A collective of seasoned gaming professionals, FS Gaming, has acquired a minority share (6%) in 888 Holdings, the well-established online gaming firm. Headed by Lee Feldman and Kenny Alexander, former leaders at GVC (currently Entain), the group intends to rejuvenate 888 and maximize its capabilities.
FS Gaming boasts a formidable team possessing vast expertise in the gambling sector, featuring individuals like Stephen Morana and Daniel Shribman, along with financial backing from B. Riley Principal Investments.
Their objective? To instigate change within 888. They have already commenced discussions with the company’s directors to explore potential enhancements, possibly encompassing leadership restructuring and strategic modifications. This follows a challenging period for 888, witnessing their share price plummet by over 60% on the London Stock Exchange.
This development is particularly noteworthy considering the recent exit of 888’s previous CEO, Itai Pazner, who stepped down amid an internal inquiry into possible money laundering infractions within their UK high-roller accounts.
Further complicating matters, 888 recently divested their Latvian business to Paf for €28.3 million and experienced a 3% decline in internet-based revenue, despite finalizing the acquisition of William Hill.
With Alexander and Feldman steering FS Gaming, the onus is on 888 to elevate their performance, enhance their valuation, and improve their overall financial standing.
A spokesperson for 888 informed Gambling Insider of their enthusiasm regarding the FS Gaming investment. They view it as a powerful endorsement of the company’s future prospects. The representative highlighted the board’s dedication to a protracted plan centered on amplifying stakeholder worth. The organization is committed to maintaining transparency and engagement with its stakeholders as they progress in realizing their strategic goals.