A consortium of financiers spearheaded by Lee Feldman and Kenny Alexander, both prominent figures formerly at GVC (currently Entain), has acquired a substantial 6% ownership in 888 Holdings, the well-established gambling enterprise. This collective, dubbed FS Gaming, is eager to instigate change within 888 and advocate for modifications that will elevate the company’s worth. They have allegedly already engaged with 888, proposing recommendations and implying potential leadership and strategic restructurings.
This action transpires as 888’s shares have experienced a decline, dropping approximately 61% on the London Stock Exchange throughout the preceding year. Considering Alexander and Feldman’s notable history within the gaming sector, their involvement likely intends to rejuvenate 888 and propel its value upward.
888 has encountered some instability recently. Their previous CEO, Itai Pazner, unexpectedly stepped down in January amid an inquiry into possible money laundering infractions within the company’s high-roller accounts. Furthermore, while they recently concluded an agreement to divest their Latvian operations to Paf and effectively procured William Hill last year, their digital revenue experienced a decrease in 2022. All of this suggests 888’s desire for a revival, and FS Gaming could be the impetus for that transformation.
A spokesperson for 888 conveyed to gaming sector experts their strong satisfaction with the FS Gaming capital injection. They perceive it as a resounding endorsement of the company’s capacity for expansion and generating value. The leadership team remains completely dedicated to its enduring plan, which is sharply concentrated on optimizing shareholder profits. 888 is enthusiastic about proceeding with the implementation of its strategic roadmap and pledges to maintain transparency and engagement with all stakeholders throughout the process.