A UKGC investigation into 888 Holdings could result in a licence suspension, revocation, or another hefty fine despite its highly regarded industry rep. (Photo by Markus Winkler on Unsplash.com)
An investigation by the UKGC has rocked the 888 Holdings operator once again. After recent fines for various AML and social responsibility framework failures, the company is back in the news for the wrong reasons.
The issue stems from a discussion with former Entain execs, who worked for one of 888 Holding’s fiercest rivals in the UK and global gambling entertainment space.
According to UK business news sources, 888 Holdings terminated discussions with former GVC execs over bribery allegations. FYI, GVC is now Entain. And when these discussions terminate, it usually means a legal team needs to step in.
This has also piqued the attention of the UKGC sparking rumours 888 Holding could face more fines. Worst still licence suspension or revocation are also on the cards. However, the latter two extremities are likely the media creating clickbait to foster more interest.
888 Holdings Share Tumble: Considering the news, once again, 888 Holdings stock prices tumble after an initial recovery. Since the latest bad news hit the media, the stock price dropped from 106 GBX to a 75 GBX low, but has since regained to 91.21 GBX. For more info about 888 shares, check out our bi-weekly iGaming shares report for more about gambling companies on the stock markets.
Entain & 888 Holdings Exec Dispute Explained
The UK Gambling Commission (UKGC) has made the decision to investigate 888 Holdings over the hiring of ex-GVC Holdings (Entain) officials. There is now a detailed investigation underway looking into the company’s previous connections with Entain, a company implicated in ongoing bribery charges.
Entain’s dealings involving third-party suppliers and employees in its Turkish-facing business have piqued the interest of the UKGC. Subsequently, an investigation has been launched reviewing 888 Holdings’ operating licenses under the Gambling Act 2005.
The company that supported the appointments, FS Gaming, has expressed intent to maximise its 6.6% stake in 888 Holdings. Meanwhile, HG Vora, an activist investment group, increased its stake to 5.5%. With this in mind, there’s still plenty of confidence in the company despite yet another bombshell piece of negative press.
Just recently 888 Holdings had to stomach a £19.2 million fine recently joining a long list of fines dished out over the past year. Check out the table in a recent news report under the section UKGC fines continue to hit operators.
Reassurances: Amid regulatory challenges, 888 Holdings’ Executive Chair, Lord Mendelsohn, reassured stakeholders of the company’s cooperation with the UKGC review and commitment to strategic goals.
888 Holdings Operates One of the Most Popular Brands Online
888 Holdings is one of the most highly regarded iGaming and online sports betting brands. Its 888Casino, 888Ladies, 777Casino, William Hill, and Mr Green Casino and sportsbooks are some of the best platforms online.
What’s more, it has a high street presence too. 888 Holdings owns a chain of high-street betting shops after a reverse takeover of William Hill’s European operations. Recently the company made a deal with Play’n GO to bring the Book of Dead slot to its land-based betting shop venues.
Furthermore, 888 Casino and Sportsbook platforms are popular for several reasons:
- Unlimited and instant withdrawals attract high rollers looking for live casino table game action
- Huge maximum bets allowed for high rollers
- Big wins are always paid out with no limit to the amount players can withdraw
- There are tons of jackpots available
- Players can bet on jackpot slots using bonus money
- Promos for casinos and sports with 0x wagering
To add to its allure, the operator is a London Stock Exchange (LSE) company. So why is such a large and reputable firm again coming under fire? The most likely answer is the sheer size of the operation spreading far and wide. Adding to its woes, there have been issues in top-level exec positions. Right now 888 Holdings is in the middle of assigning a new CEO. If this is someone with a proven track record in the industry, share prices could recover and this would also put an end to the firm’s run of bad luck as of late.
Top 888 Holdings Brands
Live Casino at 888Casino
Live Casino at 777Casino
Live Casino at Mr Green
Discover 888 Brands: For background information covering 888 Holdings brand, check out the operator’s iGaming and online sports platforms via the live dealer casino reviews page.
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