Perhaps only Kenny Alexander knows what prompted his change of heart as he ran home shortly after 10pm on May 7, 2021.

Minutes earlier, “King Kenny” had picked up a takeaway driver’s car from outside Marmaris Kebab shop in Perth, Scotland after a three-hour drinking binge, a court would later hear.

But between dumping the car and high-tailing it home, the former FTSE 100 betting chief’s “moment of madness” made way for contrition.

“It’s me you’re looking for,” Alexander told officers from Tayside Police as they arrived at his house to see him standing outside.

The gambling industry tycoon subsequently admitted that he had taken the car without permission during a hearing at the Perth Sheriff Court. He also admitted to driving over the alcohol limit and without insurance. He was fined £1,000 and banned from driving for a year.

The debacle came almost a year after Alexander stepped down as chief executive of GVC in July 2020.

During his some 13 years at the helm, the straight-talking Scotsman had transformed an Aim-quoted betting minnow into a FTSE 100 giant with a stable of gambling brands that included Ladbrokes, Coral, Bwin and Partypoker.

But his exit came under a cloud. GVC – now called Entain – faced an investigation into running an illegal gambling operation in Turkey between 2011 and 2017. The inquiry is only now coming to a head, with bosses at Entain bracing for a “substantial financial penalty” under a deferred prosecution agreement currently being finalised with the Crown Prosecution Service. Analysts have estimated that it could be about £230m.

In the aftermath of the kebab house calamity, Alexander, 54, could hardly have dreamt he would be poised to make a remarkable industry comeback just two years later. A long retirement appeared on the cards as King Kenny concentrated on horse racing and other hobbies – he owns thoroughbred Honeysuckle and has previously had a penchant for no-limits poker.

Flanked by former lieutenants Lee Feldman and Steve Morana members of the old GVC board, Alexander is vying to take control of 888, the London-listed bookmaker that owns William Hill’s non-US operations. It includes the biggest portfolio of betting shops in the UK.

The trio, together with former Entain boss Shay Segev, have built a 6.6pc stake in 888 under the banner of FS Gaming Investments. After initially facing resistance from the 888 board, they appear to be closing in on taking the helm, according to City sources. 

Jonathan Mendelsohn, the former New Labour spinner who is 888’s chairman, is understood to have flown to New York to meet representatives from FS Gaming on Monday and Tuesday last week.

Other large investors such as Abrdn are believed to be supportive of plans to insert Alexander as chief executive, Morana as finance head and Feldman to the board. 

GVC’s growth story was in part based on Alexander masterminding a series of savvy deals. But as one former adviser points out, the success was also built on “treading where others were too afraid to tread” by entering international markets where the legality of gambling was a matter of fierce industry debate. 

Nevertheless it is the optics of the return of King Kenny that are the biggest cause of concern within the boardrooms of some of Britain’s other biggest gambling companies. It is hard to tell whether this is because they fear a more capable rival or genuinely believe his return would be bad for the industry.

“We’re trying hard to lift our image off the floor. Then we get this,” says one senior industry source.

“It’s like JR Ewing coming back to the ranch with a big grin and tearing down the wind turbine they’ve stuck on the roof.”

A spokesman for FS Gaming hits back: “Kenny Alexander is the best in the world at delivering outperformance for shareholders in the gambling industry.” 

They add that “personal attacks” are misplaced. And 888 shareholders “deserve better” given the assets that the company owns.

From a purely business perspective, few can argue with Alexander’s prowess. He took over at the helm of GVC when the business had a stock market value of just £26m.

A £1bn acquisition of Bwin in 2016 propelled GVC towards the big leagues. It was followed by speculation of a failed swoop for William Hill a year later. And in December 2017 came the merger with Ladbrokes Coral, catapulting the business into London’s blue-chip index.

Roberta Ciaccia, an analyst at Investec, recently said: “Kenny Alexander is the man behind the transformation of GVC from a minnow into the industry giant Entrain is now – and Entain’s not dissimilar to that of 888.”

But GVC’s growth was also a product of launching in new markets around the world. Some of these were so-called “grey markets”, jurisdictions where opinions were split on the legality of offering wagers.

“You can argue either way whether Kenny’s potential return is a good thing or a bad thing,” says one industry source. 

In his early years he was a trailblazer, but more latterly at GVC – especially after the Ladbrokes Coral merger – Alexander mellowed and was more inclined towards a conservative approach, they add.

The timing of Alexander’s resurrection is particularly troubling for some industry rivals, however.

The Government announced a much-delayed shake-up of betting laws earlier this year – changes that were broadly seen as “gambling industry friendly”. Stricter proposals such as providing payslips to a bookmaker before placing a bet to prove affordability were avoided or kicked down the road, for instance.

The Government’s proposals are subject to consultation. They could yet be toughened up or even overhauled under a Conservative or Labour administration.

The fear among rival bosses is that a return of “King Kenny” to the fold could embolden the anti-gambling lobby. And for the future of gambling in the UK, all bets could be off.