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Investment In 888 Paused While Licencing For FS Gaming Is Reviewed.

FS Gaming reiterated that it will fully support the Gambling Commission in renewing its licence.

Investment In 888 Is On Pause While Licencing For FS Gaming Is Reviewed.
Investment In 888 Is On Pause While Licencing For FS Gaming Is Reviewed.

The investor group FS Gaming offered 888 a 6% interest on June 6, 2023, but it has since come to light that Entain is currently the subject of an investigation by the HMRC, which has caused 888 to reconsider the firm's offer.

On May 31, 2023, Entain confirmed that there had been past misbehaviour involving former third-party suppliers and former employees and that HMRC was inquiring into its previous Turkish-facing business. Entain was under investigation for breaches including, but not limited to, violations of Section 7 of the Bribery Act of 2010.

The 888 Board considered the investment proposal after carefully analysing all associated risks.

Since then, 888 has been collaborating with the Gambling Commission (GC) on the idea of getting guidance on its choice. Regarding the continuing HMRC probe, the GC highlighted its concerns.

The GC asked 888 to provide regular updates on any changes to the situation surrounding FS Gaming and its proposal so that it could carry out its duties as the gambling regulator in Great Britain.

The GC notified FS Gaming on July 14, 2023, that it had determined it needed to start a review of the Group's operating licences under Section 116 (2)(c)(ii) of the Gambling Act 2005 based on the information it had learned about these issues.

The GC confirmed that a licence review will be done. FS Gaming has reaffirmed that it will fully assist the GC in its licence review.

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