Bookmaker 888’s Shares Tumble as CEO Quits

February 2, 2023 | Financial

U.K. (January 30, 2023) — The chief executive of 888 Holdings, Itai Pazner, will step down immediately, the British bookmaker said today, adding that it will suspend VIP activities in the Middle East pending an internal investigation.

The company’s shares tumbled as much as 14.4% on the news, before recovering a little to stand about 11% lower.

Pazner, 50, has led the company for around four years, including overseeing the acquisition of William Hill’s international assets from US-based owner Caesars Entertainment in 2021.

The company’s shares have fallen almost 40% during Pazner’s tenure.

Non-executive chair Jonathan Mendelsohn will take over as executive chair on an interim basis while the board searches for a new CEO. 888 did not give a reason for Pazner’s departure.

The bookmaker also said that some anti-money laundering and Know Your Client processes were not followed for its VIP customers in the Middle East region.

The company estimates that the suspension of such activities will hit the group’s overall revenue by at least 3%.

Earlier this month, the group reported a 3% drop in 2022 full-year revenue as tightened online player safety measures in the UK and the closure of its Dutch operations reduced revenue in its online business by 15%.

The company’s chief financial officer Yariv Dafna, who was expected to leave after the publication of annual results in late March, will now stay until the end of the year, 888 said.

Accreditation: Reuters


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