888 Casino was recently cleared by the United Kingdom Gambling Commission (UKGC) of any regulatory penalties following a thorough review of its license.
The review was triggered when FS Gaming attempted to acquire a stake in the gambling company last June.
During this period, FS Gaming acquired a 6.5% stake in the company. Thus, a proposal was launched to appoint Lee Feldman, Kenny Alexander and Stephen Morana as President, CEO and CFO, respectively.
Having previously held senior leadership roles at GVC Holdings, now renamed Entain. Accordingly, 888 maintained constant communication with the UKGC regarding this shareholding and the proposal in question.
Meanwhile, GVC was under investigation by HM Revenue & Customs over its former business in Turkey. That investigation was closed in December last year with a £585m settlement between Entain and the Crown Prosecution Service.
However, in July 888 ended its negotiations with FS Gaming and opted to move in a different direction, with the appointments of its senior team, including Per Widerström as CEO, appointed in October.
Following the termination of negotiations with FS Gaming, a review of the 888 license was initiated by the UKGC. This review was completed without the need to impose penalties or additional actions.
888 Casino Transparency
888 emphasized that the UKGC completed the review “without imposing any license conditions, financial sanctions or other measures on the group, after verifying that the risk to licensing objectives under the Gambling Act was appropriately managed and mitigated.”
The company’s proactive approach to addressing regulatory concerns and its transparent collaboration with the UKGC reflect its commitment to compliance and integrity in the online gambling industry.
