Former Chief Executive Stays Put at 888

Former Chief Executive Stays Put at 888

Former Chief Executive Stays Put at 888

The gambling firm of 888 had to make some serious plan changes over the last week or so in order to avoid having to pay Wink Bingo vendors a staggering 48 million. 888, one of the largest internet gambling firms in the UK, had to find a seat at the board for the outgoing Chief Executive, Gigi Levy.

It is not really understood how the entire plan was hatched, but by having Gigi Levy remain at the board, it prevents 888 from having to made any immediate payments to the people at the online bingo site of Wink Bingo. It is believed however, that last month, the earn-out arrangements, between Wink Bingo and 888, who purchased the bingo site, were altered due to the site performing significantly above expectations. When 888 originally bought the bingo site, they paid an initial amount plus further installments, always based on the site's performance. The maximum earn-out as part of their purchase of Wink Bingo is 59.7 million, so one could forgive if 888 did try to avoid payment. Otherwise, 888 would have to find a way to raise the cash to pay the outstanding debt.

It was reported that Gigi Levy resigned from 888 because of various disagreements with the founding shareholders of the company, the Israel based families of Ben and Shaked Yitzhak who have about 60% stake in the company. The resignation also complicates talks of 888 making a 240 million move for the Ladbrokes outfit. 888 did make a statement that Gigi Levy will remain with the company for the next six months in order to help the incoming CEO with the transition. They also noted that Mr. Levy would remain on the board thereafter.

Nick Batram, an analyst at Peel Hunt commented: "Without a bid the future could be very challenging for 888." Unfortunately, 888 shares were trading lower than usual.

In the meantime, if you want to play online bingo then we have a recommendation that is an absolute must. A new UK bingo site from the folks that introduced to you among others, Sing Bingo and Costa Bingo, comes their latest venture. A new bingo site called Fancy Bingo has gone live in the last ten days or so and is already causing major hullabaloo amongst players. The reason, all bingo games featured on this site cost a penny each. A free five pound bonus is available along with a300% welcome bonus.

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