888 Holdings under review by UK Gambling Commission

Tier one online gambling company 888 Holdings plc has advised in a stock exchange mandatory announcement that one of its subsidiary companies it is under review by its licensing authority, the UK Gambling Commission.

Whilst not specifying the subsidiary or why it is being reviewed in terms of section 116 of the Gambling Act (a general section dealing with review requirements and justifications) the 888 notification does make reference to social responsibility and effective self-exclusion licensee obligations.

The full notice reads:

“Gambling Commission Review

“The Company has been informed that the United Kingdom’s Gambling Commission (the “UKGC”) is currently conducting a review of the manner in which a subsidiary of the company (the “Licensee”) has carried on its licensed activities to ensure compliance with the UKGC operating licence held by the Licensee. The review has been initiated to assess certain measures that the Licensee employs to ensure social responsibility to its customers including, amongst other items, effective self-exclusion tools across different operating platforms.

“The Company is dedicated to providing players with a responsible as well as enjoyable gaming experience and the Licensee will be proactively engaged in a cooperative and collaborative manner with the UKGC throughout this review.

“The Company will make a further announcement as and when appropriate.

“UKGC review being conducted pursuant to section 116 of the Gambling Act 2005”.

888 shares fell as much as 10 percent, the most since June 2016 on an intraday basis. They were down 5.9 percent at 8:57 a.m. in London Monday.