{"id":5209,"date":"2023-07-15T08:40:18","date_gmt":"2023-07-15T08:40:18","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2023\/07\/15\/ukgc-investigates-888-holdings-following-strategic-power-shift\/"},"modified":"2023-07-15T08:40:18","modified_gmt":"2023-07-15T08:40:18","slug":"ukgc-investigates-888-holdings-following-strategic-power-shift","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2023\/07\/15\/ukgc-investigates-888-holdings-following-strategic-power-shift\/","title":{"rendered":"UKGC Investigates 888 Holdings Following Strategic Power Shift"},"content":{"rendered":"<div>\n<div class=\"min-h-[20px] flex items-start overflow-x-auto whitespace-pre-wrap break-words flex-col gap-4\">\n<div class=\"markdown prose w-full break-words dark:prose-invert dark\">\n<p>Despite the promising business proposal from FS Gaming, an investment vehicle supported by former <a href=\"https:\/\/igaming.org\/casino\/entain-net-worth-company-valuation\/\">Entain<\/a> CEO Kenny Alexander, 888 Holdings has decided to discontinue talks due to the pending investigation into the latter\u2019s UK licence.<\/p>\n<\/div>\n<\/div>\n<div class=\"min-h-[20px] flex items-start overflow-x-auto whitespace-pre-wrap break-words flex-col gap-4\">\n<div class=\"markdown prose w-full break-words dark:prose-invert dark\">\n<h2><strong>The Planned Takeover and its Stumbling Blocks<\/strong><\/h2>\n<p>FS Gaming, guided by Alexander, had put forth an ambitious plan with him as the proposed Chief Executive, Lee Feldman, the former Entain chair, as the chairman at 888, and Stephen Morana as the CFO. This move would have propelled FS Gaming\u2019s stake in 888 beyond 10%, requiring a change in corporate control subject to the Commission\u2019s approval. If not approved, the regulator might be forced to revoke the business\u2019s operating license.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative mb-10\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/record.revmasters.com\/_a1BXbZV3uxxVQ9qiBeFuTWNd7ZgqdRLk\/1\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"BetUS\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/BetUS.png\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative\">\n\t\t<a href=\"https:\/\/record.revmasters.com\/_a1BXbZV3uxxVQ9qiBeFuTWNd7ZgqdRLk\/1\/\" title=\"BetUS\" target=\"_blank\" rel=\"nofollow noopener\">BetUS<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong><strong>Get 125% \/ $2,500 on 1st deposit!<\/strong><\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Welcome Bonus &#8211; 125% bonus on your first deposit up to $2,500<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino &#038; Sports<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/record.revmasters.com\/_a1BXbZV3uxxVQ9qiBeFuTWNd7ZgqdRLk\/1\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>However, the Commission expressed apprehensions tied to an ongoing HMRC investigation into <a href=\"https:\/\/igaming.org\/casino\/gvc-business-group\/\">GVC<\/a>\u2019s (now known as Entain) previous Turkish business. FS Gaming, failing to assuage these concerns, triggered a review by the regulator under Section 116 (2)(c)(ii) of the Gambling Act 2005.<\/p>\n<h2><strong>Ripples of the Review<\/strong><\/h2>\n<p>Following the Commission\u2019s review, the HMRC investigation, and the 888 board\u2019s due diligence, it was concluded that the appointments by FS Gaming had no likelihood of approval. The immediate and substantial risk to 888\u2019s UK licenses led to the termination of discussions.<\/p>\n<p>Lord Mendelsohn, the 888 executive chairman, assured complete cooperation with the Gambling Commission. He stated, \u201cWhile this engagement temporarily interrupted the very thorough search process to appoint a new CEO, the board is finalising its appointment and expects to make an announcement in the very near future.\u201d He emphasized the board\u2019s unwavering commitment to execute the group\u2019s strategy for enhanced shareholder value.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative mb-10\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/record.revmasters.com\/_a1BXbZV3uxxVQ9qiBeFuTWNd7ZgqdRLk\/1\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"BetUS\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/BetUS.png\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative\">\n\t\t<a href=\"https:\/\/record.revmasters.com\/_a1BXbZV3uxxVQ9qiBeFuTWNd7ZgqdRLk\/1\/\" title=\"BetUS\" target=\"_blank\" rel=\"nofollow noopener\">BetUS<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong><strong>Get 125% \/ $2,500 on 1st deposit!<\/strong><\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Welcome Bonus &#8211; 125% bonus on your first deposit up to $2,500<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino &#038; Sports<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/record.revmasters.com\/_a1BXbZV3uxxVQ9qiBeFuTWNd7ZgqdRLk\/1\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2><strong>Investigation Clouding the Horizon<\/strong><\/h2>\n<p>The investigation into Entain\u2019s Turkish business by the Crown Prosecution Service since May has added to the complexity of the situation. Entain conceded that historic misconduct involving former third-party suppliers and former employees might have occurred.<\/p>\n<p>As a result, 888\u2019s board had to carefully consider potential risks, even those stemming from prior discussions between William Hill and GVC. When these businesses collaborated to acquire Sportingbet in 2012, GVC took charge of the remaining business, including Turkey.<\/p>\n<p>The Gambling Commission\u2019s warning about the threat of license loss over a change in corporate control, suitability of appointees to influential positions, and consideration of roles held during the HMRC investigation period highlighted the gravity of the situation.<\/p>\n<h2><strong>The Search for New Leadership<\/strong><\/h2>\n<p>Despite these challenges, 888 has embarked on a quest for a new CEO since January, after <a href=\"https:\/\/igaming.org\/sports-news\/william-hill-ceo-leaves-ahead-of-888-takeover\/\">Itai Pazner<\/a>\u2018s exit. The hunt for leadership coincides with the suspension of VIP activities for Middle Eastern customers due to lapses in AML and KYC best practices.<\/p>\n<\/div>\n<\/div>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/igaming.org\/casino-news\/ukgc-investigates-888-holdings-following-strategic-power-shift\/\">UKGC Investigates 888 Holdings Following Strategic Power Shift<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Despite the promising business proposal from FS Gaming, an investment vehicle supported by former Entain CEO Kenny Alexander, 888 Holdings has decided to discontinue talks due to the pending investigation into the latter\u2019s UK licence. The Planned Takeover and its Stumbling Blocks FS Gaming, guided by Alexander, had put forth an ambitious plan with him [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-5209","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/5209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=5209"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/5209\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=5209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=5209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=5209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}