Zona de Azar UK – 888, Owner of William Hill, Issues Warning About Potential Risk to License

UK.- July 17th 2023 www.zonadeazar.com Shares in William Hill owner 888 plunged as the gambling watchdog launched another review into the firm — which the bookmaker warned could lead to fines or potentially its British gambling licence being revoked — over the involvement of ex-Entain boss Kenny Alexander after he led a group that bought a stake in the firm.

The firm also revealed it has ended talks to make Alexander its new boss, which it is hoped will make the odds of a licence revocation or suspension extremely slim.

FS Gaming, a group led by Alexander and involving a number of other former Entain executives, took a 6.6% stake in 888 in June, prompting the William Hill owner’s share price to surge. FS reportedly aimed to place Alexander in the CEO’s seat at 888, which had been empty since Itai Pazner left in January when 888 launched an internal investigation into the firm’s money laundering checks for Middle Eastern high-rollers.

888 confirmed  that FS had presented such a plan to its board.

Alexander built a small gambling business named GVC into the multi-billion-pound firm that is now known as Entain, purchasing household names like Ladbrokes and Coral as well as “local heroes” abroad. He is widely seen as one of the most influential executives in modern gambling, and investors hoped his involvement would spark a turnaround for 888.

Edited by: @MaiaDigital www.zonadeazar.com