has announced that the Gambling Commission has completed its licence review and will take no further regulatory action. The regulator began its review of 888 in July of last year as the result of concerns triggered by FS Gaming’s interest in the operator.
FS Gaming is an investment fund run by former GVC Holdings (now Entain Plc) execs Kenneth Alexander (ex-CEO), Lee Feldman (ex-Chairman) and Stephen Morana, who were subject to an HMRC investigation over claims of bribery involving a former Turkish subsidiary. In August, FS Gaming reduced its stake in 888 after the operator rowed back on plans to make Alexander CEO.
888 said: “The UKGC has concluded the license review without imposing any license conditions, financial penalties, or other remedies on the Group, having been satisfied that the risks to the licensing objectives under the Gambling Act, which led to the review, have been appropriately managed and adequately mitigated.”
It added that the British regulator had ended its review without imposing any conditions, penalties or other measures. It says it will continue with its ongoing corporate transformation led by CEO Per Widerström. 888 will publish full-year results for 2023 tomorrow (Tuesday, March 26).
