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Licence Review Triggered by Stake Acquisition
The review was set in motion when FS Gaming expressed interest in 888 by purchasing a 6.5 per cent stake. Discussions around potentially appointing Lee Feldman, Kenny Alexander, and Stephen Morana in leading roles heightened the UKGC’s interest due to their previous senior positions at GVC Holdings (now Entain).
The backdrop of this situation was a significant HM Revenue & Customs investigation into GVC’s past operations, which Entain settled for £585m in December of the previous year.
Navigating Through Regulatory Waters
Despite the complexities involving FS Gaming’s stake and the proposed executive appointments, 888 decided to halt negotiations with FS Gaming in July, opting for Per Widerström as CEO in October. This decision came amidst the UKGC’s review of the 888 Casino licence, which has now been resolved favourably for 888, with the UKGC finding no grounds for penalties or further actions.
A Clean Slate for 888
In the aftermath of the review, 888 has acknowledged the UKGC’s decision to conclude the investigation without imposing any licence conditions, financial penalties, or other remedial measures. The UKGC was satisfied that 888 had effectively managed and mitigated any risks to the licensing objectives under the Gambling Act.
This outcome reaffirms 888’s commitment to regulatory compliance and marks a significant moment of validation for its operational and governance practices.
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