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(Alliance News) - 888 Holdings PLC on Friday said that it has avoided action following a licence review by the GB Gambling Commission.
The Gibraltar-based betting operator, which owns the William Hill and Mr Green brands, revealed in July that a review was taking place under provisions outlined in the UK gambling act 2005.
Last year, FS Gaming, a vehicle backed by former executives of GVC Holdings PLC, had acquired a stake in the company.
FS Gaming proposed adding Kenny Alexander, Lee Feldman and Stephen Morana to the board. Alexander was formerly chief executive of GVC Holdings, the Ladbrokes and Coral owner now known as Entain PLC. Alexander was replaced at Entain by Segev, who then stepped down as chief executive in January 2021 to head up sports streaming platform DAZN.
The involvement of former executives at the Ladbrokes and Coral owner caused concern for the Gambling Commission, as Entain was subject to an investigation at the time surrounding its former Turkish business. In December, Entain agreed to pay a penalty plus disgorgement of profit totalling GBP585 million in relation to a probe by UK tax collector HMRC into its former Turkish operations.
The proposed board additions to the 888 board by FS Gaming did not happen. 888 named Per Widerstrom as chief executive officer in October.
"The GB Gambling Commission has concluded the licence review without imposing any licence conditions, financial penalties or other remedies on the group after being satisfied that the risk to the licensing objectives under the gambling act that led to the review have been appropriately managed and adequately mitigated," 888 said Friday.
Shares in 888 were up 1.6% to 87.80 pence in London on Friday afternoon.
By Elijah Dale, Alliance News reporter
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