888 Holdings ends two overhanging sagas. Its VIP financial breaches from January resulted in a fine, and the FS Gaming shares talks are over! (Image by PublicDomainPictures from Pixabay)
One of our favourite and most trusted brands here at Casinoplusbonus is circulating the online gambling entertainment news headlines again.
Firstly, one of the London Stock Exchange (LSE) listed company’s subsidiaries responsible for VIP gaming will pay a £ 2.9 million fine. This isn’t as bad as it sounds because we knew it was coming, as the original story dates to the beginning of 2023. This is good news for 888 Holdings as the VIP saga unearthed in January is finally settled, and corrective measures have been implemented. It means the company can now move on.
In other news, the voting rights for FS Gaming Investments, a fund invested in 888 Holdings, have been reduced to 4.55%. This is due to a deal to acquire an increased percentage of voting rights that has fallen through. Initially, Shay Segev and FS Gaming Investments would increase the percentage to 6.5%.
The news does not appear to have affected the 888 Holdings share price, which continues to climb steadily on the London Stock Exchange.
For the full lowdown on both these news stories, read on!
Which brands do 888 Holdings Operate? Subsidiaries of the company operate 888 Casino, William Hill Casino, 777 Casino, and Mr Green Casino. All these brands are covered here on Casinoplusbonus on the best casino websites portal under the ‘Best Rated Online Casinos’ section.
Are these stories connected to 888Casino?
Although the operations of 888 Holdings have come into question, 888Casino, 888Sports, and 888Poker brands, as well as William Hill and Mr Green Casino, are the go-to gambling platforms today. Most of the negative press is simply semantics whereby the company’s systems have not triggered the correct checks according to licensing rules.
With a new CEO, strong financial results, and a firm handle on the company’s future growth, this is likely the last piece of negative news we will be hearing about the company.
Entain’s History Disrupts FS Gaming’s 888 Plan
A deal that would have seen Shay Segev transfer 9,063,313 ordinary shares in 888 Holdings to FS Gaming Investments is no longer in place. 888 Holdings was in discussion with the investment company but subsequently ended its talks with the firm.
The decision to end the deal stems from a connection with Entain, formerly known as GVC Holdings. Somewhere along the line FS Gaming was planning to place former Entain executives in leadership positions within 888 Holdings. For instance, Alexander had aspirations to assume the CEO position of the gambling entity, while Feldman and Morana were eyeing the roles of chair and CFO, respectively.
What happens now the deal is off? Nothing. FS Investments still holds a share in 888 Holdings despite its reduction. There is now talk of a massive merger of Entain into MGM Resorts, while 888 has seen 1 million shares bought by insiders over the past 3 months!
Virtual Global Services to Pay £ 2.9 Million Settlement
A company under the 888 Holdings umbrella, Virtual Global Services (VGS), will pay a £ 2.9 million fine to the Gibraltar Gambling Commission (GCC). Earlier this year, the online gambling regulatory authority found that VGS breached regulatory practices covered under the GCC framework.
The financial penalty dates back to a story covered in an iGaming Business News report on Casinoplusbonus. It was regarding issues with financial checks on the company’s VIP activities with some connection to its Middle Eastern clientele. This was also when the 888 Holdings CEO stepped down amidst regulatory issues in the middle east.
The Gibraltar Gambling Commission highlighted the key issue as a lack of financial checks. The flaws were with the Know Your Customer (KYC) and Enhanced Due Diligence (EDD) systems. The company has taken corrective actions to plug the holes in its KYC and Anti-Money Laundering (AML) systems.
The GCC has said that the money from these fines will go to the Centre of Excellence for Responsible Gaming at the University of Gibraltar. In the meantime, the Gibraltar Gambling Commission (GCC) head has said no further action is necessary, meaning the saga is now behind 888 Holdings and its subsidiary.
888 Holdings to Move Forward: After negative news regarding financial checks and responsible gambling shook the 888 Holdings subsidiary due to VIP activities and the £ 19.2 William Hill fine, the company is now on an upward trajectory, with share prices recovering from a low of 51 GBX in March to 119 GBX today.
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