FTSE-listed online gambling group 888 Holdings has informed the market and its investors that its UK operator licence is being reviewed by the UK Gambling Commission (UKGC) relating to the firm’s compliance provisions with regards to preventing problem gambling.
The UKGC is set to evaluate whether 888 operates an effective self-exclusion process for its customers across its platforms. Self-exclusion is the player protection process that allows online betting/igaming consumers to ‘take a break’ or withdraw themselves from operator services.
This morning 888 governance released the following corporate update informing stakeholders:
“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 self-exclusion policy is a key provision of operating UK online gambling services. If found in breach of compliance with UKGC self-exclusion rules and policy, an operator could lose its UK online gambling operating licence.
UK business news sources have this morning reported that 888 Holdings share price has declined 10% on the notification of its impending review.
888 governance stated that it would cooperate with the UK governing body: “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.”