2023-07-14 16:04:22
The British online betting site 888 fell 25% on the London Stock Exchange on Friday, following announcing in the followingnoon the opening of a procedure by the sector regulator in the United Kingdom which might end in a withdrawal of its operating licenses in this country. In question: the recent increase in the capital of a company controlled by former managers of the betting giant Entain, while the latter company is currently the subject of an investigation in the United Kingdom on possible bribes linked in particular to a former subsidiary operating in the Turkish market. FS Gaming Investments had acquired a 6.6% stake in 888 in June and was seeking to place at the head of this company several officials who ran Entain at the time of the events under investigation, which had raised the concern of the Gaming Commission. of Chance (GBGC), according to a statement.
The GBGC has since opened a “licensing review” of 888, the outcome of which might go as far as a revocation of the license to practice or financial sanctions, specifies 888 in its press release, adding to have “put an end to the discussionswith FS Gaming Investments. The title of 888 ended down 25.12% at 79.60 pence on Friday on the London Stock Exchange. “We will cooperate fully“with the GBGC”and we hope to conclude quicklythe procedure, said Jon Mendelsohn, executive chairman of 888, quoted in the press release.
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888 had announced in January “immediate departureof its managing director and, at the same time, the suspension of VIP accounts in the Middle East due to deficient anti-money laundering procedures. If recent developmentshave temporarily interrupted“the search for a new CEO, the process is underway and the Board of Directors “plans to make an announcement in the very near futureregarding it, Mr. Mendelsohn added. For his part, Entain had warned in May that he risked a “substantial financial penaltyas part of a UK tax service investigation into a subsidiary operating in Turkey, acquired in 2011 and sold in 2017.
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