Betting firm 888 hires Lord Mendelsohn as chairman
Betting giant 888 Holdings has hired former Tony Blair adviser Lord Mendelsohn as its new chairman, marking the latest in a series of political appointments within the gambling industry.
In a notice filed with the London Stock Exchange this morning, the FTSE-250-listed company confirmed Mendelsohn will replace former chief executive and current chair Brian Mattingley as chairman.
Mendelsohn, who has more than two decades’ experience in the industry, will take over the role after Mattingley’s departure at the next annual general meeting in May.
The Labour lobbyist co-founded corporate finance boutique Oakvale Capital in 2011, which specialises in the gambling, gaming and sports sectors.
His move to 888 marks the second Labour Party affiliate to secure a senior role in the gambling industry in less than a week.
Last Thursday Tom Watson, the former deputy Labour leader, was named as a senior adviser to Paddy Power owner Flutter Entertainment.
It comes as the betting industry faces increasing regulatory scrutiny as ministers seek to clamp down on problem gambling following a spike during lockdown.
Betting on online slot machines soared 25 per cent in the first three months of lockdown, data from the Gambling Commission showed, while online poker swelled 38 per cent and betting on virtual sports jumped 40 per cent.
This week the government announced a full-scale review of the 2005 Gambling Act, following mounting criticism from both MPs and peers that current legislation is “not fit for the digital age”.
Gibraltar-headquartered 888, which has a market capitalisation of almost £700m, has seen its shares rise roughly 13 per cent over the past year.
Shares in the gambling firm rose 1.8 per cent to 184.6p this morning on the news of Mendelsohn’s hire.
In a statement on his new appointment, Mendelsohn commented: “I am very excited to join the board of such a world-class gaming operator. 888 is a company that I have long admired during my more than 20 years working with companies in the gaming and gambling industries.
“The group has a number of very exciting opportunities and I am looking forward to working closely with the board and the management team to continue to deliver the group’s growth strategy and generate further stakeholder value.”