888 Holdings' UK license under investigation following stake acquisition by FS Gaming
The UK Gambling Commission is investigating 888 Holdings' UK license after FS Gaming, backed by former Entain CEO Kenny Alexander, acquired a stake in the company
The UK Gambling Commission is investigating the license of 888 Holdings after FS Gaming, led by former Entain CEO Kenny Alexander, acquired a 6.57% stake in the company.
The Commission's investigation follows a proposal from FS Gaming for a leadership takeover by former Entain executives, a move that could potentially raise FS Gaming's stake above 10%, triggering a change of corporate control requiring regulatory approval.
Concerns were raised due to an ongoing HMRC investigation into GVC's (now Entain) former Turkish business.
As FS Gaming failed to provide satisfactory assurances addressing these concerns, 888 Holdings terminated discussions, stating the appointments had no prospect of approval.
The firm plans to fully cooperate with the Gambling Commission's investigation.