Casino News

888 Receives UKGC Approval After Comprehensive Licence Examination

In a significant development for the gambling industry, 888 has successfully navigated through a licence review by the UK Gambling Commission (UKGC), emerging without any impositions of regulatory fines or conditions. The review was initiated in the wake of FS Gaming’s acquisition of a stake in 888 last year.

The Genesis of the Licence Review

The spotlight turned to 888 Casino after FS Gaming acquired a 6.5 per cent share, alongside discussions about the potential executive appointments of Lee Feldman, Kenny Alexander, and Stephen Morana, each with a history of leadership at GVC Holdings (Entain). The context of this review was further complicated by a substantial HM Revenue & Customs inquiry into GVC’s prior business dealings, resulting in a £585m settlement by Entain.

Steering Clear of Regulatory Hurdles

After deliberations with FS Gaming and the looming UKGC review, 888 opted to terminate its discussions with FS Gaming and proceed with a different leadership strategy, appointing Per Widerström as CEO. This pivotal move occurred just as the UKGC scrutinised 888’s operations and governance frameworks, which has now favourably concluded with no need for penalties or additional regulatory measures.

888 Stands Strong Post-Review

The resolution of the UKGC review has left 888 in a robust position, with the commission fully satisfied that 888 has effectively addressed and mitigated any risks related to the licensing objectives outlined in the Gambling Act. This outcome not only solidifies 888’s standing within the regulatory framework but also highlights its proactive approach to managing potential regulatory challenges.

Back to Casino News |
250