888 Holdings Plc.’s shares took a sharp drop on Monday, May 15 after the group declared that UK Gambling Commission was investigating their activities on whether it was doing enough to protect its customers. The share saw its largest fall since June 2016 with a colossal 7.7% decline in the early Monday trades.
Brokers have however noted that company’s shares have been trading at a record high in recent days and is presently still 27% up in the year even after the recent plunge.
888 Holdings announced on their internet website that they will be working with the UK commission on the review. A company statement further revealed that the UKGC is presently conducting a review of the matter, which is a subsidiary of the company that has been doing their licensed activities to make sure that the licensee is within the compliance norms of the UKGC operating license.
As per BBC, analyst Simon Davies of Canaccord Genuity said that the review comes following a period of increased regulatory activity within the online gaming industry of the United Kingdom. Davies further stated that 888 may have to pay a penalty if the UKGC witnesses any breaches or see their license revoked, but this undoubtedly would be a worst-case scenario.
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