888 Allocates Funds for Legal Action after Court Ruling in Austria
888 owner William Hill, the global bookmaking giant, has set aside a sum in the region of £100 million for potential legal battles with European gaming regulators, which follows a court ruling on gambling legislation in Austria.
William Hill sets aside £100m for potential 888 legal costs.
LISTEN TO THIS ARTICLE:Austria has enjoyed a state-owned monopoly regarding gambling, through the company Casinos Austria, since 2016. Three of the highest courts in the country found that due to the mo-nopoly, any other gaming operators in the region were breaking the law.
The Austrian courts have stated because the gambling companies were operating in the country without a valid license, that any profits made during this period were also illegal, and these gaming operators should refund any losses suffered by players in this jurisdiction.
The group is concerned that this judgment could have a similar effect on other jurisdictions within other European gambling markets. This has led to William Hill putting money aside for legal expenses in this eventuality.
The group only operates where it has a justifiable legal basis to do so. Based on the extensive advice and opinion received, we are absolutely confident in our legal and regulatory position. We remain completely confident in our position under EU law to offer these services to our players from Austria, alongside many other competitors.
More Business News
CEO of 888 Outlines Strategic Plans
The CEO of 888 has stated the business will have a set of long-term goals that follow a strategic review by leadership at the operator.
There is a proposal to change the name of the gaming operator from 888 to Evoke. It is believed the change of name will be a better reflection of the company’s aim to create world-class betting and gaming experiences.
The other strategies are to focus on the core markets of the 888 Group and additionally reduce the debt burden of the gambling business.
Related: 888 Begins Strategic Review of United States B2C Business
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