Per Widerstrom Appointed New Boss of 888 Holdings
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One of the best online casinos and betting site operator 888 Holdings has selected experienced iGaming professional Per Widerstrom to serve as its next Chief Executive Officer.
The London-listed firm behind a multitude of international online casino and sports betting brands including Mr Green, 888sport and Wink Bingo revealed that the capable Widerstrom is to join its ranks from October 16 as it looks to overcome a series of tricky market and regulatory complications.
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Seasoned Skill
Widerstrom has almost two decades of experience in the global iGaming industry that most recently included an eight-year stint as Chief Executive Officer for omni-channel European betting and gaming firm Fortuna Entertainment Group.
The Swede preceded this engagement by holding down senior positions with a number of the sector’s biggest names including bwin.party, Gala Coral Group and Expekt.
The Non-Executive Chair for 888 Holdings, Lord Jonathan Mendelsohn, has been leading the Gibraltar-headquartered firm following the sudden departure of its previous Chief Executive Officer, Itai Pazner, in January and he described 56-year-old Widerstrom as ‘an energetic and inspiring leader’ that moreover possesses ‘extensive experience in both public and private companies’.
The life peer declared that the incoming boss also has ‘a long track record with a proven ability to execute value creation plans’ as well as a ‘strong record and reputation on governance and compliance’.
“We are delighted to be able to appoint Per following what has been an extensive and comprehensive search process,” Mendelsohn said.
“The board unanimously agreed that Per was the clear standout candidate to lead the group to build on the strong platform for growth and value creation that has been established.”
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Serious Scrutiny
888 Holdings recently revealed that it is being investigated by the United Kingdom’s Gambling Commission regulator after a 6.6% stake of its business was purchased by FS Gaming Investments LLC, which is headed by the former GVC Holdings leadership duo of Kenneth Alexander and Lee Feldman.
This in-depth probe incorporates a license review and was launched as His Majesty’s Revenue and Customs (HMRC) is said to be continuing its examination into the past Turkish operations of GVC Holdings, which changed its name to Entain in December of 2020.
Should any wrongdoing be uncovered, and the regulator disclosed that 888 Holdings could face harsh punishments running to severe fines or even the immediate suspension or revocation of its local license.
Faltering Financials
Added to this, 888 Holdings recently revealed that its net loss for the 12 months to the end of December stood at some £116m despite a rise of 74% year-on-year in corresponding group revenues to £1.23bn and an 82% boost in EBITDA to £218m.
Mendelsohn pronounced that the operator - which last year acquired the non-American assets of rival William Hill for approximately £585m - is now set on implementing a new corporate strategy prioritising capital efficiencies and debt reductions so as ‘to deliver higher profitability as we deliver against our clear strategic priorities’.
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Pleasing Positivity
Despite these potential troubles, Widerstrom declared that he is ‘delighted and honoured’ to have been named as the new Chief Executive Officer for 888 Holdings as the company offers ‘a world-class portfolio of betting and gaming brands, an outstanding technology platform and an exceptional team’ that places it in a position ‘to become a clear global industry leader’.
“It is incredibly exciting to be joining at such a key moment in the group’s long-term development,” Widerstrom said.
“888 Holdings has a clear and attractive opportunity ahead of it and I am very much looking forward to getting started and working with the rest of the team to build on the strong progress already made and achieve the group’s full and very exciting potential.”
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